Often in underwriting, big decisions with huge cost implications are required to be made quickly with limited information. Traditionally, underwriters spend 70% of their time in low value tasks such as searching, aggregating and selecting data, and only 30% of the time in risk selection. With Intellect Risk Analyst, the future is set to change. Using Artificial Intelligence, insurers can underwrite risk in minutes.
Intellect Risk Analyst is a revolutionary cloud-based application available directly to underwriters, agents or carriers via a subscription model. It is equipped with artificial intelligence, big data, natural language processing, machine learning and deep web search. With the minimum input of just a company name, Intellect Risk Analyst can collate data from 1800+ structured and unstructured sources, assisting an underwriter to write risk in minutes. It is the first-ever virtual underwriting assistant with a highly intuitive, interactive and simple-to-use dashboard.
Intellect Risk Analyst assists in prioritizing high-value tasks over low-value tasks. According to Intellect SEEC their Intellect Risk Analyst is the most advanced risk assessment tool in the industry. It is designed to give underwriters a holistic understanding across all eight significant dimensions in commercial insurance. It covers past history and facts relevant to a case as well as leading indicators of future adverse events. The automatic self-learning, deep web search and rapid re-configuration ensure that key information is not overlooked.
The highly advanced artificial intelligence understands nuances of each line of business and highlights factors with real bearing on likelihood of a loss. It can instantly assimilate facts and figures which were previously impossible to find or took hours to get. No longer restricted by time constraints underwriters can now apply their time, skills and experience where it is most valued – making underwriting decisions.
Why we selected Intellect Risk Analyst for DIA Barcelona
Underwriting commercial risk is complex and requires thorough understanding of a business, its operating environment and the people involved. Quite often however, an underwriter is required to make big decisions with limited data and without understanding the whole environment of risk. With Intellect Risk Analyst, an insurer can effectively and efficiently underwrite a risk in minutes.
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 arms insurers and underwriting professionals with an unprecedented insight for quick and effective risk management.
Who is Intellect SEEC
Intellect Risk Analyst is an offering from Intellect SEEC, the insurance software division of Intellect Design Arena. Intellect SEEC is one of the world’s leading providers of insurance software with an extensive portfolio covering distribution, underwriting and claims. We have been developing innovative insurance solutions to lower operating costs and increase premium volumes and margins for the last two decades. We have built strategic relationships with 30+ major insurance carriers including 7 of the top 10 in USA, Canada, United Kingdom, and the Far East. Intellect SEEC builds its innovative, low-cost solutions on a firm belief that while the underlying business and technology of insurance are complex, their application should not be.
Presenting at DIA Barcelona
Pranav Pasricha, CEO
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