Transforming Risk Management in the Insurance Industry with Predictive Analytics

Background

WaterStreet Company, founded in 2000 and headquartered in Kalispell, Montana, is a team of property and casualty insurance industry experts dedicated to transforming operations for P&C carriers, MGAs, insurtechs, and startups. Their cloud-based insurance administration platform, powered by Microsoft Azure, is complemented by a suite of back-office services, offering a one-stop-shop solution to help clients grow and scale efficiently. With over 20 years of experience, WaterStreet continues to deliver cutting-edge technology and exceptional customer experiences, enabling clients of all sizes to meet and exceed their business goals.

Challenge

WaterStreet identified several challenges that limited the effectiveness of their existing systems. The previous platform lacked advanced analytics, which hindered their clients’ ability to proactively manage risk, detect anomalies, and predict high-risk policies. The company needed a robust predictive analytics solution integrated into their existing platform that could address these limitations while maintaining scalability and flexibility.

Solution

To meet these challenges, IntelliTect implemented several key initiatives in collaboration with WaterStreet:

• Anomaly Detection and Risk Prediction: Using AzureML, IntelliTect helped develop ML models for detecting anomalies in claims and assessing policy risks. These models were designed to provide timely insights that enable insurers to mitigate risks effectively and focus on high-risk policies.
• Seamless Integration into Existing Systems: Azure Data Factory was used to ensure smooth data integration, allowing the ML models to utilize the vast amount of data generated by WaterStreet’s platform without interrupting ongoing operations. The models were integrated into WaterStreet’s business intelligence module, making predictive insights easily accessible through existing workflows.
• Data Quality and Model Training: Addressing challenges such as data quality and model accuracy, IntelliTect applied robust data preprocessing techniques and iterative model training. AzureML tools allowed for continuous model evaluation and updates to ensure high accuracy and reliability.

By working with IntelliTect, we’ve been able to leverage cutting-edge technology to improve the way our clients assess risk and manage exposure. The results speak for themselves—our clients now have the tools they need to make more accurate, data-driven decisions.

— Nathan DeSpain, Vice President

Outcome

The implementation of these ML solutions significantly enhanced WaterStreet’s platform capabilities. The new predictive analytics tools enabled insurers to proactively detect anomalies and prioritize resources, ultimately reducing fraudulent activities and improving the underwriting process. By incorporating these advanced capabilities, WaterStreet positioned itself as a forward-thinking provider in the insurance industry, offering scalable and data-driven tools that empower their clients to stay competitive.

Future Implications

With the new ML solutions in place, WaterStreet is set to deliver even more value to its clients over the long term. The continuous learning models built on AzureML will adapt to emerging data patterns, providing sustained improvements in risk assessment accuracy. The use of cloud-based technologies like Azure Data Factory and AzureML ensures that the platform remains scalable, secure, and ready for future growth, solidifying WaterStreet’s reputation as an innovator in insurance technology.