Social Intelligence is a provider of social media and next generation data aggregation to the insurance industry. Specifically, the Social Intelligence platform allows insurers to parse raw data for better risk assessment and decision making across the policy life cycle.
Founded in 2010, Social Intelligence helps carriers underwrite policies without having to rely on traditional data sources such as credit history, motor vehicle reports and costly contributory databases. Rather, the Social Intelligence solution relies on a person’s social media identity for real-time predictive risk scoring at critical steps in the insurance policy life cycle, including point of sale, claims filing, and renewals.
Essentially, Social Intelligence has become a new solution for social media data analysis and claims investigations whilst enabling insurance relevant to millenials who have a tendency to post everything on social media.
Social Intelligence also provides risk assessment by integration with insurance SAAS vendors including Insurity, a provider of core insurance processing software to enable Social Media Risk Scoring with Insurity’s Insurance Decisions Suite. They also partner with service companies to make unstructured social data both accessible and usable across industry segments and business lines. The best part of the social footprint analysis is that it enables carriers to continually reassess risk as opposed to just at the time of underwriting.
Social Intelligence is an example of an interesting data driven risk tool, but insurers will need a range of capabilities to compete in the next era of insurance. Although the insurance industry is gradually embracing the digital era, the war for talent with native technology companies is still a major issue for insurance startups such as Social Intelligence.