Intellect SEEC launched Intellect Risk Analyst, a cloud software for commercial insurers. Until recently, the tool was only available as enterprise software, but is now available directly to underwriters, agents and carriers, via a subscription model. With its simple user interface and the wealth of information available for underwriting risk, Intellect Risk Analyst is positioned to be the first-ever virtual assistant for underwriters.
The focus of Intellect Risk Analyst is to change the manual approach to underwriting with the latest advancements in technology and improve loss ratios and profitability. It is designed to make underwriting faster and more efficient; offering quick, effective and accurate risk predictions in minutes by just entering a single company name.
"Traditionally underwriters spend 70% of their time in low value tasks such as searching, aggregating and selecting data and only 30% of time in risk selection. Often, big decisions with huge cost implications are required to be made quickly and with limited information," said Pranav Pasricha, CEO, Intellect SEEC, Intellect Design Arena. "For this reason, we have equipped Risk Analyst with Contextual Artificial Intelligence, Machine Learning, Big Data, Cloud Computing and Natural Language Processing. All of this work in-sync to apply line of business specific underwriting rules and risk predictors to thousands of data sources. The result is a highly intuitive and interactive dashboard that summarizes everything an underwriter needs to know about a risk in minutes."
According to Deb Smallwood, founder of Strategy Meets Action, insurance companies have traditionally been conservative and reasonably immune to change. "Big Data requires rethinking traditional approaches and enables insurers to select more profitable business, implement more accurate pricing, manage the risk portfolio holistically, improve fraud detection, and increase investment returns," she said. "Risk Analyst applies latest technologies like Big Data and Artificial Intelligence to allow analysis of a large amount of data and creates powerful new capabilities within an insurance organization and sets the stage for true differentiation."
Intellect Risk Analyst is designed to give underwriters a holistic understanding across multiple dimensions in commercial insurance. It covers past history and facts relevant to a case, as well as various other indicators, which demonstrate the risk associated with a business or a person. It is user-friendly and is programmed for deep web searches across structured and unstructured data sources.
Designed by underwriters, data scientists, big data professionals and software technologists, Intellect Risk Analyst can be accessed directly on the cloud by individuals at a low cost subscription. It equips insurers and underwriting professionals with unprecedented insight for quick and effective decision-making.
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Trudy Knockless
Trudy Knockless is a reporter on ALM Media's Business of Law desk. She has a background serving legal and insurance publications. Contact her at [email protected] or on LinkedIn at Trudy Knockless.
