Blazing the Big Data Trail in Insurance
Intellect SEEC is a global insurtech company with a simple motto—to make insurance about the insured. Today, the state of the insurance industry is one where paperwork perpetuates legacy data, technology has a chokehold on processes and the focus has shifted away from the end customer. Intellect SEEC aims to set this right by applying advanced technologies such as data, machine learning and cloud to improve customer experience and lower the cost of insurance.
The company, which counts Life Insurance Corporation of India (LIC) among its customers, holds a comprehensive portfolio of solutions for life and commercial insurance. These solutions surround the core system, starting from quote, policy issuance, all the way to postissue servicing and maintenance. This portfolio of solutions also includes a value-rich, AI-driven underwriting workstation.
In a bold move, Intellect SEEC reinvented itself in 2014 on the back of modern technology—cloud, unstructured data and AI. At the time, these technologies were branded as catchwords in the fintech industry and their potential had not been fully understood.
The company has since then developed a machine learning and big data based risk assessment platform that gives insurance underwriters an all-round understanding of a risk. The tool covers facts relevant to a case, its past history and also leading indicators of what can go wrong in the future.
Speaking to CIOReview magazine, Pranav Pasricha, CEO of Intellect SEEC said, “In the market where we operate, particularly over the last four years, enterprise technology has changed more than it has in a couple of decades. You will see that a lot of people are saying that machine learning and AI in enterprise technology combined with cloud-native computing is going to be bigger than the impact of the internet. I truly believe in that dynamic.”
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