New York, May 18, 2022: Intellect SEEC is proud to announce that Amerisure Insurance has won the 2022 Celent Model Insurer award in the Legacy and Ecosystem Transformation category. The award recognizes how Amerisure’s underwriting transformation initiative improved efficiency, boosted compliance and reduced underwriter onboarding time using Intellect Xponent, Intellect SEEC’s artificial intelligence (AI)-powered underwriting workstation.
Amerisure is a leading U.S. property & casualty insurance provider licensed in all 50 states, with comprehensive commercial insurance products and solutions focused on the construction, manufacturing, and healthcare industries. The basis of this digital transformation project was to support their ambitious growth plans, improve efficiency and consistency of the marketing underwriters, advance the use of data and third party triangulated risk insights, provide multilayered visibility into the performance of accounts and overall portfolio, and provide an adaptive work environment for underwriters to support change and growth.
On its digital transformation journey toward underwriting excellence, Amerisure selected Intellect Xponent, an artificial intelligence-based, advanced underwriting platform from Intellect SEEC, as the partner best suited for the project with cognitive technologies, highly configurable workflows, a digital platform with access to third party triangulated risk information and the thought leadership strength to achieve the program objectives.
Xponent offered its configurable underwriting solution while still retaining Amerisure’s policy administration system and enabled a collaborative platform for underwriters across all departments. The use of the workstation has since expanded to risk management and national service coordinators, as they were able to easily view policy and account-centric information through the solution.
As a result of underwriting transformation with Xponent, Amerisure has experienced significant benefits, including underwriting decision-making time reduced by 60%, an increase in the average underwriting audit score from 79% to 84% and a reduced customer onboarding from 12 months to just three months.
Commenting about the Celent Model Insurer 2022 Award, Amerisure shared: “To be recognized as a Model Insurer by Celent is an honor and continues to validate the value of solutions driven by data insights and supported by cloud technologies,” said Amjed Al-Zoubi, Chief Information Officer at Amerisure. “Receiving the award is also a testament to the ongoing adoption and application of business agility from our talented employees.”
Banesh Brabhu, Chief Executive Officer of Intellect SEEC said, “We are very proud of the work done with Amerisure and happy to be their partner on their underwriting transformation journey. They are seeing the real benefit to how implementing automation into a very complex and manual process can show immediate benefits not only on the bottom line but related to productivity, collaboration and efficiency.”
Amerisure is a leading provider of commercial property and casualty insurance solutions for U.S.-based construction, manufacturing and healthcare businesses. Licensed in all fifty states and available through an exclusive network of elite independent agents, the company upholds an “A” (Excellent) financial strength rating, industry-leading service scores, and multiple awards for innovation. Amerisure has been in business for more than 100 years and is consistently named among the best places to work in the industry and throughout the nation. To learn more, visit Amerisure.com.
About Intellect SEEC
Intellect SEEC is an insurtech Transformation Partner with contemporary AI and ML solutions, data insights triangulated from thousands of sources, and agile technology, data science and consulting teams that takes a strategic approach to tackling the biggest challenges for insurance. We are a proven leader in Data First Strategy for Commercial/General Underwriting. As a core technology transformation partner, we have successfully driven one of Europe’s largest data migrations.
Our underlying technology powers sophistication with simplicity ensuring an engaging and insightful user journey. Our AI cloud native products are known to address the most complex business objectives with the highest accuracy of outcome. Our skilled technical experts and data scientists seamlessly augment our customer teams to accelerate their transformation journey easily adapting as business models and technology evolves. www.intellectseec.com
About Intellect Design Arena Limited
Intellect Design Arena Ltd. is the world’s largest cloud-native, API-led microservices-based multi-product FinTech platform for global leaders in Banking, Insurance and Capital Markets. It offers a full spectrum of banking and insurance technology products and platforms across Retail, Transaction Banking, Risk, Treasury & Markets, and Insurance. With over 25 years of deep domain expertise, Intellect pioneered Design Thinking to create cutting-edge products and platforms for institutions and FinTech 8012, the world’s first design center for FinTech, reflects Intellect’s commitment to continuous and impactful innovation, addressing the growing need for digital transformation. Intellect serves over 260 customers through offices in 97 countries and with a diverse workforce of technology experts in major global financial hubs around the world. For more information, visit www.intellectdesign.com.
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