Liberty Mutual’s National Insurance operation has announced that it plans to harness big data capabilities via a new partnership with Intellect SEEC, the insurance software division of fintech firm Intellect Design Arena.
Through this relationship, Liberty Mutual underwriters and risk managers will gain automated access to thousands of third-party data sources, including court filing, industry data, government records and social media content.
With deeper insights into risks, the company believes it will be able to more proactively identify target opportunities with individual brokers, and help its customers better manage their exposures.
Intellect SEEC cleans and structures its data to automatically deliver the information needed to quickly identify, underwrite, and service potential accounts.
“This approach benefits brokers in in three important ways,” said National Insurance Product & Underwriting Strategy Vice President Kelly McLaughlin.
“First, it enhances our ability to understand each potential buyer’s service and product needs, helping them better manage their risk,” McLaughlin explained. “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.”
Pranav Pasricha, CEO of Intellect SEEC, also commented: “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.”