Chennai and Jersey City (US) January 15 2015: Intellect SEEC, a Polaris Group company that deals with insurance software from Intellect Design Arena, has announced an exclusive partnership with OutsideIQ, a global provider of advanced risk analytics solutions for the insurance market.
Through this partnership, OutsideIQ will offer a new product -- UnderwritingIQ -- to carriers, aiming to enrich risk information and providing actionable insights for improved underwriting. UnderwritingIQ will also be integrated with Intellect SEEC’s existing product, Underwriting Workstation.
Says Pranav Pasricha, CEO, Intellect SEEC: “This partnership between OutsideIQ and Intellect SEEC introduces a unique solution of a nature that the global insurance market has never seen before and truly transforms underwriting practices. 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.”
The partnership addresses one of the biggest challenges for underwriters: Validating information and uncovering other information relevant to a risk. Using artificial intelligence, UnderwritingIQ queries the internet, including web sources, government and regulatory sites, corporate registries, and a growing number of premium databases. From this vast array of structured and unstructured data sources, it applies advanced algorithms to cull out risk-based information on the subject and provides a concise profile to the underwriter, flagging potential issues that could be relevant to the case.