Overhaul your underwriting process using analytics - Read this presentation by Tony Cid, Head of Commercial Insurance, Intellect SEEC which was presented at Insurance Analytics Canada Summit, 2016 to understand how analytics can enable a digital shift for underwriting.

1. Humans run businesses

2. 2
The Manual to Digital Shi<
Driverless cars Smart machines with ability to think Wearable devices
Technology is fundamentally challenging assump?ons about what is a machine – covering all aspects of life making work easier, simpler,
be;er – almost like a super-human assistant
There is a superhuman assistant for all your needs….

3. HOW WILL ANALYTICS ENABLE THIS SHIFT FOR
UNDERWRITING?
3

4. BIG DATA
REQUIRES
RETHINKING
YOUR
APPROACH
TO DATA
4

5. 5
How underwriters have been tradiLonally
- 70% ?me spent on low value tasks
- Trouble geYng informa?on at one place
- Swivel chair integra?on issues
- Challenge comparing data from mul?ple
sources
- Communica?on gaps when collabora?ng
with experts and brokers
SoluLon: Work Smarter

6. *Includes machine learning and deep learning
DescripLve AnalyLcs
What is happening
Confirm
Hindsight
Analy?cal
Technique
Outcome
Process
TradiLonal Approach
Form
Theory
Observe
Data
DiagnosLc AnalyLcs
Why did it happen
PredicLve AnalyLcs
What is likely to
happen
Form
Theory
Foresight
Big Data Approach
Observe
Data
*Iden?fy
Pa;ern
PrescripLve AnalyLcs
What should I do
about it
6

7. BIG DATA
APPROACH IS
ADDITIVE TO
TRADITIONAL
APPROACHES
7

8. TradiLonal Approach Big Data Approach
Volume
Fewer sources – just store everything we
need to make the decisions of today
Large number of sources – store everything for the
ques?ons and decisions you are yet to think of
Velocity Managed changes done infrequently Changes done constantly – crowd sourced
Variety Structured – internal/external Structured – internal/external, Unstructured – external
Veracity
Source Level – e.g. this is the
“source of truth” for FTE, perils, crime
etc.
Fewer sources – just store everything we need to make
the decisions of today
Feedback
Manual cleansing from fewer people –
scholarly “encyclopedia approach”
Crowd sourced or via machine learning algorithms –
“Wikipedia Approach”
Visualizing Graphs, tables, one way reports Alerts, graphs, interac?ve applica?ons
Examples
Policies, Quote, Claims, Billing
RiskMeter, D&B, Pitney Bowes, Lexis
Nexis, Verisk
All of tradi?onal data + LinkedIn company profile,
Facebook, Twi;er, Yahoo BOSS, Google Search,
Urbanspoon, Yelp, Glassdoor
8

9. • The new business generator
Understand the big picture about customers and hence
predict desirable leads, cross-selling opportuni?es,
messaging
• The innovator
Help with product development by defining
requirements, pricing frameworks, key trends based on
third party data and customer behavior – unique insights
• The customer advocate/business
partner
Build and enable a “team approach” to account servicing via
collabora?ve tools and democra?c informa?on access. Leading
to be;er solu?ons and increased customer loyalty.
• The data expert
Machine learning, AI and big data enable to use analy?cal
approach to improve precision and new kinds of data predic?on
and predic?ve modeling.
9
The Evolving Role of Underwriter
Source : E&Y
Underwriter of tomorrow will straddle mul?ple roles, beyond the current job predefini?ons.

10. HOW INTELLECT CREATES THE FUTURE
10

11. I am with you!
Your virtual Underwri5ng Assistant
Our SoluLon : (1) BeVer Risk InformaLon, Applied & (2) BeVer
Process Flow and Interface

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• Searches and Aggregates : Largest data set 1800+ structured sources; u?lizes Big Data!
• Analyzes : Natural Language Processing across all sources
• Data Connectors : including ACORD based connectors wire up internal structured sources
• Custom alerts and rules : Tolerances can be configured by end users
• ArLficial Intelligence : Algorithm con?nuously learns & improves based on unique ac?ons of an
Underwriter.
• Reports : Electronic and enable ease of collabora?on between underwriters
• Proven : Implemented at Commercial Line Insurers; POCs for other Lines of Business in progress
• Cloud Based : Public or Private; Data is available as ‘Resul APIs’
Intellect Risk Analyst: The only product that combines
Search, AggregaLon, Analysis, VisualizaLon & Learning

13. Intellect Risk Analyst : CapabiliLes Include
13 Making You Easier to do Business with AND Delivering Be;er Profitability
14. Iden?fy risks in a
territory & SIC
code that match
tailored
underwri?ng
criteria
1. Enter only Company
name and retrieve
70%+ data for
underwri?ng
2. Enable near real
?me genera?on of
accurate and binding
quotes for SME
business and above
3. Single source for your
data needs to get
complete view of Risk.
4. Underwriters are alerted
to key ac?ons
automa?cally
5. Underwriters develop and
implement rules
themselves
6. Modify Premiums based
on scien?fic criteria
7. Minimize manual work &
manage referral in record
?me
8. Underwri?ng knowledge
and decisions retained
electronically
13. Proac?vely
iden?fy cross sell
opportuni?es
across Lines of
Business
9. Proac?vely target the
most profitable or
underperforming risks
10. Incorporate Unstructured
Data into op?miza?on &
ra?ng
11. Create pro-ac?ve and
scien?fic Ra?ng / Pricing
models to outperform
industry loss ra?o
performance
12. Flag material changes in
policies coming for
renewal and suggest
changes to cover and
pricing
ApplicaLon
Prefilling
UnderwriLng
Porolio
Analysis &
Renewals
Cross Sell & Up
Selling
ProacLve
MarkeLng

14. Request a report - Enter as liVle as Company Name
14

15. Dashboard
15

16. SELECTED OTHER CAPABILITIES
16

17. OrganizaLon Summary
17

18. Financial Data – D&B Hoover / Xignite / Experian
18

19. Yelp reviews helps
underwriters to iden?fy
Establishment Issue
IdenLfies & Flags InformaLon found in the Unstructured Data - Yelp Reviews

20. Glassdoor reviews helps
underwriters to
an?cipate employment
related issues
Unstructured Data - Glassdoor Reviews

21. Sorts and lists most ‘relevant’ Unstructured data
21

22. Rules - Underwriters develop and implement rules themselves
Rule crea?on is intui?ve
Data dic?onary on external data

23. PrioriLze work based on UnderwriLng guidelines for New Business
23
§ Book of business can easily be segmented to what not to underwrite (Ugly), what to be
cau?ous with (Bad) and Just Do It (Good)
Ugly accounts to decline risk
(Higher the score the higher the risk. This score
can be configured to each customer based on the
variables in our system)
Iden?fy accounts to modify
premium factors or define risk
management plan.
Good account where underwriters
need not have to spend ?me
(Lower the score the less risky it is)

24. IdenLfies Complete LocaLon Schedule
24

25. BeVer UnderwriLng – Complete Details on Individual LocaLons
25

26. Complete list of Company’s Owners and Officers
26
§ Benefit – Even if the company and loca?on is ok, RA provides background to the owners/officers prior
professional history

27. 27
§ Benefit – Run reports on similar companies to proac?vely create pre-approved quotes
ProacLve markeLng opportunity by lisLng the compeLtors

28. BeVer UnderwriLng - Insurance should not just be about the NegaLves
28
Posi?ve flags found enables carrier to
discount good prac?ces and retain more
profitable businesses

29. Full list of Legal Filings for the Company
29
§ Benefit – No need to login and cut and paste legal data from 3-5 sources. RA takes an electronic copy
Update for Restaurants

30. MulLple product lines (LOBs) alerts for Account Level UnderwriLng as well
as proacLvely idenLfy cross sell opportuniLes across Lines of Business
30

31. Underwriters are alerted to key acLons automaLcally in our UnderwriLng
WorkstaLon
31
Without having to read through
applica?on, the underwriters know
the next set of tasks to perform

32. 32
How UWX helps underwriters to perform their evolving roles
Tools you need to work smarter, accessible from anywhere.
The sales assistant
Leverage big data to uncover tradi?onal and unstructured sources
More produc?ve ?me spent on underwri?ng decisions
Configurable work flows – prebuilt work management algorithm with the ability to customize to your requirements
Collabora?on – quick and easy exchange of informa?on between u/w’s, brokers and experts, helping quick closure.
Seamless integra?on with exis?ng systems and 3rd party data sources
360 degree view of informa?on
Pre-fill, cross-sell, up-sell and proac?ve marke?ng. Mul?-product & mul? quote systems – combine mul?ple LOB’s in a single
proposal
The innovator
The customer advocate
The data scien?st

33. DigiLzaLon
i. 360 degree view – for each new applica?on and renewal request
ii. Configurable workflows – Out-of-the-box quote-to-issuance workflow, with ability to customize
iii. Mul?ple Product/ Mul? Quote - across LOBs into a single proposal
iv. Intui?ve Dashboards – for opera?onal and financial repor?ng
v. Paperless - document management feature that captures, tracks, stores and links documents to relevant files
electronically
Mobile
i. Mobile and Tablet funcLonality – provides any?me, anywhere access
ii. Quick, easy exchange of informa?on among all par?es
Big Data and Service Delivery
i. Analyzes data from 1800+ sources, uses AI, machine learning and NLP to ensure data accuracy
ii. Direct-to-customer portal - provides mul?ple quotes to customers in real-?me
Using Social Media
i. Data from unstructured sources, uses social intelligence
33
How UWX is using Technology for simplificaLon

34. Need for more collaboraLon, a working together approach and building in more flexibility.
• UWX has three portals that enable underwriters, producers and experts to build complete risk profiles,
have a 360-degree view of accounts, deliver faster service to brokers, easily integrate with third par?es
and enable collabora?on.
– Mobile func?onality allows real ?me document, photos exchange while in the field.
– Document management to capture customer data, route, track, store and link documents
– Dashboards for opera?onal and financial reports against KPIs with proac?ve alerts
– Collabora?on among underwriters, brokers, experts with audit trails
– Guided, configurable workflows- reduce ?me to issue policies.
– Improve the underwri?ng guide, allow collabora?on- achieve consistent underwri?ng prac?ces.
34
How UWX is making underwriLng collaboraLve

35. • Systema?c/Automated
• Simplified
• Quality of work
• Stress Free mindset
• Produc?vity increases
• More Personal ?me
• Relaxed and calm mindset
• Be;er rela?onship with self and
others
• Self sa?sfac?on
• Enjoying work, look forward to
come to office
• Expanse
Expanding Horizons!!
Different way of looking at things
UnderwriLng with Intellect UWX

36. Underwriters of The Future

37. Intellect UWX – The Workspace of Future
37
Fast, Informa?on at a Click
Ease of Collabora?on
Manual to Digital
Segregated to Integrated
Time consuming to Within minutes
Individual to CollaboraLve
Formal to Flexible
Textual to Visual
Clu;ered to Simplified

38. • Clu;ered
• Mul? tasking required
• Chaos
• Too much informa?on
• Unorganized
• Stress
• Inaccuracy of decision
• Quality of work geYng affected
• No personal ?me
• Stressed mindset affec?ng self
and personal rela?onships
UnderwriLng Currently

39. • Technologies that will simplify underwri?ng-
– Social Media
– Digi?za?on
– Mobile
– Big Data and service delivery (cloud compuLng).
39
SimplificaLon Through Technology
Source : insurancetech.com

40. © 2016, Intellect Design Arena Limited.
All rights reserved. These materials are confiden?al and proprietary to Intellect and no part of these materials should be reproduced, published in any form by any means, electronic or mechanical including photocopy or any informa?on storage or retrieval
system nor should the materials be disclosed to third par?es without the express wri;en authoriza?on of Intellect Design Arena Limited.

41. 41
2. Mobility and Flexibility
Technology is changing how things were done , mobile work from home, closer collabora?ons – sharing screen data, edi?ng one
video, one document being worked upon by mul?ple people, social networks
Time and place no longer ma;er – anywhere any?me is the buzz-word
Source: Citrix.com

42. 42
3. Immediacy
Instant gra?fica?on – 24 by 7 convenience, faster way to do everything, simpler, objec?ve interpreta?ons, on demand,
informa?on at finger ?ps
Everything is available at a click, on demand

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4. Nature of Data is Changing
Simpler, visual, aggregated, easily available, greater ability to learn big data, complex data is
turned into meaningful bytes easily, businesses using big data, 3D imaging – data is more real

44. 44
5. Many in One – The era of more
Mul?-tasking, ability to be in many places at once, as geographical distance does not ma;er,
automate tasks, connected devices with one touch control, smart home appliances

45. 45
6. Time is the new currency
Time-saved is money saved, improvement in produc?vity, ?me efficient technologies,
everything is faster than before - automate tasks to save ?me, smart CRM systems, paper to
online, get all data in one place for a mee?ng to start

46. 46
7. Open cultures – less hierarchy, less predefiniLons
Roles are not strictly pre-defined, more collabora?on, ability to cross-task,
func?onal and organiza?onal hierarchies are disappearing, less formal,
social networking, collabora?on tools