Intellect SEEC, the insurance software division of Intellect Design Arena Ltd. (BSE: 538835 | NSE: INTELLECT), completed the Statement on Standards for Attestation Engagements (SSAE) 16 SOC 2 Type 1 for its Risk Analyst product as attested by independent third-party CPA audit firm Auditwerx.
The SOC 2 report is an attestation standard issued by the American Institute of Certified Public Accountants (AICPA) that reports on controls supporting the services provided by companies to its customers. This audit demonstrates the company’s adherence specifically in the areas of Security, Availability, Processing Integrity, Confidentiality and Privacy.
“We sought the SSAE 16 SOC 2 audit this year to demonstrate our commitment to best practices in data security, process controls and provide assurance to our customers,” said Tony Cid, Global Head of Commercial Insurance, Intellect SEEC. “The massive growth in data is all the more reason for companies to adhere to these standards.” Intellect Risk Analyst is the most advanced risk assessment tool powered by artificial intelligence and big data. It is designed to give underwriters, agents and analysts a holistic understanding across all dimensions that matter in commercial insurance. Besides covering past history and facts relevant to a case, Risk Analyst provides leading indicators of potentially adverse events in the future. The end result is a better-informed, complete and detailed assessment of risk that delivers dramatic improvement to loss ratio.
Having secured the SOC 2 Type 1 report from Auditwerx, Intellect SEEC has now begun the process to achieve the SOC 2 Type 2 report. The objective of SOC 2 Type 2 is to show the controls which were tested previously remain consistently in place over time. This next audit is expected to be completed by January 2017.