Intellect SEEC, one of the world’s leading providers of insurance software from Intellect Design Arena (a Polaris Group company) announced an exclusive partnership with OutsideIQ, a global provider of advanced risk analytics solutions for the insurance market.
Through this partnership, OutsideIQ will offer UnderwritingIQ to carriers, significantly enriching risk information and providing actionable insights for improved underwriting. UnderwritingIQ will also be integrated with Intellect SEEC’s Underwriting Workstation.
Insurance carriers need to streamline the application process, making it easier for customers and brokers. This means asking fewer questions and requiring less documentation, while at the same time acquiring richer and more comprehensive risk information to make sharper underwriting decisions.
One of the biggest challenges remaining is validating information provided and uncovering other information relevant to a risk. Using artificial intelligence, UnderwritingIQ queries the internet, including deep web sources, government and regulatory sites, corporate registries, and a growing number of premium databases.
From this vast array of structured and unstructured data sources, it applies advanced algorithms to cull out risk-based information on the subject and provides a concise profile to the underwriter, flagging potential issues that could be relevant to the case.
To complement UnderwritingIQ, the Intellect Underwriting Workstation helps underwriters get a 360-degree view of the application and the customer. It offers collaboration capabilities with internal and external peers, improves speed, quality and efficiency of their underwriting processes. This underwriting software collates all internal and external data relevant to a case, flags issues that need attention, helps exchange of documentation and negotiation with brokers and provides an end-to-end sophisticated work bench to digitize the underwriting process.
Historical research on commercial underwriting shows that one in 15 large claims could be avoided with proper underwriting. With this joint offering from OutsideIQ and Intellect SEEC, carriers can achieve significant improvement in both loss ratio and expense ratio, while improving customer satisfaction, throughput and underwriting accuracy.
Regarding this partnership, Pranav Pasricha, CEO, Intellect SEEC, said, "This partnership between OutsideIQ and Intellect SEEC introduces a unique solution of a nature that the global insurance market has never seen before and truly transforms underwriting practices."