Overhaul your underwriting process using analytics -
Read this presentation by Tony Cid, Head of Commercial Insurance, Intellect SEEC which was presented at Insurance Analytics Canada Summit, 2016 to understand how analytics can enable a digital shift for underwriting.
12. 12
• Searches and Aggregates : Largest data set 1800+ structured sources; u?lizes Big Data!
• Analyzes : Natural Language Processing across all sources
• Data Connectors : including ACORD based connectors wire up internal structured sources
• Custom alerts and rules : Tolerances can be configured by end users
• ArLficial Intelligence : Algorithm con?nuously learns & improves based on unique ac?ons of an
Underwriter.
• Reports : Electronic and enable ease of collabora?on between underwriters
• Proven : Implemented at Commercial Line Insurers; POCs for other Lines of Business in progress
• Cloud Based : Public or Private; Data is available as ‘Resul APIs’
Intellect Risk Analyst: The only product that combines
Search, AggregaLon, Analysis, VisualizaLon & Learning
13. Intellect Risk Analyst : CapabiliLes Include
13 Making You Easier to do Business with AND Delivering Be;er Profitability
14. Iden?fy risks in a
territory & SIC
code that match
tailored
underwri?ng
criteria
1. Enter only Company
name and retrieve
70%+ data for
underwri?ng
2. Enable near real
?me genera?on of
accurate and binding
quotes for SME
business and above
3. Single source for your
data needs to get
complete view of Risk.
4. Underwriters are alerted
to key ac?ons
automa?cally
5. Underwriters develop and
implement rules
themselves
6. Modify Premiums based
on scien?fic criteria
7. Minimize manual work &
manage referral in record
?me
8. Underwri?ng knowledge
and decisions retained
electronically
13. Proac?vely
iden?fy cross sell
opportuni?es
across Lines of
Business
9. Proac?vely target the
most profitable or
underperforming risks
10. Incorporate Unstructured
Data into op?miza?on &
ra?ng
11. Create pro-ac?ve and
scien?fic Ra?ng / Pricing
models to outperform
industry loss ra?o
performance
12. Flag material changes in
policies coming for
renewal and suggest
changes to cover and
pricing
ApplicaLon
Prefilling
UnderwriLng
Porolio
Analysis &
Renewals
Cross Sell & Up
Selling
ProacLve
MarkeLng
33. DigiLzaLon
i. 360 degree view – for each new applica?on and renewal request
ii. Configurable workflows – Out-of-the-box quote-to-issuance workflow, with ability to customize
iii. Mul?ple Product/ Mul? Quote - across LOBs into a single proposal
iv. Intui?ve Dashboards – for opera?onal and financial repor?ng
v. Paperless - document management feature that captures, tracks, stores and links documents to relevant files
electronically
Mobile
i. Mobile and Tablet funcLonality – provides any?me, anywhere access
ii. Quick, easy exchange of informa?on among all par?es
Big Data and Service Delivery
i. Analyzes data from 1800+ sources, uses AI, machine learning and NLP to ensure data accuracy
ii. Direct-to-customer portal - provides mul?ple quotes to customers in real-?me
Using Social Media
i. Data from unstructured sources, uses social intelligence
33
How UWX is using Technology for simplificaLon
35. • Systema?c/Automated
• Simplified
• Quality of work
• Stress Free mindset
• Produc?vity increases
• More Personal ?me
• Relaxed and calm mindset
• Be;er rela?onship with self and
others
• Self sa?sfac?on
• Enjoying work, look forward to
come to office
• Expanse
Expanding Horizons!!
Different way of looking at things
UnderwriLng with Intellect UWX
38. • Clu;ered
• Mul? tasking required
• Chaos
• Too much informa?on
• Unorganized
• Stress
• Inaccuracy of decision
• Quality of work geYng affected
• No personal ?me
• Stressed mindset affec?ng self
and personal rela?onships
UnderwriLng Currently