Underwriting decision-making time reduced by 70%

StarStone, a global specialty insurer has made great strides by implementing Intellect Xponent. The insurer provides a diversified range of property, casualty and specialty insurance to customers worldwide. Through selective positioning of the components of Xponent in their underwriting process, they are experiencing a string of benefits – underwriting decision-making time reduced by 70%, cost of reports from premium data sources reduced by 40%. Additionally, the product was able to identify 2 out of 30 accounts to be declined which would have otherwise resulted in claims of upwards of $6.5 million.

StarStone Wins Celent's Model Insurer of the Year 2017 Award

 

One of the specific projects in the implementation included a custom configuration. We were able to go live with the project in 2 months. It has shortened the turnaround time and resulted in a well-defined risk appetite. Apart from the measurable benefits, Xponent has significantly improved the relationships with brokers and agents. Intellect Risk Analyst, a component of Xponent has also identified and analyzed new data points (which were previously not considered) for underwriting using big data and artificial intelligence. The product has also helped underwriting plug into non-traditional data points which has resulted in more profitable business.

 

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