HARTFORD, Conn.–(BUSINESS WIRE)–Insurity, a leading provider of cloud-based software for insurance carriers, brokers and MGAs, announced today that Utah Business Insurance Company (UBIC) is the recipient of the “Data and Analytics Innovator of the Year Award at Excellence in Insurance Innovation. The awards ceremony for Excellence in Insurance Innovation took place in Las Vegas. It recognized the excellence of P&C organizations in categories such as exceptional policyholder service, digital transformation and excellence in data and analytics.
UBIC is a monoline workers’ compensation organization serving roofers, framers and excavators and needed to be strategic in allocating resources in a traditionally risky sector. They effectively mastered these complexities by leveraging Insurity Predict’s real-time predictive insights and data consortium to process a significantly higher volume of filings.
“UBIC is a data-driven company and we have nurtured a culture around predictive modeling thanks to Insurity Predict’s ease of use,” said Tyler Nielsen, Chief Operating Officer at UBIC. “We brought the Insurity Predict model into play just a few years ago and it changed the way we do business. We went from on-going loss control for each risk to using our resources more intelligently across all submissions. Instead of spending time serving every account in the same way, we now tailor those experiences based on the predictive risk scores for our policyholders.”
One of UBIC’s innovations with this model was to extract the data from the Insurity Predict system and integrate it with their business intelligence platforms. That way, everyone from underwriters to claims adjusters to customer service has access to this data in their reports.
“The sheer volume of data insurance companies have can be overwhelming and difficult to win new business and make the right underwriting decisions quickly,” said Sylvester Mathis, chief insurance officer at Insurity. “With the Insurity Predict Model, UBIC has made strides in using predictive data and analytics to better manage their risk portfolio and give them the ability to assess risk much faster and more accurately over the long term.”
To find out more about the Excellence in Insurance Innovation Awards please contact [email protected]
Insurity is a leading provider of cloud-based software for insurance carriers, brokers and MGAs. Trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US, Insurity has over 400 cloud-based deployments. Through its best-in-class digital platform, and with unrivaled industry expertise and the most robust analytics offerings in the industry, Insurity is uniquely positioned to deliver exceptional value, empowering clients to focus on their core business, streamline their operations and deliver best-in-class policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. Visit www.insurity.com for more information.
About Utah Business Insurance Company
Based in South Jordan, Utah, UBIC has grown into a leader in the insurance industry for workers’ compensation. UBIC strives to meet the needs of its agents and policyholders with a focus on delivering superior customer service and results-oriented risk management programs. Visit http://www.utahbic.com for more information.