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LTI’s Risk Insights (SaaS Solution)

Industry Challenge

Insurance industry is finding new ways to evaluate risk and offer innovative products & services especially for Commercial Market. While Outside-In view of the world helps to be in line with the business realities, often Inside-Out view is not thoroughly evaluated. The biggest challenges in Commercial Insurance Underwriting include.

  • Assessing value realization of deployed business strategies.
  • Accelerating speed to insights by use of advanced AI/ML Toolset.
  • Enabling business users (especially Underwriters) to develop real-time personalized strategies.
  • Integrating Core Systems (Book of Business data) with Third Party Data to improve quality of insights.

LTI’s Risk Insights (SaaS based solution) is engineered to solve above key challenges. Key features of this solution are as follows.

Solution Components

  • Portfolio Analysis: Risk & Performance (Growth, Loss) analytics with LTI’s proprietary ‘9×9’ matrix.
  • Coverage Gap Analysis: Coverage Radar ‘RADark’ depicting coverage gap/depth and effectiveness to identify Cross-Sell and UpSell opportunities.
  • Underwriting Strategy Reactor: Conversion, Concentration and Profitability simulator and tracker to adjust underwriting strategy in real time.
  • Dynamic Pre-scored leads generator using plethora of 3rd party data so favorable risks can be targeted.

Business Benefits

  • Improves combined ratio by upto 2% by prescriptive underwriting strategy recommendation
  • 3 to 5% premium growth with recommendation of Cross-sell and Upsell opportunities
  • Improving risk assessment accuracy by 30% with ‘What-if scenario’ analysis at Portfolio and Policy level
  • 20% saving in marketing spend with 3X time reduction in leads to conversion timelines

Solution Highlights

  • Powered by Snowflake Data Cloud, Spectra, Refract and Lumin by LTI FOSFOR (Data Commerce Suit)
  • AI / ML enabled Automated Nudges and Insights from Book of Business and 3rd party data within few clicks.
  • NLP experience to derive ad-hoc portfolio and strategy insights.
  • Pre-built connectors for industry leading ISV solutions like DuckCreek, Guidewire, Insurity etc.

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