Modern Insurance Magazine Issue 65

More documents

Recommendations

Info

INSURTECH Welcoming… Percayso Inform Q A Rich, tell me about Percayso Inform, the work you do and the projects (or partnerships) you’ve got in the pipeline at the moment. Our proposition goes beyond traditional data enrichment, providing unique real-time solutions at all stages of the insurance lifecycle and delivering unrivalled insight into insurance risk. We’re all about transforming data into intelligence and outcomes in order to write better business. We have a wide range of data partners who feed millions of data points into our hub, fuelling solutions such as our Quote Intelligence Suite and Percayso’s Vehicle Intelligence offering. We’ve also partnered with Close Brothers Premium Finance, which enables our broker customers to benefit from a unique model called Foresight - a system which is able to predict a customer’s propensity to cancel their insurance policy early or mid-term. It’s been a highly productive partnership to date, and we’re currently exploring how we can create further models together. We’re thrilled with the progress we’ve made in just a few years, working with 90 insurers and brokers now, with more being added every month. How do Percayso’s unique solutions encompass all stages of the insurance lifecycle? Q A Our Quote Intelligence Suite helps insurance providers to optimise their pricing strategies by offering the data and tools necessary to ensure their quotes accurately reflect the true risk of each customer, writing more profitable business as a consequence. Companion, our unique vehicle intelligence claims tool, delivers access to real-time, far-reaching and evidencebased vehicle values, enabling an immediate, accurate and fair valuation. This results in reduced complaints and a significant uplift in first-time acceptance rates of an initial offer, positively impacting an insurance provider’s operational costs and customer retention. Q A Define what you mean by ‘Next Generation Insurance Intelligence’. How are Percayso poised to disrupt the data enrichment sector? We’ve already harnessed the latest techniques in data science and machine learning, allied with powerful new datasets. Now we’re also empowering insurance providers to dynamically and intuitively build, adapt and optimise their own data enrichment, rating and intelligence strategies. They no longer have to rely on a third party to update programmes; often having to wait weeks, if not months, for changes to be made. Engaging with our proposition enables them to adapt to fast-changing market conditions, implementing change when they need it in order to gain true competitive advantage. Q Rich Tomlinson, Managing Director, Percayso Inform What trends are you seeing at the moment in relation to consumer manipulation behaviour? What are your key findings? Through our Quote Intelligence Suite, we have the unique capability to access and analyse hundreds of Amillions of distinct quotes in a multitude of ways in order to tailor insights to individual customers. We recently analysed over 360 million distinct quotes from the past couple of years, and found that over two thirds of consumers changed the details provided to positively influence the quote. It’s important to note that our analysis shows that there is a spectrum of manipulative behaviour, with roughly a sixth of those representing low risk (having only changed one piece of data). The more disturbing finding is that roughly half of all manipulators change more than five pieces of data, resulting in a significant loss of premium for insurance providers. This really highlights the need for employing the latest data interrogation techniques to price risk accurately and write better business. Percayso became ISO 27001 certified towards the end of 2023. Why is this important for data security? Q ISO 27001 is widely recognised as the best practice for information security, providing a framework for A organisations to implement robust controls around protecting confidential data and ensuring the availability of critical systems. Information is the lifeblood of our business, and so we decided that meeting its standards would only help us to continually improve our own practices and showcase our ongoing commitment to information security. It will also give our customers confidence in the security of their data and transactions. What lies in store for Percayso over the next 12 - 18 months? Q A We’ve learned a lot about vehicle intelligence since the creation of Percayso Vehicle Intelligence last year, and that’s resulted in a long roadmap of areas to develop. We’re also developing new Quote Intelligence solutions when it comes to policy and claims intelligence, particularly exploring the interaction between key data sets, such as the quote manipulation overlap with consumer financial stress. Ultimately, we want to be able to present a complete picture to insurance providers and deliver the data they need in order to make better business decisions. 80 | MODERN INSURANCE
INSURTECH Welcoming… JobsOhio As a leader in the financial services sector at JobsOhio - a business focusing on strengthening Ohio’s ecosystem - my role is to create and oversee the strategy for growing existing Ohio businesses, and attracting new businesses to the State. JobsOhio is Ohio’s economic development organization with a mission to create a place where companies thrive, and where individuals can enjoy a higher standard of living. We serve as a catalyst to accelerate growth by investing in communities, helping businesses expand within Ohio whilst attracting businesses to Ohio. Ohio is the fourth largest financial services economy in the United States. How incredible is that, knowing that Ohio is home to only approximately 12 million people? The insurance industry is going through exciting changes, and witnessing the adoption of tech-driven solutions to innovate is certainly energizing. With a strong incumbent presence, availability of venture capital funds and robust tech talent, Ohio is the place to be. These factors create a solid foundation on which to strengthen a financial services ecosystem that rivals any large metropolitan area. Ron Rock, Managing Director – Financial Services, JobsOhio My role at JobsOhio is to sell a product, and that product happens to be a state in the United States of America. And what better way to highlight Ohio than in Modern Insurance Magazine? It is my honor to be part of the Insurtech Editorial Board, and I look forward to many further opportunities to discuss how Ohio can support companies, from start-up to mature, to become the future of the insurance industry. An ecosystem is built by incorporating large incumbents, educators, investors and start-ups – Ohio has it all, and it is ready to support the greater good. I am extremely ambitious, but my goal of growing Ohio to be the largest financial services economy in the United States cannot be pursued alone. I believe that a strategic partnership with Modern Insurance Magazine will help me to expand my global reach, revealing to the world how Ohio can support your company’s growth and success. I look forward to our partnership, and providing further thoughtful content for readers worldwide. It’s great to be introduced through Modern Insurance Magazine, and I can’t wait to meet many more innovative and intelligent leaders in this industry. Until next time! MODERN INSURANCE | 81
Page 1 and 2:
ISSUE 65 ISSN 2515-3803 I SPY CYBER
Page 3 and 4:
WELCOME Welcome to Issue 65 of Mode
Page 5 and 6:
8 12 14 17 29 38 44 49 51 53 55 Ins
Page 7 and 8:
EUROPCAR NEW BRAND BLOCK Color grad
Page 9 and 10:
Risk sentiment Hiscox Cyber Readine
Page 11 and 12:
Page 07 Impacts of a cyber attack (
Page 13 and 14:
Q Ken - what’s the appeal for hac
Page 15 and 16:
INTERVIEWS that there aren’t some
Page 17 and 18:
EDITORIAL BOARD A Varied Approach t
Page 19 and 20:
Consumer Duty Defines the Role EDIT
Page 21 and 22:
EDITORIAL BOARD The Vizion Standard
Page 23 and 24:
EDITORIAL BOARD Embedding Consumer
Page 25:
EDITORIAL BOARD Data Security at ED
Page 28 and 29:
BOOKED IT. PACKED IT. WE’RE OFF.
Page 30 and 31: EMPOWERING THE FUTURE OF REPAIR Tec
Page 32 and 33: Straightforward insurance technolog
Page 35 and 36: ASSOCIATIONS ASSEMBLE Fleur Thomas
Page 37 and 38: ASSOCIATIONS ASSEMBLE Sue Brown Tit
Page 39 and 40: COUNTER FRAUD ACTIVITY: UK VS. US T
Page 41 and 42: THE DISTINCT LANDSCAPES OF INSURANC
Page 43 and 44: Jonathan Drake IMPROVING AGILITY, M
Page 45: Keeping insurers fully in the loop
Page 49 and 50: Friction Is the Key to Customer Suc
Page 51 and 52: Put the Sugarin First FEATURES As I
Page 53 and 54: A Total Loss Could Be An Electric G
Page 55: FEATURES THE EVOLVING RISK OF CYBER
Page 58 and 59: A new approach to repair management
Page 60 and 61: Modern Insurance Magazine’s notor
Page 62 and 63: Results INSURER OF THE YEAR WINNER
Page 64 and 65: “The team at Modern Insurance Mag
Page 66 and 67: INSUR. TECH. TALK
Page 68 and 69: INSURTECH Google Cloud QMonica, mor
Page 70 and 71: INSURTECH Capgemini AXA XL QCaitlin
Page 73 and 74: INSURTECH Munich Re Dikla, what are
Page 75 and 76: INSURTECH Q Is AI a friend, foe, or
Page 77: INSURTECH QWhat are some of the mos
Page 83: INSURTECH Strategic Priority: Opera
Page 86 and 87: INSURTECH The Fastest Fish in the O
Page 88: Any me, any place, anywhere... FMG
show all

Modern Insurance Magazine Issue 65

Create successful ePaper yourself

Delete template?

Save as template?