Intellect SEEC Forms Partnership with OutsideIQ to Improve Insurance Risk Analytics

By Michael Guta
TMCnet Contributing Writer

If there is one question insurance underwriters continually ask themselves is, how effectively are they assessing and pricing risk? This of course is a very complicated question, requiring the analysis of massive amounts of data about the particular asset the company is willing to insure. The evolution of information and communication technologies has allowed the world we live in to generate actionable insights from readily available data to make informed decisions about a myriad of subjects, and the insurance industry is no different. Intellect (News - Alert) SEEC, global provider of insurance software with a portfolio covering distribution, underwriting and claims, announced it has formed a partnership with OutsideIQ so it can leverage big data for commercial underwriting.

The solutions OutsideIQ provides are designed to give insurance companies advanced risk analytics in the marketplace, and through this partnership it will give Intellect SEEC the ability to integrate its Underwriting Workstation platform and offer UnderwritingIQ to carriers.

According to Intellect SEEC, one in 15 large claims could be avoided with proper underwriting. What this means is, if the proper underwriting processes are implemented, carriers can begin to improve both loss and expense ratio while at the same time increasing their underwriting accuracy.

The OutsideIQ technology was designed to help solve the problem around risk discovery by delivering a comprehensive solution and making sense of the immense data landscapes currently existing in today’s environment. Using advanced machine learning technology, it is able to filter all of the unnecessary noise and yield highly accurate risk models.

The company’s five-step process involves:

1. Data Discovery – contextual aware crawlers expose and retrieve structured or unstructured, and internal or external data that are buried deep in the Web or in an organization’s database.

2. Data Understanding – the platform is able to understand and normalize data to allow the Risk Discovery Engine and make sense of all the information.

3. Filtering and Attribute Identification – processing data through both context and risk specific filtering the engine only allows the purest signals through.

4. Attribute Selection – even though there is more information than any other time in history, coming up with the longest source result doesn’t necessarily mean it is the most accurate. OutsideIQ is able to select the right attributes in order to discover the right risks, thus giving underwriters the best available data.

5. Risk Model Generation – OutsideIQ creates the clearest picture with the best available context to allow its customers to more accurately price risk.

“Quite often underwriters operate behind a cloud of uncertainty, making generic risk selection and pricing decisions. Our combined offering takes out the guess work and makes risk assessment much more realistic and certain, so that underwriters can have a much higher degree of confidence,” said Pranav Pasricha, CEO, Intellect SEEC.

While the insurance industry is more reliant than most when it comes to data, in today’s ecosystem business intelligence is no longer a luxury reserved for the very few. No matter how small or large an organization is, actionable insight can be leveraged by analyzing data from virtually any field. OutsideIQ gives insurance companies powerful solutions with proprietary technology delivering accurate and auditable profiles that can be exploited by underwriters for greater accuracy.