Big Data and AI-Based Underwriting Workstation Will Be Deployed to Improve the Company’s Underwriting Efficiency and Boost Profitability
AmeriTrust Group, Inc., a leading specialty commercial insurance company based in the U.S., has chosen Xponent Underwriting Workstation from Intellect SEEC for underwriting transformation. Intellect Xponent, a big data and AI-based underwriting workstation, will be deployed to improve the company’s underwriting efficiency and boost profitability.
AmeriTrust wanted to improve efficiency, replacing multiple legacy systems and manual processes. In addition, it was looking to enhance the ease of doing business with its agents by increasing collaboration. To improve its risk selection and pricing, AmeriTrust sought a solution that could assess risks holistically.
AmeriTrust joins a growing group of carriers who are moving away from core replacement projects in favor of modern technology (big data, AI, and cloud-based) solutions.
Intellect SEEC is an early proponent for the deployment of a dedicated workstation for driving underwriting outcomes. Intellect Xponent leverages big data and machine learning, and wraps around an existing PAS, extending the system’s capabilities as well as the life of legacy assets.
The product provides access to thousands of third-party data sources which, when combined with internal data, generates a well-rounded risk profile of the client. It makes underwriting account-centric, giving an underwriter complete visibility into an insured, across all business lines and products. And most importantly, it enables underwriters and agents to seamlessly collaborate in real time.
John Baird, AmeriTrust’s President of Admitted Carriers commented, “We cannot expect underwriters and agents of today to be burdened with paperwork, while trying to develop optimal solutions for the end client. We chose Xponent to provide a common platform for our agents and underwriters. It will enable enhanced collaboration to improve the underwriting process, while accelerating turnaround time for our common clients, the insureds. This tool increases our ability to use predictive analytics, generating assessments of expected losses based on customer demographics and internal data, within minutes.”
Pranav Pasricha, CEO of Intellect SEEC said, “We are thrilled to sign on AmeriTrust as our client and are encouraged by their decision to use big data and AI to underwrite risks. Our underwriting platform automates the workflow and enables underwriters and agents to operate at their productive best. It does the heavy-lifting of generating a comprehensive risk profile by integrating with big data sources and allows the underwriter to concentrate on high-value tasks of risk evaluation, rating and pricing.”
Read More: The Artificial Intelligence Week