(Image credit: Michael Gaida.)
AmeriTrust Group, Inc., a Southfield, Mich.-based specialty commercial underwriter, has chosen the Xponent Underwriting Workstation from Intellect SEEC (Piscataway) to support 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, according to a vendor statement.
AmeriTrust sought a solution in order to improve efficiency, replace multiple legacy systems and reduce manual processes, according to the Intellect SEEC statement. The insurer also was looking to enhance 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, the vendor says.
Intellect SEEC describes itself as an early proponent for the deployment of a dedicated workstation for driving underwriting outcomes. Its Intellect Xponent offering uses big data and machine learning, and wraps around an existing policy administration, extending the system’s capabilities as well as the life of legacy assets. The vendor characterizes as AmeriTrust as one of an increasing number of carriers who are moving away from core system replacement in favor of a wrap-around strategy that integrates modern technologies with existing back-end systems.
Deep Data Sources, Collaboration Capabilities
The vendor says its Intellect Xponent product provides access to thousands of third-party data sources which, when it combined them 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. The system also enables underwriters and agents to seamlessly collaborate in real time.
“We cannot expect underwriters and agents of today to be burdened with paperwork, while trying to develop optimal solutions for the end client,” comments John Baird, President, Admitted Carriers, AmeriTrust. “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.”
Doing the Heavy Lifting
“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,” comments Pranav Pasricha, CEO, Intellect SEEC. “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 highvalue tasks of risk evaluation, rating and pricing.”