New- Jersey based Intellect SEEC provides an extensive portfolio covering distribution, underwriting and claims. It has been developing innovative insurance solutions to lower operating costs and increase premium volumes and margins for the last two decades. Over the last 25 years, the company has built strategic relationships with major insurers in America, Canada, United Kingdom, India 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. For the last 5 years, they have been a pioneer of Big Data, AI and IoT deployment in insurance. Their software portfolio covers Distribution, Underwriting and Claims for P&C and Life Insurance. In each case they aim to solve some of the biggest issues of the industry by rethinking how things should be and then applying a confluence of technologies to achieve exponential change.
They make insurance about loss prevention first. Their solution with Safety Compass,an Australian provider of real-time safety management software that uses intuitive augmented reality to communicate hazard information to users in the field, leverages IOT, AR and ML to make work places safer, while also improving underwriting for the insurer and making the end to end process of getting and renewing insurance simple, easy and accurate for everyone.
Preventing risks for workers, while enabling new underwriting models
Insurance has always been about paying claims post a loss. Its operating paradigms are still based on the analytical techniques and concepts of the 1800s and technology of 1970s. Relying on forms as primary data source means risk information isn’t holistic or current, and rating and underwriting models are coarse and backward looking.
Intellect SEEC and The Safety Compass teamed up to change all this. Their application achieves 3 significant goals at once:
- improving work place safety and reduces incidents of accidents /loss for customers
- reducing loss ratio for insurers by enabling more precise underwriting with data that is current and accurately reflects the hazards of a work place
- enabling the re-invention of the end to end insurance value chain by eliminating the need for traditional data collection, underwriting and claims management. It also provides the basis for insurers to develop new age rating and underwriting models using streaming (IoT) and unstructured data.
Intellect SEEC won prestigious industry awards, including Celent Model Insurer of The Year 2017 (won by StarStone), SMA Innovation in Action, the Golden Bridge Awards and the Best in Business Awards. An Amazon Web Services (AWS) cas">
Want to continue reading?
Sign up for our newsletter to read the full article and receive the latest news about innovation in insurance and Insurtech straight to your mailbox every week. Already signed up before?
- Join over 20,000 other insurance executives to receive the latest innovations in insurance
- Be the first to read our Insurtech editorials
- Stay tuned for the latest community news
- Get access to exclusive offers!