StarStone named Celent Model Insurer of the Year 2017
5th April 2017
NEW YORK: 5 April 2017 – StarStone, the global specialty insurer, today announced it has been named by research and advisory firm, Celent, as a 2017 Model Insurer in the Data Mastery and Analytics category. Judges recognized the insurer’s exponential leap in using Artificial Intelligence through Intellect SEEC’s Risk Analyst platform to materially reduce loss ratios and improve profitability across key portfolios.
Focused initially on StarStone’s online ESCAPE and traditional Excess Casualty platforms, the implementation reduced underwriting decision-making time, enabling more accurate and consistent underwriting which will lead to significant potential savings in claim and expense costs. Further gains are expected as StarStone implements Intellect SEEC’s Artificial Intelligence into other underwriting portfolios.
The dramatic results and StarStone’s insight in harnessing technological innovation to improve the efficiency and robustness of the business, while increasing broker engagement, were key in the Celent judging panel’s decision.
Norman Brown, Chief Executive Officer of StarStone US, said: “To be recognized as a Model Insurer by Celent is an honor and further affirms industry demand for solutions driven by exponential technology. The Intellect Risk Analyst initiative very quickly improved our view of risk, risk selection and efficiency, leading to anticipated increases in underwriting profit. I would like thank our team and Intellect SEEC for their dedication to this initiative. We are only just scratching the surface in terms of what this technology can do for our business in the future.”
Pranav Pasricha, CEO Intellect SEEC said: “Congratulations to StarStone. This accomplishment is a testament to our aim of improving risk selection and assessment in the industry by using non-traditional data sources and leveraging the growing capability of Artificial Intelligence. With AI we can instantly analyze much more data to be a lot more precise in underwriting and pricing, which is simply not possible with traditional means. We are confident these technologies are set to fundamentally disrupt traditional underwriting.”