While Tesla revolutionized the automobile industry with all-electric cars and autonomous driving systems, Intellect SEEC is on its way to transform the insurance industry with a similar concept. In the words of Pasricha, “we are creating an 'autonomous' insurance ecosystem with the power of cloud, big data, and machine learning.”
"Cloud, big data and machine learning are the three pillars of our business"
However, bringing the “autonomous” concept into the complex insurance landscape is not an easy task. Then how does Intellect SEEC achieve this feat? According to Pasricha, Intellect SEEC started off by placing a “mega” bet. From being a successful insurance outsourcing company that used to work with seven of the top ten carriers in the U.S., Intellect SEEC strategically changed their business model in 2014 to become a pure technology-focused software company.
“We realized that the future of the insurance landscape is changing. The way companies build enterprise software is fundamentally different from how you build true cloud-native software. While several companies either fail or hesitate to shift the business model in tune with these changes, we rebuilt our legacy to a predictive model by challenging the status quo,” says Pasricha. This move has paid off well for the company, and today, Intellect SEEC is one of the pioneers in the industry who has a true cloud-based system to offer.
Cloud to Power the Core
“Cloud, big data and machine learning are the three pillars of our business,” says Pasricha. Built on the first pillar, Intellect SEEC's cloud-native insurance platform-as-a-service (PaaS), Intellect Fabric allows insurance carriers to quickly build applications that leverage big data and machine learning in a cloud-native environment. At the backend, the platform integrates all the features necessary for any business application—including security, authentication, login, business rules management, and notification.
Leveraging the power of Intellect Fabric, Intellect SEEC has built many robust applications to serve property and casualty insurance sectors. One of them is Intellect Xponent, a complete underwriting workstation for managing complex commercial specialty risks.
With the capability to search across numerous data sources, Fabric Data Services allows clients to get the entire digital footprint of a person, a company or a location
Many insurance carriers are utilizing Intellect Xponent to streamline their underwriting processes. One of them is a leading commercial lines carrier that has comprehensive insurance products for construction, manufacturing, and healthcare industries. The client was facing several challenges with their existing underwriting process that spanned different tools (including manual processes), lack of 360-degree account view, and time spent on low-value tasks like data gathering. By leveraging Intellect Xponent, the carrier was able to achieve several benefits, including a 60 percent reduction in their underwriting decision-making time, as well as lower cost to access new third-party data sources.
Going Big with Big Data
While cloud-native PaaS is the first pillar of Intellect SEEC's operational framework, what really powers the platform is big data, which Pasricha describes as their second pillar. "If we have to build new age applications, especially in FinTech or InsurTech, the most important thing is data and its veracity," says Pasricha. For example, in loan underwriting or commercial underwriting, any compromise on data quality will open up several legal and regulatory issues. Having identified this significance, Intellect SEEC offers Fabric Data Services that can “fuel” any insurance related applications. With access to about 2000 different data sources, including structured, unstructured, as well as streaming data, Fabric Data Service is now one of the most significant sources of data available for insurance underwriting.
Intellect SEEC is unique in the way it offers this service. Fabric Data Services enables users to “search” the data instead of accessing the “curated” data. This is a different paradigm altogether for insurers as curated data can be outdated, while “search” will get them the most recent changes in the data or its current version. “With the capability to search across numerous data sources, Fabric Data Services allows clients to get the entire digital footprint of a person, a company or a location,” says Pasricha. Intellect SEEC has built a whole repository of fine-grained models to extract crucial information such as applicants' revenue, employee count, occupation, and accident history, which are important in evaluating the risk.
Machine Learning - A Powerful Third Pillar
Leveraging cloud and big data, Intellect SEEC has spent more than five years in just building their powerful predictive algorithms. The company today works with many clients, formulating predictive models for them. Looking deeper, “algorithms are what differentiates an insurance company,” says Pasricha. For instance, it can help a carrier to analyze a particular group, figure out patterns, and then release targeted products successfully. Every piece of software that Intellect SEEC builds is machine learning enabled. This means faster extraction of the right information from various data sources. Consider a scenario where a carrier needs to insure a restaurant chain that has 100 properties across the country. They will get emails with PDFs, spreadsheets, docs, and more. While it takes hours and days for the people to go through it and put that into the system, “we can deploy machine learning with algorithms that can scan entire sources, extract the data, check the data and validate it,” says Pasricha. “We can then feed this into the underwriting systems to make better decisions,” he adds. This leads to total process elimination, powering the autonomous insurance ecosystem that Intellect SEEC envisions.
The Voyage to Success
Intellect SEEC strives to align its solution delivery model in tune with the clients’ requirements. Clients that need only the data can leverage the company's robust APIs to access the service. On the other hand, carriers can also leverage the companies' cloud-based platform to build their solutions in an agile and cost-effective fashion. While it takes months and even years with other providers to roll out a product, Intellect SEEC helps clients build and release their products in a matter of weeks. Recently, a top insurance carrier in the U.S. was able to start production of their new workers compensation product in just two weeks with the help of Intellect SEEC. This saved not only time, but also millions in cost for the client.
While their powerful products and services are revolutionizing the insurance industry on one side, a core concept that Intellect SEEC puts forward is “safety first.” The idea revolves around using the power of IoT devices to collect data and feed them to Intellect SEEC's Intelligent Fabric. This can help eliminate human intervention and automate many functions in the insurance space like workers compensation processes. The data can also be leveraged to ensure workplace safety.
In a nutshell, Intellect SEEC is bringing positive changes not just to the operational side, but to multiple areas in the insurance ecosystem. In the way how Tesla transformed the automotive landscape, the company is slowly, but steadily building their forte in insurance for the years to come.