GetmeIns Interview on Insuretech Connect 2016 Las Vegas
Here's the problem with the insurance industry: techniques used to generate insurance premiums haven't changed very much when compared with the rapidly changing world of data and technology.
In determining user behavior, insurance companies consider only a fraction of the information available, leaving a lot of room for guesswork. And if you think the issues afflicting the insurance industry stop there, think again - increasingly sophisticated fraud activities are on the rise for insurance carriers.
Enter GetmeIns, a tech startup out of Israel that promises to disrupt the insurance industry with tailored insurance products across the life, health, and liability sectors.
Using Data Mining for Risk Assessment
Capitalizing on explosive innovation in smartphones and wearable tech, GetmeIns gathers relevant data like heart rate, sleeping patterns, driving behavior, and GPS location to paint a rich picture of customer lifestyles. These methods provide so much data that GetmeIns can generate a unique user profile and even alert insurance carriers to possible risks.
As if this weren't enough, GetmeIns also draws upon data from public references like government reports, news journals, indictments, criminal chronicles etc. to identify relevant information in source materials.
Changing the Paradigm from Pay-As-You-Drive to Pay-As-You-Live
Using unique user profiles, GetmeIns is able to introduce a different approach for smart insurance quoting and purchasing insurance. What this means is insurance quotes will be customized based on the user's way of life. The general philosophy is that a healthy person who exercises daily, maintains a regular sleep schedule and is more or less living healthfully should not have to pay as much as a person of the same age who has poor health habits.
Usage Based Insurance (UBI) allows users to purchase insurance according to their daily needs and changing lifestyles. Furthermore, users are empowered to customize their insurance coverage from the convenience of their mobile device.
GetmeIns mobile platform and analytics can integrate with insurance software via API to deliver up-to-date quotes and insurance coverage products. Insurers can use the baked-in scoring system that corresponds with unique user profiles to generate quotes that reflect real user behaviour.
Risk Scores & Preventing Fraud Before It Happens
GetmeIns' advanced analytical engine uses a combination of techniques such as behavioural analytics, link analysis, machine learning, advanced visual algorithms and text analytics for generating fraud predictions for insurers around the globe.
Link analysis is used to evaluate connections between insurance agents, policyholders, adjusters, doctors and lawyers to evaluate potential fraud rings. Connections may be identified among various types of objects, including organizations, people and transactions.
Finally, GetmeIns' analytical engine boils all this data down to a simple risk score. The score is generated at the point of sale when a user first purchases an insurance product, and it is constantly reevaluated as new data arises, thereby preemptively reducing insurance fraud.
Better Insurance Practices For All?
This concept of customizing insurance by lifestyle addresses pain-points experienced by both policyholders and insurers alike. While GetmeIns assists insurers in reducing loss ratio, it also generates fairer quotes based on real user behavior.
Although consumers may have privacy concerns, the endless analytical possibilities of structuring previously unstructured data is an attractive option for innovators in the insurance-tech space.
Eugene Greenberg, CEO is an entrepreneur, investor and professional athlete with a black belt in Taekwondo. He holds a degree in Economics and spent over 25 years as an insurance broker and also owned a life insurance company.
Dmitry Geyzersky, CTO is a technology expert and software architect with over 20 years of experience in architecting and implementing high-end scalable solutions with unique expertise in Domain Driven Design.
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