“The sophistication of Intellect’s Artificial Intelligence (AI) and Machine Leaning (ML) models provides the highest accuracy of the data enriched, can make human-like ‘judgement calls’ but with higher precision and consistency than humans”
A common challenge across commercial, general, life, and wealth companies includes streamlining the experience to new-age expectations, using AI and data to contextually serve customers and out-select competition, and building technology agility, given that change is the only constant. Many companies are mired in legacy, and the circumstances in the past 18 months have caused an under-investment in transformation initiatives. Intellect SEEC is seeing an increased investment in the utilization of Artificial Intelligence (AI) for new business and underwriting, cyber and fraud, rating and underwriting models, M&A activity, and user experience in commercial lines. Given the legacy environments at many companies, focused initiatives around cloud, APIs, and data management are at an all-time high.
New Jersey-based Intellect has shifted from point solutions to a PaaS (Platform as a Service) provider and a trusted technology partner with broad offerings. Core principles of their re-architected cloud platform include the inherent ability to support emerging data varieties and volumes, enable quick builds of contextual and cognitive apps with intrinsic data lineage, products that include ML/AI/NLP with data to differentiate the user journey, and leverage actual cloud-native advantages: cost, agility, scalability, security, and reliability. Intellect’s varied data and technology partnerships, such as 100+ data partners, Salesforce, Snowflake, and AWS, further strengthen them to meet customer goals in their progressive modernization journeys.
The company is led by Banesh Prabhu, CEO, who is a Fintech services veteran and pioneer in Technology & Operations management, having developed and implemented global strategies for executing digital capabilities and servicing of clients. Jim McKenney, Chief Strategy Officer and Products Business Head, is an experienced insurance executive, spending 18 plus years in various roles for Liberty Mutual Insurance. Laila Beane, Chief Customer Officer, is an InsurTech thought leader and a highly accomplished individual with 20+ years of experience.
The company is committed to leveraging emerging technologies and releasing new IPs to solve the needs of tomorrow’s business. Intellect’s dedicated innovation labs, their methods of driving design thinking (internal, customer, partners), and hackathons have provided focused outcomes for business use cases.
The sophistication of Intellect’s models provides the highest accuracy of data enriched, can make human-like ‘judgement calls’ but with higher accuracy and consistency than humans, are domain trained for contextual relevance by commercial lines use cases, and continuously learn through underlying ML feedback loops. The power of these models also reduces ‘noise’ whether technology noise or information noise, thus focusing on the proper risk parameters for underwriting.
Intellect’s underwriting platform integrates three core products for North American commercial lines to offer end-to-end capabilities for STP or underwriter review. Magic Submission ingests, clears, enriches, prioritizes, and routes seamlessly from broker submission to STP or underwriter. Intelligent extraction from any document type is contextual by use case, with data validation and enrichment from third-party sources and dynamic rules application during extraction. An industry first is the reverse engineering algorithms of free-text descriptions to industry-standard location level NAICS, ISO, ATC, and RMS. The solution’s underlying ML feedback captures user interaction for continuous learning. The exception handling interface provides complete data transparency and confidence scores with alerts and guidance for a quick resolution. Risk Analyst provides accurate risk insights, triangulated from thousands of structured and unstructured sources with layers of proprietary algorithms to determine the ‘element of truth’ and ensure the highest accuracy of the information for underwriting. Xponent, Intellect’s underwriter workbench, provides a ‘single pane of glass for the underwriter across business lines, with an account 360 dashboard (internal and external data curated) and the ability to capture the underwriter’s thought process for decisioning.
They offer a true PaaS to make insurance more effective and efficient at a sustainable price, with data at the core of everything. The significant problem in underwriting is the ‘noise’ in the information presented for decisioning and not the ‘bias’ of the underwriters. Their ‘Underwriting Platform’ truly provides a unified approach to engineering and user experience, and is designed with end to end intelligence for removing most friction points and ensuring a ‘data driven’ underwriting experience with scientifically backed decisions for consistency and accuracy. Intellect’s platform is designed with reusable components to quickly deploy contextual apps and their AI/ML models are built in a manner for 70% reuse across multiple lines of business. API integration to existing ecosystems is a given. This is a proven step to straight through processing in commercial lines.
As an example, in North America, over the years, Intellect has delivered powerful underwriting outcomes by taking a design thinking approach for a simple user experience, utilizing APIs and their integration experts for smooth connectivity to existing ecosystems, and ensuring an optimal portfolio mix for their customers through accurate triangulated risk insights – all powered by cloud-native sophisticated AI/ML technologies.
As a result, customers have experienced:
- Intake triage cost reduced by 70%, and speed of processing improved by 87%
- 80% of intake resources freed up for upskilling
- Submission data quality improved by 27%, and data fill rate increased to 97%
- Underwriter time to decision reduced by 60% and underwriting quality improved by 50%
- Identified 38% of nearly 12,000 new business prospects as ‘high interest’ to focus sales efforts
- Loss ratios improved by 2% in the first year, and another client identified and declined a submission with alerts to a potential 6m claim
For the carrier, the most significant underlying benefit is the intrinsic machine learning models that can provide user behavior feedback and new scenario handling feedback for continuous learning.
Intellect SEEC continuously releases new IP and the design of Intellect’s platform and AI models is significant in their expansion plans, as it allows them to reuse and quickly deploy capabilities to new lines of business, new industry verticals and new geographies.