(Selective Insurance campus in Branchville, N.J. Photo credit: Gavin O’Shea.)
Selective Insurance Company of America, the lead insurance company of Selective Insurance Group, Inc. (Branchville, N.J.) has chosen to work with DataCubes (Schaumburg, Ill.), a decision automation platform for commercial property/casualty underwriting, to develop technology that will help increase underwriting productivity, according to a vendor announcement. Selective Insurance will initially implement DataCubes’ d3 Risk 360 and is looking at other technology solutions within DataCubes’ suite of products.
“Our best-in-class team of underwriters works hard to ensure their data research is thorough,” comments Brian Sarisky, senior VP, chief underwriting officer, commercial lines, Selective Insurance. “The solution from DataCubes will help reduce time-consuming manual processes, enhance risk selection and significantly improve productivity.”
d3 Risk 360 is built on a data lake that aggregates over two billion data points from a broad array of internal and external sources including government entities, public records, company websites and more, DataCubes reports. DataCubes organizes and analyzes this data with its machine learning models to build what it characterizes as robust business profiles that surface deep underwriting insights in a matter of minutes.
More Efficiently and Accurately Capturing Risk Intelligence
“The underwriting process requires a significant amount of data, which in some cases would require Selective’s underwriters to mine data from over 80 different places,” comments Kuldeep Malik, co-founder and CEO, DataCubes. “In the spirit of continuous improvement, the company wanted a solution that would enable their team to more efficiently and accurately capture risk intelligence. Our technology was able to replace an overwhelming number of sources with a single destination, eliminating a great deal of time spent researching and retrieving data.”