Insurtech UK is an alliance of over 100 companies, including more than 70 insurtech startups and 30 partners; either traditional insurers or service companies that operate in the insurance space.
In a recent Linkedin post the association announced Percayso’s participation as Technology Partner.
<a href="https://www.linkedin.com/feed/update/urn:li:activity:6684497383042113537/">Check out the post here</a>
<a href="https://insurtechuk.org/">Find out more about Insurtech UK here</a>

Percayso Inform in technology partnership with Insurtech UK

Insurtech MGA, Arma Karma, is the latest business to join the <a href="https://www.percayso-inform.com">Percayso Inform</a> data platform.
Due to launch later this summer, <a href="https://armakarma.insure/">Arma Karma</a> will offer renters a more flexible way of only protecting the things that matter the most to them on a Netflix-like subscription basis.
Ben Smyth, CEO and founder of Arma Karma, says: “Mainstream insurance offerings simply don’t reflect the very different needs and lifestyles of young renters. We’re confident that our approach is going to resonate with our target 18-34 year olds, but for it to work, it’s important that we align ourselves with partners who share a similar philosophy and ambition.&nbsp;
“Access to accurate and powerful data is going to be fundamental to how we deliver our subscription offering and in Percayso Inform, we’re confident that we’ve found an equally forward-looking partner that can provide us with the insurance intelligence we need while helping ensure we’re sourcing that data responsibly.”
Rich Tomlinson, Managing Director of Percayso Inform says: “Consumers increasingly understand the power they quite rightly have over how their data is accessed and used. The consent journeys and portal that we have built takes a completely fresh approach that will empower Arma Karma to use data more accurately to benefit their customers. Ben and his team passionately care about serving their customers better and that really resonated with us. It’s a genuine pleasure to partner with a young team who want to use technology to make a difference that goes beyond the bottom line.”
Percayso Inform launched its next generation insurance intelligence platform at the beginning of the year. Harnessing the very latest techniques in data science and machine learning, allied with new powerful datasets enabled through a combination of GDPR and consent driven customer journeys, Percayso Inform can deliver up to an eight-fold improvement in predictive power.
About Arma Karma
Committed to transforming insurance – for good, Arma Karma are an ethical and agile insurance solution for the next generation.&nbsp;
Based in Colchester, Essex, and the City of London, its growing team are set on thinking, and doing things differently.

Insurtech MGA Arma Karma joins forces with Percayso Inform

Insurance Times associate editor recently spoke to our MD, Rich Tomlinson, about how data enrichment should be part of insurers’ and brokers’ tool kits to spot financially stressed customers that present a high claims risk and the need to analyse key data&nbsp;metrics for trends, analysing whether policyholders’ behaviour improves or deteriorates when it comes to missing payments to determine their stress levels.
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<a href="https://www.insurancetimes.co.uk/analysis/financially-stressed-policyholders-are-a-moral-hazard-leading-to-increased-claims/1433745.article">see the full article here</a>

Spotting financially stressed customers

While managing fraud used to be the domain of claims professionals and while they undoubtedly remain the industry’s most seasoned fraud fighters, the battle is increasingly being fought by underwriting teams.
Over the past decade, the industry has successfully been using its own data combined with that available through public credit bureau and other sources to identify risks at the point of quote in order to minimise the potential threat to a book early on, before they are incepted.
CUE data is a great example of insurance intelligence that insurers and brokers have historically applied manually at the point of claim, but that for the last decade has been widely used at the point of quote and renewal.
There are five main elements to successfully automating CUE for data enrichment:
1. Search with every possible key
2. Cleanse the returned data
3. Summarise the cleansed data into a block of descriptive attributes
4. Perform a retrospective analysis to refine the interpretation strategy at each lifecycle stage and build a business case
5. Consider the deployment approach and implement
There is great value to be derived from CUE data in detecting fraud, but additional value can be added using a high level of expertise and interpretation.
To receive a copy of the full CUE article and to find out more about how the team at Percayso Inform can help you to unlock that additional value, <a href="https://www.percayso-inform.com/#lets-talk">click here</a>. Please complete the form and in the Query field, type “CUE”. One of our team will respond as soon as possible.

Getting the best from the Claims Underwriting Exchange data

Insurance intelligence provider, Percayso Inform, has joined forces with Synectics Solutions, a recognised leader in the provision of fraud and financial crime risk analysis.
Under the terms of this new strategic partnership, Percayso Inform will be able to access Synectics industry leading collaborative fraud prevention and detection database, National SIRA, which is currently utilised by a range of Tier 1 banks, insurers, retailers and telco organisations to support their wider fraud prevention strategies.
The new partnership recognises the importance that collaborative intelligence resources like National SIRA represent in helping insurers and other financial services providers to improve the way they leverage their existing technology platforms to combat financial crime.
“We are committed to harnessing the power of both next generation data enrichment services in addition to the tried and tested sources that the insurance industry has employed for the past few years,” comments Ian Lilley, Head of Partnerships at Percayso Inform. “We’re therefore delighted to announce this key partnership as SIRA is undoubtedly the UK’s leading fraud prevention and detection database.”
Russell Mackintosh, Synectics Solutions Head of Partnerships, also commented: “We’re continuously looking to leverage technology that helps our clients stay ahead of the fraud and financial crime that risk damaging their businesses. I’m certain that our new partnership with Percayso will help our clients enhance the way that they utilise the unique intelligence that the National SIRA database offers.
“I’m also delighted that Percayso Inform recognise the important part that National SIRA is increasingly playing in helping the financial community to protect its customers from the risk of fraud.”