As a recognition to the contribution of insurance software division of Intellect Design Arena, Intellect SEEC has been announced as the Silver Stevie Award winner. Intellect Risk Analyst bagged the silver award in the New Product or Service of the Year – Software – Big Data Solution category in the 16th Annual American Business Awards.
The risk assessment platform was declared the Silver Stevie winner in the New Product or Service of the Year – Software – Big Data Solution category.
Tailored for commercial insurance, Intellect Risk Analyst is a machine learning and big data based risk management platform. It is the most advanced underwriting risk assessment tool in the industry. It applies highly advanced multiple disciplines of artificial intelligence and 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 an agent needs to know about a risk within minutes.
“In 2014, we donned the pioneer’s hard hat to figure out how big data and machine learning technologies could be implemented to transform risk assessment, and the result was Intellect Risk Analyst. Winning the Silver Stevie Award is a great source of encouragement,” said Pranav Pasricha, CEO, Intellect SEEC.
The industry is just about beginning to realize the significant implication on underwriting and loss ratio impact of this. “From our initial implementations, we can confidently say we can increase underwriting efficiencies by 70 percentages and reduce combined operating ratio (COR) by two to four percentage. The only way to holistically assess a risk is to automatically assess the entire digital footprint of a business, sourced not just from structured but also unstructured sources including new age streaming sources like IoT,” he added further.