Synechron's Visual Risk: Provides underwriters with simple, comprehensive view into each applicant's risk data pool

Synechron's Visual Risk: Provides underwriters with simple, comprehensive view into each applicant's risk data pool

Written by Roger Peverelli and Reggy de Feniks on 12 Mar, 2018

Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its 3 main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000 employees producing over $500M in annual revenue. The company has launched InsurTech Accelerator solutions to address the challenges facing the insurance industry.

Each accelerator application is based on a unique business case that allow organizations to leverage innovative technologies to enhance business operations, reduce operating costs, and create better client experiences. The Accelerators focus on business consulting and use techniques like Blockchain, Artificial Intelligence and Machine Learning, Robotic Process Automation (RPA), Mobile Solutions, Digital Strategy/Customer Experience Design, and the Internet of Things (IoT).

Visual Risk is Synechron’s third accelerator program in FinLabs following the success of Synechron’s Blockchain and Artificial Intelligence Accelerators. The Accelerators have been honored with the global ACORD Insurance Innovation Challenge Award for Industry Disrupter for 2017, as well as the Commercial Insurance Awards in 2018.

How Visual Risk works: Predictive Risk Analytics with detailed visualizations
Due to a highly-manual risk assessment process, insurance sales often bottleneck at the underwriter. So, what if there was a way to use automated machine learning to empower underwriters to be quicker and more efficient, while also enabling more thorough risk assessments? Synechron’s AI / Machine Learning Accelerator for Visual Risk minimizes time spent on simple applications and provides valuable risk data so that an underwriter can spend the majority of their time working on complex applications, with a wealth of data delivered without additional research required.

Visual Risk applies machine learning to analyze 70+ data sources and provide predictive risk analytics with detailed visualizations and simple risk queues to equip the underwriter with easy access to critical information. When a policy application comes in, that data is immediately used to gather any applicable data on the applicant company, yielding risk results based on locational crime, accidents, industry risks, weather, lawsuits, health code violations, Yelp ratings, etc. High or low risk queues are created from noteworthy findings and factored into the overall analytics model. This data also contributes to a historical data pool that can be factored in future analytics.

With thorough risk information, suggested actions, and applicant details all presented in a clean and visible manner, underwriters can quickly review each application. However, the real power of the Accelerator comes from automation. The goal is to automate 80% of all applications, leaving just the most complicated 20% to be reviewed manually. This continuously learning automation enables underwriters to spend their time on just the 20% of complex applications, which can be reviewed at a fraction of the time, while automatically processing 80% of their workload.

  • Visual Risk System: focus underwriters on applications with the highest bind rates, and don’t let convertible applications slip through the cracks
  • Integration with 70+ Data Sources:  flags risks across numerous data sources to provide a more comprehensive insight into the applicant’s risk
  • Centralized Data Storage: creates a wealth of historical data in a single location, easily called upon for future models & analytics
  • Bulk Business Opportunities: enables underwriters to input prospective applicant data in specific business lines, create automatic quotes prior to engagement, and allow a proactive sales approach, increasing client acquisition

Why we selected Synechron for DIA Amsterdam
We selected Synechron for DIA Amsterdam because they are constantly looking at how they can use the latest technologies to drive innovation in insurance.

Synechron’s AI/ML Accelerator for Visual Risk sought to address the highly-manual nature of the risk assessment process by applying automated machine learning to empower underwriters to be quicker and more efficient. The technology brings benefit to insurers, brokers and underwriters by allowing them to better predict customer needs, personalize every aspect of the customer interaction, manage risks and streamline processes to higher efficiency. This speaks to the essential need to be part of the customer’s life, by utilizing technology that is supported by the customer’s most used platforms, such as mobile, and utilizing technology that makes it seem conversational and human, and so easier relatable to a new set of customers.

Who is Synechron?
Synechron, one of the fastest-growing digital, business consulting & technology services providers, is a $500 million firm based in New York. Since inception in 2001, Synechron has been on a steep growth trajectory. With 8,000+ professionals operating in 18 countries across the world, it has presence across USA, Canada, UK, France, The Netherlands, Switzerland, Luxembourg, Serbia, Hungary, Germany, Italy, UAE, Singapore, Hong Kong, Philippines, Japan, Australia and Development Centers in India.

The company is privately owned and has not had any funding rounds.
Synechron is founded by Faisal Husain (CEO), Zia Bhutta and Tanveer Saulat (GM & CPO). In 2001 they quit their highly rewarding jobs at leading U.S. financial institutions to set up Synechron. Their aim was to be strategic solutions partners offering high-end technology capabilities and deep domain understanding, rather than merely proving manpower services.

Faisal Husain, Co-founder & CEO Synechron

With 18 offices, globally and nine Financial Innovation Labs (FinLabs), we’re investing heavily in Research & Development (R&D) to build applications that help our clients experience the full potential of Digital.“ Faisal Husain, Co-founder & CEO

In FinLabs, we’ve created an experiential and experimental environment for our clients and partners to come together and touch, feel, and play with the latest hardware and software – to drive forward innovation. As we continue to invest in Digital innovation, we invested in our InsurTech accelerators which address some of the top challenges facing the insurance industry today. Faisal Husain, Co-founder & CEO

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