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Visual Risk

 

Due to a highly-manual risk assessment process, insurance sales often bottleneck at the underwriter. So, what if there was a way to use automated machine learning to empower underwriters to be quicker and more efficient, while also enabling more thorough risk assessments? Synechron’s AI / Machine Learning Accelerator for Visual Risk minimizes time spent on simple applications and provides valuable risk data so that an underwriter can spend the majority of their time working on complex applications, with a wealth of data delivered without additional research required.

The basis for Synechron’s AI Accelerator for Visual Risk applies machine learning to analyze 70+ data sources and provide predictive risk analytics with detailed visualizations and simple risk queues to equip the underwriter with easy access to critical information. When a policy application comes in, that data is immediately used to gather any applicable data on the applicant company, yielding risk results based on locational crime, accidents, industry risks, weather, lawsuits, health code violations, Yelp ratings, etc. High or low risk queues are created from noteworthy findings and factored into the overall analytics model. This data also contributes to a historical data pool that can be factored in future analytics. Over time, the system will learn from the increase in historical data and adjust premium quotes accordingly.

With thorough risk information, suggested actions, and applicant details all presented in a clean and visible manner, underwriters can quickly review each application. However, the real power of the Accelerator comes from automation. The goal is to automate 80% of all applications, leaving just the most complicated 20% to be reviewed manually. Automation criteria are adjustable, allowing the underwriter to retain full control of this process. This continuously learning automation enables underwriters to spend their time on just the 20% of complex applications, which can be reviewed at a fraction of the time, while automatically processing 80% of their workload.

  • Visual Risk System – Focus your underwriters on applications with the highest bind rates, and don’t let convertible applications slip through the cracks
  • Integration with 70+ Data Sources – Flags risks across numerous data sources to provide a more comprehensive insight into your applicant’s risk
  • Centralized Data Storage – Creates a wealth of historical data in a single location, easily called upon for future models and analytics
  • Bulk Business Opportunities – Enables underwriters to input prospective applicant data in specific business lines, create automatic quotes prior to engagement, and allow a proactive sales approach, increasing client acquisition

Know how Synechron’s InsurTech Accelerator for Visual Risk ensures predictive risk analysis with detailed visualizations

To learn more about our Synechron’s InsurTech Accelerators built on Cognitive Machine Learning and the work we’re doing email us at finlabs@synechron.com

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