SOURCE: Social Intelligence

Social Intelligence

July 09, 2015 13:15 ET

Social Intelligence Achieves Finalist Status in 2015 ACORD Insurance Innovation Challenge

Social Media Risk Scoring Promises Better Insurance Risk Assessment and the Ability for Insurers to Relate to a New Generation of Insurance Consumer

SANTA BARBARA, CA--(Marketwired - Jul 9, 2015) - Social Intelligence, a new breed of data provider making publicly-available social data actionable via predictive scoring algorithms and SaaS-based search tools for insurance companies, is pleased to be selected as a finalist in the 2015 ACORD Insurance Innovation Challenge for the company's cutting-edge social media risk scoring.

The ACORD Insurance Innovation Challenge is an innovation competition-business incubator hybrid which strives to identify, and ultimately promote, innovation in and for the insurance industry, specifically in the areas of technology and process improvements for insurers, process stakeholders, and distribution channel and vendor partners. During a live pitch day held recently at the ACORD office in Pearl River, Social Intelligence rose to the top.

"With social media permeating every aspect of our daily lives, it is now imperative that ACORD work with innovative solution providers, like Social Intelligence, to establish standards for common types of unstructured, social data," said Shane McCullough, chief enterprise architect for ACORD. "ACORD is continually evolving standards which help the insurance industry use technology and do business more accurately and efficiently, and the ACORD Insurance Innovation Challenge did a brilliant job of highlighting new areas where standards may be needed."

Evaluated by a judging panel of business, technology and industry experts, the Social Intelligence pitch met all the requirements of the ACORD Insurance Innovation Challenge by demonstrating the potential for having a positive impact on the industry, ingenuity in the approach to solving a problem facing the industry, applicability to the insurance business, and feasibility as it pertains to implementation. Out of more than 100 original submissions, only 12 pitches, including Social Intelligence, were selected to move on to the next round of the competition which will be held this November at the ACORD2015 event in Boca Raton.

"Social media predictive analytics is the natural progression of risk assessment for the insurance industry," said Max Drucker, CEO of Social Intelligence. "There is a new consumer on the playing field, and often these younger, more technology-focused potential policyholders are building a significantly different risk profile, making traditional data sources increasingly less relevant and accurate. The social web can provide insurers with a solid foundation to evaluate risk more effectively for an entirely new generation of policyholder." 

For more information about this release, Social Intelligence or how social media risk scoring can help improve your underwriting, please visit the company website at www.socialintel.com.

About Social Intelligence Corp. (Social Intelligence)
Social Intelligence is a new breed of data provider making publicly-available social data actionable via predictive scoring algorithms and SaaS-based search tools for insurance companies. By helping insurers capitalize on the explosion of social data as a resource for better insurance risk assessment, Social Intelligence is widely-recognized as the industry's de facto source for social media searches, insurance claims investigations, and making insurance relevant to a new generation of insurance consumer. With a dynamic group of more than 50 employees and quickly growing, our focus is on privacy, productivity, and community involvement above everything else. For more information, visit the Social Intelligence website at www.socialintel.com

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