Dec 26, 2017

12 in 12 exponential months

Stuff of dreams just got real in 2017. AI bots invented their own language, large corporations revived the Space Race of yesteryears with their plans for crewed and robotic missions, consumers welcomed home voice assistants letting them listen in to their entire lives! DIYers have a new power tool – the 3-D printer.

Technology truly rode the Xponential curve this year, and insurance will soon have to come face-to-face with many of the potential implications. At Intellect SEEC, we’ve been up to some pretty cool stuff to help you tackle them.

Here’s to 2018.

While the paradigms shifted, we were busy making Xponential the new normal in insurance.

Insurance that’s agile: From a cold-start to a full self-service portal, we digitally transformed one of the world’s largest insurers (with by far the largest customer and agent base) in just 9 months.

Insurance should be about safety and loss avoidance: We teamed up with folks at The Safety Compass to make workplaces safer with IoT and augmented reality. What’s in it for insurance? Fewer accidents, less risk and a healthy book of business.

Insurance that’s immediate: We started working with some of the world’s largest and most sophisticated carriers to make SME direct insurance a reality through real-time data enrichment using unstructured sources.

What’s not to like about precise and effective underwriting: We transformed commercial underwriting by deploying business-specific data validation and underwriting alerts at major carriers and achieved 3%+ loss ratio reduction within months.

A world of good customer engagement: We used ML based NLP to power conversational UI for hairy insurance transactions. So your customers can go, ‘Alexa, compare the premium prices for my house.’

Getting the foundations right: We launched the industry’s first-ever ‘Ubiquitous Insurance Platform’ with a string of firsts. It’s the first cloud-native platform in insurance, first to leverage unstructured data and ML, gives insurers the ability to build their own apps, and is first out-of-the-box with 10 complete pre and post issue applications for both Life and Pamp;C.

Big or not, good technology is for all: We enabled some of the largest insurers in the world, and launched digital transformation programs for some of the small carriers in the US. We delivered the same technology sophistication and functional footprint for companies of all sizes.

Setting new benchmarks for agility and cost efficiency: Amazon Web Services, the gold standard for the technology industry profiled us as a case study for building cloud-native applications and for delivering extreme efficiency and technical advancement.

Spreading our wings, going beyond insurance: Historically, insurance has been considered a laggard in adopting technology. And here we are, exporting technology incubated for insurance into domains as diverse as banking, wealth management and even media.

Spreading the fire of insurtech revolution: Being the InsurTech zealots that we are, this year saw us hosting 3 events of our own, speaking on the use of AI and ML in insurance at 10+ events, and enabling multiple startup InsurTech entrepreneurs.

Building momentum, multiple new clients across 3 continents: Of what use is building new technology if clients don’t want it. We are thrilled that within the last 7 months we have already signed on 7 new clients on the new cloud-native platform across the us, Canada and Europe!

Keep them awards coming: In the last 7 months, we have won 4 prestigious industry awards and were featured in multiple analyst reports and leading global insurance publications. What an honor!

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