Liberty Mutual enhances commercial insurance underwriting
Liberty Mutual’s National Insurance operation – which provides a full range of primary commercial insurance products and services to mid-size and large companies through brokers – is working with Intellect SEEC to harness the power of big data to more proactively identify target opportunities with individual brokers, and develop solutions for customers.
Through the relationship, Liberty Mutual underwriters and risk managers gain automated access to thousands of third-party data sources including, court filings, industry data, government records, and social media content. Intellect SEEC cleans and structures this data to automatically deliver actionable information needed to more quickly identify, underwrite, and service potential accounts.
“This approach benefits brokers in three important ways. First, it enhances our ability to understand each potential buyer’s service and product needs, helping them better manage their risk. Second, by providing an ongoing window into an account, we can identify new needs and work with the broker to suggest customized coverage options and solutions to meet changing business needs. Finally, access to such a deep source of information on individual companies lets us partner with brokers to proactively identify the specific businesses in their portfolio where we can add value.” – National Insurance Product & Underwriting Strategy Vice President Kelly McLaughlin.
“While there has been a lot of hype in the Industry about AI and Big Data in recent years, there have been very little results to show that make the insured better and the industry more efficient. In partnership with an innovative insurer like Liberty Mutual, we have been able to deliver that win-win-win for customer-broker-insurer.” – Pranav Pasricha, CEO of Intellect SEEC .