Intellect SEEC, a global fintech company just concluded analysis on the incoming quote submissions to seven major United States commercial carriers between January 2017 and January 2018. The results are stunning.
While it’s common knowledge in the insurance industry that clients or brokers, on occasion, portray risks in a better light to obtain better rates or to get sub-par risks through underwriting, the extent of this misinformation and its impact on pricing and loss ratio has been statistically proven for the first time through the use of Intellect’s big data and AI toolkit.
Intellect found that up to 30 per cent of submissions had material errors on key rating and underwriting fields, such as employee count, revenue, details of business operations, and key disclosures…
