Stock Report

Amerisure wins Celent's Model Insurer Award for their Underwriting Transformation Initiative

Posted On : 2022-05-18 10:51:03( TIMEZONE : IST )

Amerisure wins Celent's Model Insurer Award for their Underwriting Transformation Initiative

Intellect SEEC has announced 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."

Shares of Intellect Design Arena Limited was last trading in BSE at Rs. 638.85 as compared to the previous close of Rs. 577.95. The total number of shares traded during the day was 98962 in over 3562 trades.

The stock hit an intraday high of Rs. 657.00 and intraday low of 584.70. The net turnover during the day was Rs. 61437039.00.

Source : Equity Bulls


IntellectDesignArena INE306R01017 INTELLECTSEEC AmerisureInsurance 2022CelentModelInsurerAward