June 24, 2019 (BOSTON) – StarStone, the global specialty insurer, will receive an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. Fifty CIO council members reviewed dozens of case studies to select the winners for the 8th annual awards.
StarStone implemented a machine learning platform to identify misclassified casualty risks from portal submissions. Developed over four months and integrated in less than two, the models improved underwriting efficiency and loss ratios while maintaining a Net Promoter Score of 92.8%.
“StarStone’s machine learning initiative is a great example of the immediate value that insurers are driving with artificial intelligence, says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.”
“StarStone’s commitment to client-centric, smart and streamlined technological solutions to enable efficient and effective underwriting underpins our Artificial Intelligence function, says Kardiner Cadet, SVP Head of eCommerce at StarStone. Our machine learning platform was developed in tandem with IntellectSeec and Duck Creek Technologies, and has been key to overcoming the data veracity and risk classification challenges that are intrinsic in transacting business via an online portal.”
StarStone’s case study, along with case studies of seven other winners, and more than 25 additional cases considered for Impact Awards, was published this week in Novarica’s 8th Annual Best Practices Case Study Compendium, online at https://novarica.com/compendium2019/. Novarica has published more than 200 case studies through this program since 2012.