Intellect Risk Analyst Bags the Prestigious SMA Innovation in Action Award

21-Sep-2017 Intellasia | BusinessWire | 11:30 PM Print This Post

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

JERSEY CITY, N.J. & CHENNAI, India–(BUSINESS WIRE)–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.”

About SMA

Strategy Meets Action is a strategic advisory firm offering consulting,
advisory services, and research to help insurers bridge today’s business
strategies, plans, and technology investments to the new world of
digital transformation, emerging technologies, and InsurTech. SMA is an
independent advisor to insurers and traditional and InsurTech solution
providers, helping clients prepare for the unprecedented changes in our
industry as it undergoes significant transformation.

About Intellect SEEC

Intellect SEEC, the insurance software division of Intellect Design
Arena, provides an extensive portfolio covering distribution,
underwriting and claims. Intellect SEEC has been developing innovative
insurance solutions to lower operating costs and increase premium
volumes and margins for the last two decades. Over the last 25 years,
the company has built strategic relationships with major insurance
carriers in America, Canada, United Kingdom, India and the Far East.
Intellect SEEC builds its innovative, low-cost solutions on a firm
belief that while the underlying business and technology of insurance
are complex, their application should not be. For more information on
Intellect SEEC, please visit www.intellectseec.com
. To know more about Intellect Design Arena Limited, please visit www.intellectdesign.com

Contacts

Intellect SEEC
Robin Carley, +1 973-513-3352
robin.carley@intellectdesign.com

 


Category: BusinessWire, PRAsia

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