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Mar 05, 2015
London, New York, Chicago, Chennai – March 5, 2015 – Intellect SEEC, the insurance software division of Intellect Design Arena, announced the launch of Intellect Underwriting Workstation (UWX) at NAMIC Commercial Lines Seminar in Chicago, Illinois. UWX enables Commercial Insurance carriers to make better risk selection and pricing decisions while improving efficiency and turnaround time.
UWX offers RISK ANALYTICS that leverages big data to discover hidden risks and provides intelligent inferences about the data, allowing underwriters to find out information that would otherwise not be known. This capability significantly improves risk selection accuracy and pricing. RISK ANALYTICS is offered as a standalone solution (available on the cloud) or as a part of UWX.
UWX delivers 360° view of the account, provides configurable workflows and enables real-time collaboration with experts for improved underwriter productivity and ‘first time right’ policy issuance. It allows carriers to utilize existing technology and seamlessly integrate with enterprise as well as various third-party systems. By offering a direct-to-customer portal and mobile capabilities, UWX streamlines the process of doing business for underwriters.
Speaking about the launch, Pranav Pasricha, CEO, Intellect SEEC said, “Most commercial underwriters still work under a big cloud of ambiguity when assessing risks. Our solution enables them to assess risks much more comprehensively without additional data collection or research and analysis. It collates information pertinent to the type of policy being written in a format that focuses attention on the high risk issues which the underwriter may not have known about otherwise, for example, propensity for moral hazard, bad business practices and other information about the business or its owners. With such powerful insight, we are confident that insurers will be able to see a major improvement in their loss ratios for new business as well as fine tune existing business with precision.”
According to Mitch Wein, Vice President of Research and Consulting at Novarica, “Pricing and understanding risk are key differentiators for insurers. This must be done effectively, quickly and accurately. Only a modern underwriting workbench, with seamless access to ALL information, can achieve this. Table stakes in this space are workbench access to “big data” in public domains and social media, the latest rating algorithms, product configurator integration, documents, case notes, inspection reports, best practice guidelines, quote history and models. In 2015, this is a must have, not a nice to have.”