Jul 6, 2016

Jul 6, 2016

Beauty & the Beast at DIA Barcelona

When an avid crossfit and boxing enthusiast shows up with a geek at DIA Barcelona what can be the end result?

Unpredictability.

This is exactly what DIA Barcelona experienced when getmeIns showed up in the form of Eugene and Dmitry.

Eugene a well-dressed, dark-haired, sport enthusiast and insurance expert and Dmitry an unassuming, freckled, red-haired software architect specializing in intelligent systems landed in Barcelona to shake up not just DIA but the entire insurance industry.
Eugene Greenberg
One of them is known as “The Beast”. Can you guess which one?

Yes, looks are deceiving. And this is exactly the problem insurance companies face today when processing claims.

GetmeIns is a mobile-first platform developed to prevent insurance fraud before it reaches the claims process.

Why would this be necessary?

According to AON Risk Study, 9th Edition, Insurance companies no longer make money on their main business and one of the leading causes is the increase in their loss ratio primarily due to fraudulent claims.

In their presentation at DIA Barcelona, Dmitry aka “the Beast” walks the audience through a demo of the getmeins platform which uses predictive learning, link analysis, photogrammetry and text analytics and user behavior in order to identify potential fraud patterns.

With this strategic knowledge insurance companies are now able to move away from assumption based quotation to that based on real user behavior. “Our goal is to combat potential fraud at the point of sale instead of the point of claim,” explains Eugene. “And we achieve this using the same tactics as that used in fighting terrorism,” he ends before handing the reigns to his partner Dmitry.
Dmitry Geyzersky

To prevent a terrorist attack, the intelligence units must be able to identify potential terrorist patterns. In order to do so they examine user behavior, link analysis and text analytics among other features and then create a scenario that basically tells a story about an individual or group of individuals’ activities and intentions.

This approach when applied to the insurance claims process also helps significantly reduce the number of fraudulent claims which is now estimated to be costing the industry and the consumer hundreds of millions of dollars.

Insurance fraud is a terrorist act,” stresses Eugene. “Therefore we must fight these perpetrators with the same strategies we use when dealing with risk of human life,” he advocates.

The added value of getmeIns, unlike other solutions which focus primarily on discovering fraud, is that it creates a win-win situation for both the insurance company and the consumer. Preventing fraud at the point of sale reduces the number of resources required to authenticate a claim which can then be passed on as cost savings to policy holders.

To view the entire presentation at DIA-Barcelona, CLICK HERE.

To learn more about getmeIns contact us at info@click-ins.com

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