Hartford, Connecticut–(business wire)–insuranceUtah Business Insurance Company (UBIC), a leading provider of cloud-based software for insurers, brokers and MGAs, today announced thatWinner of Excellence in Insurance Innovation’s Data and Analytics Innovator of the Year award. The Excellence in Insurance Innovation Awards Ceremony was held in Las Vegas. P&C insurance organizations were recognized for their outstanding performance in areas such as policyholder service excellence, digital transformation, and data and analytics excellence.
UBIC, a monoline workers compensation carrier serving roofers, framers and excavators, needed to be strategic about how to allocate resources to traditional high-risk sectors.They navigated these complexities effectively Insurance Predict Use real-time, predictive insights and a data consortium to handle significantly higher volumes of submissions.
“UBIC is a data-driven company and the ease of use of Insurance Predict has fostered a culture around predictive modeling,” said Tyler Nielsen, Chief Operating Officer, UBIC. . “We introduced the Insurance Predict model just a few years ago and transformed the way we do business. We went from performing loss management for all risks to more intelligently deploying resources across submissions. Instead of spending time serving all accounts the same way, we now tailor these experiences for policyholders based on their predicted risk scores. ”
One of the ways UBIC innovated on this model was by extracting data from the Insurance Predict system and integrating it with a business intelligence platform. This way, everyone from insurance companies to loss management to customer service can access this data in their reports.
“Sylvester Mathis, Chief Insurance Officer at Insurity, said: “With the Insurance Predict Model, UBIC has made progress by leveraging predictive data and analytics to better manage its risk portfolio and assess risk more quickly and accurately over time. ”
For more information on the Excellence in Insurance Innovation Awards, please contact Elizabeth.Hutchinson@insurity.com.
Insurity is a leading provider of cloud-based software for insurance companies, brokers and MGAs. Insurity is trusted by 15 of the top 25 property and casualty insurers in the US and 7 of his top 10 MGAs with over 400 cloud-based deployments. Through best-in-class digital platforms, unmatched industry experience, and the industry’s most robust analytics services, Insurance delivers exceptional value so customers can focus on their core business, optimize operations, and deliver a superior policyholder experience. We are uniquely positioned to be able to deliver. Insurity is a portfolio company of GI Partners and TA Associates. For more information, see: www.insurity.com.
About Utah Business Insurance Company
Based in South Jordan, Utah, UBIC has become a leader in workers’ compensation for the insurance industry. UBIC is dedicated to meeting the needs of agents and policyholders, with a focus on providing exceptional customer service and a results-oriented risk management program. For more information, see: www.utahbic.com.