Synechron wins InsurTech Award for AI Accelerator for Visual Risk Tuesday, March 13, 2018 - New York, London, Paris, Amsterdam, Bangalore, Hyderabad, Dubai, Pune
The Award recognizes Synechron’s success in streamlining the underwriting process using Artificial Intelligence
Synechron, a global financial services consulting and technology services provider, today announced that it has won the award for Continuity Insurance and Risk (CIR) magazine’s InsurTech category at the 2018 Commercial Insurance Awards. The award highlights Synechron’s advanced work in creating AI and machine learning technologies that minimize the time spent on the underwriting process.
Now in its fifth year, the Annual Commercial Insurance Awards showcase excellence within business insurance and the organizations that are leading the way in innovation and performance. Winners were selected based on a judging panel including senior-level insurance and risk professionals.
Synechron’s AI/Machine Learning Accelerator for Visual Risk was recognized for its work in supporting insurance underwriting. Due to the high level of manual processes involved in risk assessment, insurance sales are often held up at the underwriting stage. To make this process quicker and easier, Synechron has developed an AI Accelerator that provides key risk data, allowing the underwriter to focus their time on more complex issues relating to the risk. Synechron’s end goal with this Accelerator is to automate 80% of all applications, leaving just the most complicated 20% for the underwriter. When a policy application is received, data is automatically gathered on everything from industry risks to Yelp ratings before being categorized into a high or low risk ‘queue’. Over time, the AI will learn from this data and adjust premium quotes accordingly.
Ashish Nangla, Senior Director of the Insurance Practice at Synechron comments: “Emerging technologies and InsurTech are playing a vital role in the insurance industry. To remain competitive and not be disrupted by startups and technology companies, insurance companies need to find solutions that streamline traditionally lengthy processes and keep pace with a new generation of customers. We are delighted to be honored with this award that is addressing the gap in the industry today, and reinforces the importance of accelerating change when it comes to innovative new technologies and approaches.”
Synechron is a global consulting and technology organization providing innovative solutions to the financial services industry through its three main business focus areas: digital, business consulting, and technology. Based in New York, the company has 18 offices around the globe, with over 8,000+ employees producing over $500+M in annual revenue. For more information on the company please visit the website or our LinkedIn community.
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