Strategy Meets Action presents the SMA Innovation in Action Awards to insurers and solution providers who are rethinking, reimagining and reinventing the business of insurance
Intellect SEEC, the insurance software division of Intellect Design Arena, has earned the prestigious 2017 SMA Innovation in Action Award for Implementation for its product Intellect Risk Analyst.
The SMA Innovation in Action Awards are presented annually during the SMA Summit to celebrate innovation in the insurance industry. This year, they were held on Sept. 18 at the Mandarin Oriental Hotel in Boston.
Intellect Risk Analyst is a machine learning and Big Data based risk management platform that has been tailored for commercial insurance. It is the most advanced underwriting risk assessment tool in the industry. It applies multiple highly-advanced disciplines of artificial intelligence, line-of-business-specific underwriting rules and risk predictors to thousands of data sources and deep web searches. The result is a highly intuitive and interactive dashboard that summarizes everything an underwriter, analyst, actuary or agent needs to know about a risk within minutes.
Risk Analyst has won two other esteemed industry awards in 2017 so far. StarStone Insurance was named the 2017 Model Insurer of the Year by the analyst firm Celent for its use of artificial intelligence (AI) through Risk Analyst. The product is also a recent Gold Winner of the Golden Bridge Awards.
“In 2014, we conceived Risk Analyst as a pioneering product when Big Data and AI were perceived to be just a hype. SMA’s recognition of Risk Analyst is a big endorsement from the industry,” said Pranav Pasricha, CEO, IntellectSEEC. “The only way to holistically assess a risk is to automatically assess the entire digital footprint of a business, obtained from both structured and unstructured sources including new age streaming sources like IoT. The industry is just beginning to realize the significant impact this has on underwriting and loss ratio. From our initial implementations, we can confidently say that we can increase underwriting efficiencies by 70 percent and reduce COR by two to four percent.”