Intellect SEEC: Underwriting Redefined

Pranav Pasricha, Partner & CEO, Intellect SEECPranav Pasricha, Partner & CEO
Commercial underwriting involves making several complex and high-stake decisions based on the risks and liabilities associated with each applicant in limited timelines. However, manual approaches to the process have forced underwriters to spend more time performing low-value tasks like searching and aggregating applicant data from multiple sources, as opposed to risk analysis and decision-making. Further, comparing data from multiple sources and communication gaps between collaboration with stakeholders too challenge underwriters. By leveraging its deep knowledge and experience of insurance business models and software development, Intellect SEEC has automated the risk analysis process to redefine underwriting for commercial insurance. “In addition to the robust product experience, we want to extend the most secure environment in which sensitive and confidential information is exchanged,” says Pranav Pasricha, CEO, Intellect SEEC. The company has successfully leveraged advanced technologies like Artificial Intelligence (AI) and analytics to develop state-of-art risk analysis and underwriting software.

Intellect’s solution for insurers comprises of Xponent, which is the industry’s first automated underwriting workstation. It fills out all fields automatically and provides all the tools necessary for underwriters, agents, and insurance experts to properly assess risk and make well informed decisions. The decision-makers can also distribute workflow among the underwriters using pre-built work management algorithms, configurable to suit clients’ requirements. This supports collaboration between underwriters, agents and experts in real-time to assess the risk profile of each case, through an intuitive dashboard that provides a 360 degree view of the applicant. To cater to the distinct risk profile of each applicant, Xponent features multiple products and quote systems to combine several lines of business into a single quote. This ensures a comprehensive assessment of all the risks and liabilities held by an applicant.

In addition to the robust product experience, we want to extend the most secure environment in which sensitive and confidential information is exchanged

The robust risk assessment features present in Xponent are attributable to Intellect Risk Analyst.

Intellect Risk Analyst is an advanced tool for risk assessment and a virtual assistant for underwriters; it is also the only risk analysis tool based on AI, for the commercial insurance industry. When compared to manual process, Intellect Risk Analyst processes 10 times the amount of risk information in one-tenth of the duration, to present a holistic understanding of case through past history and relevant facts, which demonstrate the risk associated with a business or a person. The blend of advanced features gives a highly intuitive and interactive dashboard that summarizes the entire gamut of risk information for the underwriter in minutes.

The enriched features of Xponent and Risk Analyst have helped Intellect in serving several customers, which has won the company several accolades. StarStone, a global specialty insurer for property, casualty and specialty, was battling high decision making time due to manual underwriting, besides high cost of generating reports from premium data sources. With Intellect on board, StarStone was able to unleash the power of Xponent. Through selective positioning of Xponent modules in StarStone’s underwriting process, Intellect helped the company reduce the underwriting decision-making time by 70 percent and the cost of generating the reports from other sources by 40 percent.

As Xponent and Intellect Risk Analysis continue to script success stories for the company, Intellect continues to move ahead with its vision of developing innovative insurance solutions to reduce operating costs and increase premium volumes and margins. To take this forward, the company has built strategic partnerships with major insurance carriers in the U.S., Canada, U.K., India and the Far East. With the right objectives in place, Intellect is well on the path to revolutionize insurance software, in the days to come.