Celent InsurTech Check: Voices of the InsurTechs (Part 1)
The first edition of Celent's InsurTech Check series features video interviews from 9 InsurTechs straight from the floor of InsurTech Connect 2022. Three questions were asked to interviewees:
1) Can you tell me about your offering?
2) How is your company disrupting insurance?
3) Looking ahead, what do you see as markers of success for InsurTechs that are going to thrive in the future?
(The following interview order reflects when the videos were recorded)
Shift Technology, started in 2014, focused primarily on the problem of fraud detection in the P&C insurance space. They use claims data and third-party party data, both structured and unstructured, to detect instances of fraudulent behavior. The company has since expanded to using AI in different ancillary ways that augment the claims process, such as document decisioning, FNOL decisioning, and subrogation. The central theme of Shift’s work is helping carriers to make better decisions.
Rob Morton- Head of Corporate Communications Shift Technology
Friss started in 2016 and is focused on fraud detection. Their primary focus is on trust automation. Friss’s solutions are intended to speed up process of trust and thus thec laims verification process between the insurer and the policyholder. They use AI, predictive models, clams data, and third-party data to identify incidences of fraud.
Andrew Vogney- VP Customer Excellence Friss
Betterview is a property intelligence platform that takes in geospatial and aerial imagery to evaluate a property at both a granular and portfolio level. The goal is to allow carriers to make better underwriting and claims decisions. Betterview also will enable carriers to better plan for and respond to Natural Catastrophe risks. The platform uses computer vision and machine learning to provide a fully auditable workflow and actionable decisions.
CCC is a 30+-year-old company that is fully multi-tenant cloud. They support P&C insurance claims management through payment from the First Notice of Loss (FNOL). Their main products are appraisal through auto estimation, and evaluation, along with other P&C products. They also have an extensive shop management ecosystem that enables an end-to-end claims management ecosystem.
In the conversation, CCC elaborates on straight-through automation. It allows carriers to accurately and efficiently settle most claims in minutes rather than days.
Yuri Pensky- VP Product Mgmt CCC
Atidot is a start-up aimed at driving value for life insurance customers. They hope to solve the all-too-common situation when a customer purchases a long-term policy, but the agent ultimately either leaves the industry or disappears. The result is a situation where the policyholder holds a complex policy they know little about, and there are missed opportunities for retention, upselling, and cross-sell. Atidot partners with insurance companies and uses AI/ML to drive insights to improve customer management, especially for orphaned policies.
LISA Insurtech is a company involved in the claims process. They process a claim and automate many steps of the workflow. They use technologies such as Optical Character Recognition to understand the critical points in the claim that are germane and will assist in its automation. The solution allows for the management, analysis, and settlement of the entire claim.
Christian Maturana- Head of Sales LISA Insurtech
Ajira.Ai offers a digital transformation platform that allows carriers to boost customer experience while enabling sales engagement and digital distribution. It offers quote, policy, billing, and claims servicing to claimants, agents, prospects, and third-party auditors. The solution uses artificial intelligence to allow carriers, both on new and older systems alike, to interact with customers effectively.
Optimalex is a legal predictive analytics platform. The product is, first and foremost, created by lawyers trained in data science. They provide two main sources of value to insurance carriers.
1)To reduce the loss ratio by reducing the uncertainty of outcomes in legal proceedings both in litigation and settlement. It then provides the fair value.
2)The derivation of a fair value allows for objective benchmarking, which assists the insured and the carrier.
Frank Giaoui- Founder and CEO Optimalex
VivaWealth is a HealthTech and wellness company. They are integrators of an ecosystem where they can provide health solutions to companies at a low cost in emerging markets. The goal is to derive information about the insured in areas such as their behaviors to provide them with actionable insights geared towards improving their overall health.
Eduardo Iglesias CEO VivaWealth
Stay tuned for the next edition of InsurTech Check on perspecives from non-insurtech particicipants in the broader Insurtech ecosystem.