Client Overview: In 2015, StarStone Insurance, a global specialty insurer providing a diversified range of property, casualty and specialty insurance to customers worldwide decided to evaluate how it could improve some aspects of its business.
The Challenge: The carrier decided to evaluate how it could improve some aspects of its business, including:
- Validate agent submissions
- Decision making
- Understanding risks better
- Enhanced collaboration and visibility
At the time, StarStone recognised the advantages of unstructured data-driven decision making and teamed up with Intellect SEEC to introduce a set of unconventional underwriting criteria. The implementation started in July 2016 and the solution was delivered in two months’ time and went live in September 2016.
Objective: Implementation of Intellect Risk Analyst to:
- Deliver faster decisions
- Reduce loss ratio
- Enrich data sets used to evaluate the risk
Key Achievements:
- Improved Results: Analysing web content posed StarStone a challenge, but with Intellect SEEC Search and Big Data teams’ support, improved results could be achieved quickly.
- DIASY: A tool called DIASY (Dynamic Insurance Alert SYstem) was developed. It has the ability to define alert words and analyse content and get user feedback to refine the criteria in real time.
- Alerts: The user experience team designed a configurable dashboard that let underwriters subscribe to alerts they wanted to see, so they are not overwhelmed by the amount of data.
Business Impact:
- Reduced underwriting decision-making time by 70%
- Reduced cost of reports from premium data sources by 40%.
- The Risk Analyst platform was also able to identify two out of 30 accounts to be declined which would have otherwise resulted in claims of $6.5 million and upwards.
- StarStone was also awarded the Model Insurer of 2017 award by Celent, the Analyst firm.
- Data enriched: The new system allows for identification and analysis of new data points for underwriting, using big data and AI.
- Faster decisions: The new system put in place allowed for much faster decisions. It reduced 70% time taken to make underwriting decisions.
- Reduced Loss Ratio