-
Will claims inflation affect underinsurance?
The market is in a difficult place. It feels like claims inflation for the
insurance companies I speak to is getting out of control. Not only does this
mean claims that were priced for a few months back could be +20% more costly,
thus affecting a carriers bottom line, it also means that pricing models
which had been…
-
Challenger Insurers & the lemonade factor
Lemonade have posted their Q3 results with a net loss creeping towards $100m, a **** loss ratio of 94% counteracted by a 70% increase in GWP and premium in-force. It shows how much attention is being paid on customer growth vs customer risk & claims costs. I am not looking to question the strategy but is that the right…
-
Rise in application fraud for motor
Aviva have recently posted about a 16% increase in the level of motor insurance policy fraud (https://www.insurancebusinessmag.com/uk/news/auto-motor/aviva-warns-of-surge-in-motor-insurance-application-fraud-429065.aspx) One thing that really stood out is that with the cost of living crisis which is most likely going to…
-
Why are networks so important in financial crime?
A question I get asked quite often is "why are networks so important in identifying financial crime?" Organised criminals have learnt to attack weaknesses in claim/application/quote systems to generate high value low-risk income. Often, legitimate identities are hijacked or bogus ones are created and typically these…
-
Are the tech giants really becoming distribution disruptors?
With the news around the Amazon insurance store coming out last week it made me think back to the events of 2016 where Google tried, and failed. That failure was put down to the "market understanding" including how tight margins are and how competitive distribution channels which have been around for hundreds of years are.…
-
Privacy vs Transparency
The Court of Justice of the European Union (CJEU) has just published a ruling in which it considers invalid the provision of the EU anti-money laundering directive that makes information on the beneficial owners of companies public. Whilst many are claiming a victory for Privacy, many in the Financial Crime and Compliance…
-
How Allianz is transforming their business through technology!
Quantexa speaks with Allianz CFO to discuss the challenges of adopting technology across the enterprise, the role of data in customer-centricity, and leading transformation in the insurance industry. See the link here: https://www.quantexa.com/resources/allianz-transforming-using-tech/
-
European Commission Highlights Online Gambling’s Money Laundering Risks
The European Commission (“Commission”) recently released its 2022 Supranational Risk Assessment Report (“SNRA Report”) to the European Parliament and Counsel regarding the “risk of money laundering and terrorist financing affecting the internal market and relating to cross-border activities.” The SNRA Report analyzes, on a…
-
Banks turn to network tools and anomaly detection to fight financial crime
Great article, with insights from Alexon Bell and Patrick Craig, looking at why Financial Institutions are increasingly using entity resolution, network analytics and anomaly detection to tackle the misuse of trade finance for money laundering and fraud. As the article notes, the importance of systemically identifying…
-
The EU’s focus on terrorist financing has faded — the threat has not
Combating the financing of terrorist (CFT) activity should be at the core of the security response, yet the policy community has seemingly moved on according to The Center for Financial Crime and Security Studies at the Royal United Services Institute. What are your thoughts?
