STEP ONE : CLIENT ACQUISITION AND UNDERWRITING
CLOUD & CYBER
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STEP ONE : CLIENT ACQUISITION AND UNDERWRITING
Key solution : AI and automation The data-rich nature of the insurance industry makes it perfect for optimisation via AI and automation . With the capacity to improve not just the frontoffice but the back-office too , insurers have the opportunity to assess risk
and perform the underwriting process using client-sourced data and globallysourced data ( i . e . news , market reports , police notifications , etc ). Furthermore , esoteric sources like the dark web can provide invaluable indicators of past and future security compromises .
“ By combining these two views , insurers can calculate a risk score with which to price and define terms of a policy ,” says Heaven . “ A process that used to take days or even weeks is now reduced to minutes . This approach can be deployed at scale and also drives down the cost of acquisition .” Perry states that kompany has undergone this transformation firsthand : “ Having started by optimising data access via our Live Search network , we are now using AI to make this data more manageable . Where shareholder records are inconsistently collected or stored , AI-based software structures this data , therefore facilitating risk officers ’ tasks significantly .”
“ Most companies today [...] tend to base their business verification on outdated , inefficient and manual KYB processes ”
— Russell E . Perry , CEO , kompany
NOVEMBER 2020