Synechron wins Global ACORD Insurance Innovation Award

 Synechron wins Global ACORD Insurance Innovation Award
22.11.2017 06:41 am

Synechron wins Global ACORD Insurance Innovation Award

Data , Insurance

Synechron, Inc, the global financial services consulting and technology services provider, has won the global ACORD Insurance Innovation Challenge Award for Industry Disrupter for 2017. ACORD, the global provider of insurance data standards, recognized Synechron’s Artificial Intelligence/Machine Learning Accelerator for Visual Risk at an event in Boston, the firm has announced today.

ACORD’s Insurance Innovation Challenge for Industry Disrupter for 2017 recognized innovations in insurance technology (InsurTech) which dramatically improve business processes and performance. ACORD held several semi-final events leading up to the international finals at ACORD2017. Synechron’s Accelerator for Visual Risk was honored at the London semi-final in September. At the international finals, Synechron’s Accelerator received the highest public vote percentage, with attendees polled ahead of the judges’ final decision.

Synechron recognized that due to a highly manual risk-assessment process, insurance sales often bottleneck at the underwriter. Synechron developed the Artificial Intelligence/Machine Learning Accelerator for Visual Risk to address this challenge. The Accelerator minimizes the time underwriters spend on simple applications, providing valuable risk data so that an underwriter can instead spend most of their time working on complex applications where a wealth of data is delivered, without additional research being required.

By leveraging automated machine learning techniques, Synechron was able to present a solution to prevent these bottlenecks from occurring and improve efficiency for the risk-assessment process, automating up to 80% of all applications to leave just the most complex 20% to be manually reviewed. The basis for the Accelerator applies machine learning to analyze 70+ data sources and provide predictive risk analytics with detailed visualizations and simple risk queues to equip the underwriter with easy access to critical information.

The model flags risks across numerous data sources to provide a more comprehensive insight. Because it boasts centralized data storage, historical data can be factored in future models and analytics. This enables underwriters to input prospective applicant data in specific business lines, create automatic quotes prior to engagement, and allow a proactive sales approach, increasing client acquisition.

“Synechron has shown proven expertise in the insurance industry and emerging technologies. We are pleased to see them continue to excel at implementing leading-edge technologies at a high standard to solve complex problems in insurance and reinforce innovation in the industry,” said Bill Pieroni, President & CEO, ACORD.

Bruce Polsky, Managing Director and Insurance Practice Head at Synechronsaid: “At Synechron, we are constantly looking at how we can use the latest technologies to drive innovation in insurance, and broader financial services, to the benefit of our clients and to address industry challenges currently being faced. To go on and be recognized as a global award winner is testament to all the hard work, industry expertise and innovation that we are committed to at Synechron. We are honored to be recognized by ACORD as a global leader in this field for our Artificial Intelligence/Machine Learning Accelerator for Visual Risk.”

 

Related News

TECHNOLOGY SECTOR POISED FOR BIG DATA WAVE IN FINANCE AND SALES DEPARTMENTS – DLA PIPER EUROPEAN TECH INDEX

Harnessing big data is becoming standard practice for IT and marketing teams in technology, but ... Read more »

Customers call for real-time updates on the security of their personal records after data breaches

The Marriott International Group data breach exposed the records of 500 million of their customers.... Read more »

Finnish public sector takes a digital leap with Tieto’s Empathic Building solution

Tieto accelerates the digitalization of public sector buildings in Finland by offering the Empathic Building Core solution – originally launched at Slush two years ago... Read more »

TIBCO Announces Acquisition of Master Data Management Leader Orchestra Networks

TIBCO Software Inc., a global leader in integration, API management, and analytics, today announced that it has acquired ... Read more »

CryptoCompare adds commercial API market data service to existing free service

CryptoCompare, the global cryptocurrency market data provider, today announces the launch of its new API service in response to customer demand for more complex and highly... Read more »

Linedata ushers in the next generation of electronic trading with Trade Informatics’ START

Linedata (Euronext Paris: LIN), a global provider of credit and asset management technology, data and services, announced it is teaming up with leading quantitative analytics... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App