FRISS: fraud detection and risk mitigation for non-life

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Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure. Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality. Read more

By: Roger Peverelli Posted on 6 April, 2016

AcceptEmail: making bill payments easy!

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AcceptEmails helps insurance companies to make bill payments easier, quicker, more transparent, frictionless and less cumbersome for their customers. Not only initial bills and statements but also reminders can be send and paid with AcceptEmail.
Insurance companies provide their customers with a better bill payment experience on PC, tablet or mobile, instant updates and no registration or log-in with yet another pair of userid/password.
This results in proven quicker payments, lower DSO, reduced costs of billing & collection and 100% payments matching in the administration. For Marketing, AcceptEmail creates upsell opportunities, valuable customer insight, happier customers, less churn and higher lifetime spent. Benefit from both costs savings and revenue increase. Read more

By: Roger Peverelli Posted on 6 April, 2016

B2X: Superior customer experience in smartphone insurance

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B2X provides customer care services for smartphones and other electronic devices. More than 6 billion people will have a smartphone by 2020. Given the increasing use of smartphones, protection plans have become an inevitable choice to make for many device owners. People do not want to be caught without insurance if something happens to their device. B2X helps insurance providers to take customer care to the next level and delight smartphone owners throughout their entire lifecycle with a device. Read more

By: Roger Peverelli Posted on 6 April, 2016

Salviol: addressing the massive, growing multi-billion dollar fraud problem

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Salviol Global Analytics, a London based, innovative software provider optimizes businesses through the detection, prevention and management of fraud. The company’s flagship FROPS software (Fraud, Risk and Operational Performance Solutions) targets the ‘Fraud Detection and Prevention market,’ which, by some estimates, is expected to grow to be worth 20.5 USD billion by 2019. FROPS monitors all of the processes within the organization and looks for deviances in behaviour and potential fraud.  FROPS is supported by Salviol’s database of known global fraud schemes that is continually updated. So FROPS effectively serves as an anti-virus tool for fraud within a company. Salviol offers a guaranteed ROI within the first 12 months of implementing their solutions. The successful company is selected as one of 100 Most Promising Big Data Solution Providers in 2015, received a Bully Award, European Business Award and many other awards.

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By: Roger Peverelli Posted on 6 April, 2016

VitalHealth Software: eHealth solutions for population management

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VitalHealth Software develops cloud-based eHealth solutions in particular for people with chronic diseases such as Diabetes, Cancer, COPD, Depression and Alzheimer’s. The impact of VitalHealth software is huge since chronic diseases account for the majority of healthcare costs; approximately 80% of the total costs of healthcare, because worldwide there are more than 2 billion people affected by a chronic disease.
VitalHealth serves a variety of providers in health networks like insurance companies, hospitals, behavioural health and partner networks. The company is well on its way to improve the health of 10 million people by the end of 2016. Their eHealth solutions are already used in the United States, Argentina, China, Spain, France, Germany, India, the Netherlands and Belgium. Often in close cooperation with insurers that are looking to improve care as well as reduce costs at the same time.

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By: Roger Peverelli Posted on 6 April, 2016

Being Digital: One size does not fit all

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Since its beginnings, the insurance industry has successfully built itself on the expert understanding of managing and pricing for risk, and then investing the premiums to achieve a superior result. The exploitation of technology has always been an important part of its journey. As consumers become more empowered by digital technology and the transparency it can provide, they begin to exercise their right of choice and explore new ways to transact insurance online, including alternative distribution models. As a strategic response, it feels to me like it’s more important than ever for insurers to focus on digitizing their businesses in order to make them more efficient and exploit new technologies, such as external data, to improve the underwriting result.

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By: Roger Peverelli Posted on 5 April, 2016

Amodo: Connecting Insurers with the new generation of Customers

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Amodo

Amodo connects insurance companies with the new generation of customers. With Amodo’s connected customer suite, insurers leverage on digital channels and connected devices such as smartphones, connected cars and wearables to acquire and engage new customers.
Amodo collects data from smartphones and a number of different connected consumer devices in order to build holistic customer profiles, providing better insights into customer risk exposure and customer product needs. Following the analysis, risk prevention programs, individual pricing as well as personalized and “on the spot” insurance products can be placed on the market, increasing the customer’s loyalty and customer lifetime.
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By: Roger Peverelli Posted on 1 April, 2016

Asysco: Unlocking the value of Legacy

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Asysco

Legacy systems like mainframes, still power the core administrations of many insurance companies. These systems are expensive, inflexible and difficult to integrate with. They negatively impact your ability to innovate and to gain competitive advantage.
Competitive advantage is tightly linked to an organizations’ ability to respond quickly to market changes and customer demands. Innovation is key. Every euro spent on these legacy systems is a euro lost on innovation. The only alternative seems to be to replace the legacy system with a commercial insurance package but that’s not a simple undertaking: implementation takes a lot of time, it usually requires you to adapt your business process and is costly. Read more

By: Roger Peverelli Posted on 1 April, 2016

Iversity: the active and social learning experience

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Iversity

Forget on-site seminars and video archives. Modern e-learning is active and social. Learners learn by working on assignments together and exchanging ideas about course content with each other.

Iversity teaches companies and their employees about the Digital Transformation: with digital topics like the Internet of Things, Big Data and what they mean for businesses. Learning at Iversity is active and social: On the Iversity platform, you’re not a consumer of content, but an active co-creator of knowledge. Through the ‘Learning Journals’ feature, that is comparable to a small personal blog, learners can post their learning results, homework assignments and other thoughts – and fellow users can comment, share and evaluate. Think of it like a Facebook feed of learning. Through this, Iversity adds a strong social dimension to learning and builds virtual learning communities about business-related subjects.

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By: Roger Peverelli Posted on 29 March, 2016

GoBear: shakes up insurance and financial comparison

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GoBear is one of the fastest growing fintech startups in Asia. It is the first independent comparison website for insurance and financial products in Asia. Their independent metasearch engine is user-oriented, fast and personalized. GoBear neither aggregates nor sells products. They simply offer consumers a free and transparent comparison process based on their financial needs, and not influenced by service providers’ advertising.

The result is a user-friendly and informed experience that saves consumers both time and money. In just one year, over 1.2 million users have used GoBear for quicker and more personalized comparisons and the company established strong market presence in Singapore, Thailand and Malaysia. GoBear’s expansion plans this year would include Philippines, Vietnam and in 2017, Indonesia.

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By: Roger Peverelli Posted on 29 March, 2016