Intellect SEEC: Technology-led Revolution in Underwriting

“Underwriters usually spend colossal amount of their time in low value tasks such as searching, aggregating and selecting data and thereby spending only a brief time in risk selection,” begins Pranav Pasricha, CEO at Intellect SEEC. “Often, decisions with huge cost implications are required to be taken vividly and with limited information.” To this need, Intellect Risk Analyst—a cloud software from Intellect SEEC, the insurance software division of the Jersey City, NJ based Intellect Design Arena gives underwriters a holistic understanding in commercial insurance. Equipped with contextual artificial intelligence, machine learning, big data, cloud computing, and natural language processing, Risk Analyst is programmed for deep web searches across structured and unstructured data sources. “All of this work in-sync applies to line of business specific underwriting rules and risk predictors to thousands of data sources,” asserts Pasricha.

Intellect Risk Analyst arms insurers and underwriting professionals with insight for quick and effective decision-making. Concomitantly, it results in a highly intuitive and interactive dashboard that summarizes everything an underwriter needs to know about a risk in minutes. 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 particular person. “Our solution enables them to assess risks much more comprehensively without additional data collection or research and analysis,” says Pasricha.

The firm’s Underwriting Workstation (UWX) incorporates data analysis capabilities to ameliorate commercial insurers with standardized risk selection and pricing decisions while improving efficiency and turnaround time. The outlook for underwriters is changing as it enables carriers to utilize existing technology and seamlessly integrates with enterprise as well as various third-party systems. UWX streamlines the underwriting process by offering a direct-to-customer portal and mobile capabilities. “It collates information pertinent to the type of policy being written in a format that focuses attention on the high risk issues which the underwriter may not have known about otherwise,” cites Pasricha.

Our solution enables them to assess risks much more comprehensively without additional data collection or research and analysis

Vindicating such expertise, Ohio Casualty Insurance Company, a member of Liberty Mutual Group approached Intellect as per the client’s demand for a web-based agent extranet to carry out business processes efficaciously. Ohio faced difficulties in giving agent’s real-time access to the company’s policy ratting systems for quoting and issuing new business, and for updating and viewing existing customer information. Accessing the carrier’s mainframe-based system using 3270 green screens was a burden for the training agency personnel. With Intellect SEEC’s Host Integration Builder (HIB) tool, the company developed a graphical web user interface for key policy transactions. This solution delivered an easy to use interface and ensued in more productive workflows for agents. More than 1000 agents now use the agent extranet for transactions such as account updates, new business, and policy inquiry. The new application allowed agents the choice to work with their previously used green screens from within the application, based on their comfort levels.

“Technology roadmaps must therefore be adept at anticipating needs of the organisation well into the future,” says Pasricha. Forging ahead, the focus of Intellect SEEC is to change the manual approach to underwriting with the latest advancements in technology and improve loss ratios and profitability. “With such powerful insight, we are confident that insurers will be able to see a major improvement in their loss ratios for new business as well as fine tune existing business with precision,” concludes Pasricha.