Digital Insurance Agenda

Intellect SEEC: The Future of Commercial Insurance Underwriting is here

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 15, 2019

Intellect SEEC is an established company with the heart and soul of a startup. With three decades of experience, Intellect SEEC is a prime example of a firm that is on a path to transforming the insurance industry. Their business tackles some of the biggest challenges in underwriting by leveraging next-generation technologies such as Cloud, Big Data, Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) to eliminate redundant processes, take a holistic view of risks, and employ decision-optimization technology.

Intellect SEEC’s underwriting workstation product, Intellect Xponent addresses and optimizes insurance processes specifically underwriting and risk analysis. With its focus on commercial lines carriers in the US and UK, Intellect operates on a firm belief that while the underlying business and technology of insurance are complex, their application should not be. 

Intellect Xponent is the insurance industry’s automated, AI based underwriting software. Xponent revolutionizes underwriting through integration of teams and data, eliminating redundant processes, taking holistic view of risks & employing decision-optimization technology. By using advanced exponential technologies, it provides underwriters with a highly configurable and intelligent underwriting process management solution. Underwriters, brokers, and experts can exchange information in real time. Agents can quickly and painlessly retrieve the status of applications, and the overall processing turnaround time is drastically reduced.

With Intellect Xponent, one client, StarStone Insurance, experienced a reduction in underwriting decision-making time by 70%, while the cost of reports from premium data sources have been reduced by 40%. In addition, with the help of the Intellect Risk Analyst data platform, they were able to identify two out of 30 accounts to be declined which would have otherwise resulted in claims of up to $6.5 million.

Another US client, a leading Property and Casualty carrier reduced their underwriting decision-making time by 60%, and they were able to lower the costs of accessing new third-party data sources and initiate premium growth plans for new classes and market segments.  

How it works

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.

At DIA Amsterdam Intellect SEEC CEO Pranav Pasricha presented a deep-dive workshop with Kelly, McLaughlin, VP for Product and UW Strategy at Liberty Mutual about how to practically use AI and big data techniques and achieve significant underwriting results.  They discussed different use cases and illustrated what different paths look like to start the journey, choosing partners, testing underwriting results in a low risk environment and then scaling across the enterprise. Attendees saw that these technologies are no longer pipe dreams and visions of the future, but mainstays with direct impact on premiums and bottom lines.

Who is Intellect Seec?
New Jersey-based Intellect SEEC leverages next generation technologies to solve complex insurance problems and create intelligent solutions that deliver results. They have been working with insurers across the globe for over 20 years, delivering value through core systems. However, they still consider themselves as challengers. Insurance is complex, but their solutions leverage big data, AI and conversational technologies to make it intuitive, engaging and insightful.  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 state of art big data and AI based solutions for commercial lines carriers in the US and UK.

Leadership team: Pranav Pasricha, Chief Executive Officer; Lakshan De Silva, Chief Technology Officer; Laila Beane, Chief Customer Officer & Head of Consulting, Sanjay Mohan, Executive Vice President and Chief Strategy and Growth Officer.

Pranav Pasricha, CEO Intellect Seec

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 Intellect Seec

https://www.intellectseec.com/

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