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The limitations of standard MDM
I've been discussing this with a collogue of mine earlier today, and I came up with the following list: Increased interest of “transactional” style MDM rather than traditional “registry” style MDM Adoption of specialized units/teams at organization to look after “single view”, often under different names of MDM like One…
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Insurance data privacy & ethics - how far does the market need to go?
Since the inception of GDPR in Europe & CCPA in the U.S. (both in 2018) the world of data privacy and ethics has been a hot topic within the insurance market. As individuals we all should care about how our personal information is obtained, stored, accessed and used. For fraud and financial crime there are usually…
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It's a turbulent market out there
How do I maintain growth but without risking profit? How do I keep a grip on rising inflationary costs? How do I drive innovation when budgets are being slashed and cost cutting is occurring? How do I ensure the right efficiencies are identified that make a difference to expense costs? Whilst we don't have a crystal ball…
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LET'S TALK FRAUD
Starting a thread to share some of the interesting, uncommon and maybe even a little bit weird Insurance Fraud stories we have seen & heard as well as discussing evolving new threats.....better awareness= better detection & prevention!! I know for a fact @shyamb has got a funny life insurance one, @Alex @Holly @Ross…
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How will insurance companies stay ahead in 2023?
With the year coming to a close how will we see insurance companies stay ahead of their competition next year? Is it by expansion to new products/markets or instead with a cautious growth approach? Is it by investment in technology or people or both? Rapid test/learn innovation or steady progress? Is it by reducing down…
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What Siri / Alexa Will Never Do for customer experience
I came across this article today and thought it was interesting. https://www.insurancethoughtleadership.com/six-things-commentary/what-siri-and-alexa-will-never-do A pertinent quote "Quite simply, I don't trust my Echo to act on my behalf. I expect Alexa to act on behalf of Amazon, its creator and manager." Clearly there…
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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…
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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…
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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…
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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…