So Much Data, So Few Results
The insurance market is filled with data venders gathering risk-related data on insurance customers to ensure that underwriting decisions are accurately tied […]
Not your Mother’s Insurtech: A Personalized, Proactive Response to Risk Discovery
The concept of choice and personalization is spreading across industries. From streaming services to airlines, customers value the ability to tailor experiences to their individual needs. This same approach has the potential to revolutionize the insurance world, particularly the often impersonal and reactive claims process.
How do you avoid another boom bust cycle?
The current swath of downgrades exposes the limitations of legacy underwriting systems. Insurers must move with urgency. VeracityID offers the technological foundation insurers need to enhance risk selection, streamline operations, and protect their profitability in challenging times.
The best risk data for underwriting is customer interaction data
McKinsey argues that external data plays a pivotal role in enhancing the effectiveness of artificial intelligence within Property and Casualty (P&C) Insurance underwriting. While this holds merit, our empirical observations in P&C Personal lines suggest that customer behavior at the point of sale (POS) and during endorsements often offers superior insights into customers' true intentions and attractiveness.
Homeowners carriers must use technology to personalize consumer experience and manage risk
The homeowners insurance landscape is witnessing a generational divide. While technology-savvy younger buyers demand data-driven, hyper-personalized experiences, a significant portion of the existing clientele holds a preference for traditional methods of coverage. As this transition unfolds, a successful underwriting strategy necessitates adaptability, catering to the needs of both segments while modernizing established practices.
Things Carriers Need to Do Right Now – Rooftop Solar
Solar panels are a popular green, and cost-effective solution for generating renewable energy. However, it is crucial to be aware of the […]
Focus On Risk Selection Because That’s Where the Money Is
Why do carriers spend so much time on cost reduction and claims efficiency when most of the money in Personal Lines P&C […]
Risk mitigation and the cooperative insurance customer
Interesting survey results from Bain via P&C Specialist suggest that far more than prior generations millennial consumers are expecting their carriers to […]
Can digital transformation solve the auto fraud challenge?
Carriers tend to look at policy risk as a whole: what do 20 something single men in zip code 44444 driving 1999 […]
VeracityID Stopping Fraud Before It Starts
Financial services industries have made huge investments in identifying and quantifying contractual risk, whether it be insurance loss risk or default risk […]
What is Underwriting Fraud?
To answer that question we need to first define insurance underwriting which is the process of evaluating the risks of insuring a […]
How IDFusion works
The IDFusion App works as a web service that analyzes three sources of data: Customer sourced application data, Internal company data, and […]