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) case study recently designated Intellect SEEC’s ability to reduce IT costs by 60% and IT management time by 85% as a benchmark for the insurance industry. The case study also highlighted the company’s ability to speed up an insurer’s time-to-market by 10-fold while allowing it to scale on demand.

Commercial underwriting far more precise
With Risk Analyst, they make commercial underwriting far more precise and enabling the development of new age underwriting and rating models that will eventually make underwriting autonomous and self-learning. Risk Analyst combines data from over 1800 sources with IoT data, which drives AI / ML models to accurately analyze risks. The software enables ML models to improve risk prediction accuracy and validate new risk indicators, which will eventually make the traditional mode of gathering old school data through forms obsolete.

Intellect Xponent automates even the most complicated underwriting and enables end to end collaboration for all parties in the value chain. Combined with Risk Analyst, it eliminates low value tasks and helps underwriters make better underwriting and rating decisions faster. It helps traditional insurers overcome the challenges of legacy technology without touching their core systems, helping them leverage AI, Big Data and IoT based systems without a major core technology upgrade. 

Intellect SEEC Distribution & Servicing suite helps insurers achieve digital transformation of their business in weeks and months with 100% cloud native, AI and Big Data based software stack. Their domain trained chatbots can power both B2C or B2B2C models and automate most tasks of an agent for both new business and servicing.

How it works:
Intellect Risk Analyst is a Big Data and AI based platform customized for commercial insurance. It reduces underwriting time, enables precision underwriting and rating and enforces consistency of underwriting which has been proven to deliver between 3 to 5% loss ratio reduction.

With the single input of just a company’s name, Risk Analyst returns not just the analysis of the past history and facts relevant to a case, but also the leading indicators of potentially adverse events in the future.  It enables an insurer to develop new underwriting and rating models based on risk factors and data not traditionally available and power these algorithms with Machine Learning for continuous improvement.

Risk Analyst’s latest version features workplace safety data using The Safety Compass’ AR module to help reduce workplace hazards and accidents. By accessing the worker’s location, the app shows vital information on present dangers straight to the worker’s phone, including information on how to mitigate any risks as well as tag new hazards or risks they identify in real time to help improve safety for everyone.

Why we selected Intellect SEEC for DIA Amsterdam
Intellect SEEC’s out-of-the-box platform brings unprecedented agility to an insurer’s operations. The company is a pioneer in integrating capabilities of big data and AI in insurance.

The combination of IoT data into their machine learning capability will help deliver more sophisticated risk prediction models and underwriting risk assessment tools. Their partnership with Satety Compass is a major step forward to IoT for insurance that will improve risk assessment and safety. The combined solution creates worker-centric approach that can dynamically respond to safety issues.

At DIA Amsterdam Pranav Pasricha, CEO Intellect SEEC and Adam Poole, Founder and CEO of the Safety Compass will showcase the expanded product with capability, particularly leveraging IoT ,AR and Locational safety technology.

Who is Intellect SEEC?
Intellect SEEC is an insurtech company from New Jersey that exists for the sole purpose to ‘make insurance about the insured’. It has operated under different ownership structures and brand names for almost 30 years. Over the years, it has pioneered the deployment of SOA architecture during the internet era, mobility and cloud native solutions in the early 2010s and now offers big data and AI based solutions for both P&C and Life carriers in US, UK and APAC. It is proud to call 7 of the world’s top 10 insurers its clients.

Who is Safety Compass?
Founded by Adam Poole The Safety Compass is an Australian Work Health & Safety risk management tool designed to help workers assess, manage and avoid dangers in their workplace and help bring them home. Around the globe a worker dies every fifteen seconds. This figure totals over 2.3 million workers each year. The Safety Compass represented a digital revolution in workplace safety, it brings lifesaving hazard information to the onsite worker quickly and efficiently.

“The purpose of Intellect SEEC is to make insurance about the insured! The insurance industry even today operates on principles of the 1800s, analytics of the 1960s and technology of the 1980s. In today’s age, contemporary technology can be applied to fundamentally change the purpose, the product, the process and analytics of insurance. Intellect SEEC’s product portfolio aims to achieve this change in a way that will set the industry on a path of exponential improvement, so it becomes all about the insured!” Pranav Pasricha, CEO