# Synechron wins Global ACORD Insurance Innovation Award for Second Consecutive AI-Powered InsurTech Accelerator Recognized for Innovation in Risk Visualization
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-11-21
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Synechron Wins ACORD Insurance Innovation Challenge Award
Meta Description: Synechron, Inc, a global financial services consulting provider, wins ACORD Insurance Innovation Challenge Award for Industry Disrupter in 2017 for their
URL: https://financedigest.com/synechron-wins-global-acord-insurance-innovation-award-for-second-consecutive-ai-powered-insurtech-accelerator-recognized-for-innovation-in-risk-visualizationhtml

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Synechron, Inc, the global financial services consulting and technology services provider, has won the global ACORD Insurance Innovation Challenge Award for Industry Disrupter for 2017. ACORD, the global provider of insurance data standards, recognized Synechron’s Artificial Intelligence/Machine Learning Accelerator for Visual Risk at an event in Boston, the firm has announced today.

ACORD’s Insurance Innovation Challenge for Industry Disrupter for 2017 recognized innovations in insurance technology (InsurTech) which dramatically improve business processes and performance. ACORD held several semi-final events leading up to the international finals at ACORD2017. Synechron’s Accelerator for Visual Risk was honored at the London semi-final in September. At the international finals, Synechron’s Accelerator received the highest public vote percentage, with attendees polled ahead of the judges’ final decision.

Synechron recognized that due to a highly manual risk-assessment process, insurance sales often bottleneck at the underwriter. [Synechron developed the Artificial](https://www.financedigest.com/artificial-intelligence-goes-global-demand-for-ai-reaches-four-continents-in-three-months-new-figures-from-synechron-show.html "Artificial Intelligence goes global: demand for AI reaches four continents in three months, new figures from Synechron show") Intelligence/Machine Learning Accelerator for Visual Risk to address this challenge. The Accelerator minimizes the time underwriters spend on simple applications, providing valuable [risk](https://www.financedigest.com/omicron-poses-very-high-risk-but-data-on-severity-limited.html "Omicron poses ‘very high’ risk but data on severity limited") data so that an underwriter can instead spend most of their time working on complex applications where a wealth of data is delivered, without additional research being required.

By leveraging automated machine learning techniques, Synechron was able to present a [solution to prevent these bottlenecks from occurring and improve efficiency](https://www.financedigest.com/scanwriter-v-verafin-which-solution-can-help-you-unravel-financial-scams-efficiently.html "ScanWriter v. Verafin: Which Solution Can Help You Unravel Financial Scams Efficiently?") for the risk-assessment process, automating up to 80% of all applications to leave just the most complex 20% to be manually reviewed. The basis for the Accelerator applies machine [learning to analyze 70+ data sources and provide predictive risk analytics with detailed visualizations and simple risk queues to equip the underwriter with easy access to critical](https://www.financedigest.com/critical-learnings-in-digital-transformation.html "Critical learnings in digital transformation ") information.

The model [flags risks](https://www.financedigest.com/boe-flags-risk-of-recession-and-10-inflation-as-it-raises-rates-again.html "BoE flags risk of recession and 10% inflation as it raises rates again") across numerous data sources to provide a more comprehensive insight. Because it boasts centralized data storage, historical data can be factored in [future models](https://www.financedigest.com/the-future-of-payments-flexibility-regulation-and-bespoke-models.html "The Future of Payments: Flexibility, Regulation, and Bespoke Models") and analytics. This enables underwriters to input [prospective applicant data in specific business](https://www.financedigest.com/metal-cans-and-glass-jars-market-demand-from-food-industry-to-grant-sustainable-business-prospects.html "Metal Cans and Glass Jars Market – Demand from Food Industry to Grant Sustainable Business Prospects ") lines, create automatic quotes prior to engagement, and allow a proactive sales approach, increasing client acquisition.

“Synechron has shown proven expertise in the [insurance industry](https://www.financedigest.com/improving-risk-management-in-the-insurance-industry.html "Improving risk management in the insurance industry") and emerging technologies. We are pleased to see them continue to excel at implementing leading-edge technologies at a high [standard to solve complex problems in insurance and reinforce innovation in the industry,” said Bill](https://www.financedigest.com/medical-coding-market-is-driving-by-increasing-demand-for-standardized-billing-procedures-by-2031.html "Medical Coding Market is driving by Increasing demand for standardized billing procedures by 2031") Pieroni, President & CEO, ACORD.

Bruce Polsky, Managing Director and Insurance Practice Head at Synechron, said: “At Synechron, we are constantly looking at how we can use the latest technologies to drive innovation in insurance, and broader financial services, to the benefit of our clients and to address [industry challenges currently being faced](https://www.financedigest.com/peel-off-face-mask-market-2022-outlook-current-and-future-industry-landscape-analysis-2029.html "Peel off Face Mask Market 2022 Outlook, Current and Future Industry Landscape Analysis 2029"). To go on and be recognized as a global award winner is testament to all the [hard work](https://www.financedigest.com/how-does-hard-money-lending-work.html "How Does Hard Money Lending Work?"), industry expertise and innovation that we are committed to at Synechron. We are honored to be recognized by ACORD as a [global](https://www.financedigest.com/imfs-georgieva-sees-darkening-outlook-for-global-economy-rising-recession-risks.html "IMF’s Georgieva sees ‘darkening’ outlook for global economy, rising recession risks") leader in this field for our Artificial Intelligence/Machine Learning Accelerator for Visual Risk.”


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