UBIC received the award for successfully fostering a culture of predictive modeling to manage their risk portfolio more quickly and accurately over the long term
HARTFORD, Conn.–(BUSINESS WIRE)–Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced 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 Excellence in Insurance Innovation awards ceremony took place in Las Vegas. It recognized the outstanding performances of P&C organizations in categories including exceptional policyholder service, digital transformation, and excellence in data and analytics.
UBIC is a monoline workers’ compensation carrier that serves roofers, framers, and excavators, and it needed to be strategic in how it deployed resources in a traditionally high-risk sector. They effectively navigated these complexities using Insurity Predict’s real-time predictive insights and data consortium to process a significantly higher volume of submissions.
“UBIC is a data-driven company, and we have fostered a culture around predictive modeling thanks to the ease of using Insurity Predict,” said Tyler Nielsen, Chief Operating Officer at UBIC. “We brought the Insurity Predict model into play just a few years ago, transforming how we do business. We went from running loss control on every risk to deploying our resources across submissions more intelligently. Instead of spending time servicing every account the same way, we now tailor these experiences for our policyholders based on the predictive risk scores.”
One of the ways UBIC innovated with this model was by extracting the data from the Insurity Predict system and integrating it with their business intelligence platforms. This way, everyone from the underwriters to loss control to customer service has access to this data in their reports.
“The sheer volume of data that insurance organizations have can overwhelm and make it difficult to write new business and quickly make the right underwriting decisions,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “Using the Insurity Predict Model, UBIC has made strides in leveraging predictive data and analytics to manage their risk portfolio better, giving them the ability to assess risk much more quickly and accurately over the long term.”
To learn more about the Excellence in Insurance Innovation Awards, please reach out to [email protected].
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 15 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About Utah Business Insurance Company
Based in South Jordan, Utah, UBIC has become an insurance industry leader in workers’ compensation. UBIC is dedicated to meeting the needs of its agents and policyholders with a strong emphasis on providing outstanding customer service and results-oriented risk management programs. For more information, visit www.utahbic.com.