Liberty Mutual Enhances Commercial Insurance Underwriting through Mastery of Big Data, adding more value to Brokers and Buyers
Dec 05, 2019
Piscataway, New Jersey - Chennai, India: 5th December, 2019 – Liberty Mutual’s National Insurance operation – which provides a full range of primary commercial insurance products and services to mid-size and large companies through brokers –is working with Intellect SEEC to harness the power of big data to more proactively identify target opportunities with individual brokers, and develop solutions for customers.
Through the relationship, Liberty Mutual underwriters and risk managers gain automated access to thousands of third-party data sources including, court filings, industry data, government records, and social media content. With deeper insights into risks, underwriters are can rapidly leverage information to better understand risks and create product solutions that help customers better manage their exposures. Intellect SEEC cleans and structures this data to automatically deliver actionable information needed to more quickly identify, underwrite, and service potential accounts.
“This approach benefits brokers in three important ways,” notes National Insurance Product & Underwriting Strategy Vice President Kelly McLaughlin. “First, it enhances our ability to understand each potential buyer’s service and product needs, helping them better manage their risk. Second, by providing an ongoing window into an account, we can identify new needs and work with the broker to suggest customized coverage options and solutions to meet changing business needs. Finally, access to such a deep source of information on individual companies lets us partner with brokers to proactively identify the specific businesses in their portfolio where we can add value.”
Pranav Pasricha, CEO of Intellect SEEC added, “While there has been a lot of hype in the Industry about AI and Big Data in recent years, there have been very little results to show that make the insured better and the industry more efficient. In partnership with an innovative insurer like Liberty Mutual, we have been able to deliver that win-win-win for customer-broker-insurer.”
About Liberty Mutual Insurance
Liberty Mutual’s purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth-largest global property and casualty insurer based on 2018 gross written premium. We also rank 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2018, we had $41.6 billion in annual consolidated revenue.
We employ nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
You can learn more about us by visiting www.libertymutualinsurance.com
About Intellect SEEC:
Intellect SEEC, 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 details, visit www.intellectseec.com
About Intellect Design Arena Limited
Intellect Design Arena Ltd, a specialist in applying true digital technologies, is the world’s first full-spectrum Banking and Insurance technology products company, across Global Consumer Banking, Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets, and Insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking for cutting-edge products and solutions for Banking and Insurance, with design being the company’s key differentiator in enabling digital transformation. FinTech 8012, the world’s first design center for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation to address the growing need for digital transformation. Intellect generates annual revenues of USD 208 million, serving over 240 customers through offices in 91 countries and with a diverse workforce of solution architects, domain and technology experts in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com