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Liberty Mutual’s (Boston) National Insurance business, which provides a full range of primary commercial insurance products and services to mid-size and large companies through brokers, has engaged with Intellect SEEC (Piscataway, N.J.) to more proactively identify target opportunities with individual brokers, and develop solutions for customers, using big data, according to a vendor statement.
Through the partnership, Liberty Mutual underwriters and risk managers have gained automated access to thousands of third-party data sources including, court filings, industry data, government records, and social media content, according to the vendor. With deeper insights into risks, Liberty’s underwriters are able to rapidly leverage information to better understand risks and create product solutions that help customers better manage their exposures, Intellect SEEC reports. The vendor cleans and structures this data to automatically deliver actionable information needed to more quickly identify, underwrite, and service potential accounts.
“This approach benefits brokers in in three important ways,” comments Kelly McLaughlin, VP National Insurance Product & Underwriting Strategy, Liberty Mutual. “First, it enhances our ability to understand each potential buyer’s service and product needs, helping them better manage their risk. Second, by providing an ongoing window into an account, we can identify new needs and work with the broker to suggest customized coverage options and solutions to meet changing business needs. Finally, access to such a deep source of information on individual companies lets us partner with brokers to proactively identify the specific businesses in their portfolio where we can add value.”
Win/Win for Customer, Broker, Insurer
“While there has been a lot of hype in the insurance industry about AI and Big Data in recent years, there has been very little in the way of results that serve the insured better and make the industry more efficient,” comments Pranav Pasricha, CEO, Intellect SEEC. “In partnership with an innovative insurer like Liberty Mutual, we have been able to deliver that win-win-win for customer-broker-carrier.”