Life Insurance Fraud Detection: The Nondisclosure Problem Behavioral Analytics Was Built to Solve
Accelerated underwriting was supposed to solve the customer experience problem in life insurance. Carriers cut the paramedical exam, reduced the question set, leaned on third-party data, and compressed what used to be a six-week process into something that could be completed in minutes. It worked. Application completion rates went up. Drop-off fell. Customers were happier. […]
Data Science in the Digital Insurance World
Data Science in Insurance Data science in insurance has come a long way from the days of punch cards and floppy disks to the modern data collection capabilities of analyzing thousands of gigabytes per second. Paired with the right software, insurers can use advanced data science to score risk in real-time, increase profit, and improve […]
Is Fluidless Underwriting Here to Stay?
Fluidless Underwriting in Insurance Life Insurance Underwriting isn’t Changing, it’s Changed. 5 years ago I purchased a life insurance policy. Last week, my friend bought a life insurance policy. My experience took over 30 days. His took under 30 minutes. Here was my experience: Financial advisor convinced me to buy Phone call with his admin […]
ForMotiv Raises $6M Seed+ Round on the Heels of 500 Percent Growth in 2021
ForMotiv’s Behavioral Intelligence Platform is Trusted by Fortune 500s to Analyze Digital Behavior, Improve Customer Experience, and Ultimately Reduce Risk and Fraud PHILADELPHIA – September 28, 2021 – ForMotiv, the leader in digital behavioral data capture and predictive analytics solutions used by Fortune 500 insurance carriers and financial institutions carriers globally, today announced its $6M […]
Major Themes from Reuter’s Events: “Insurance AI & Innovative Tech”
Last week we attended Reuter’s Events: “Insurance AI & Innovative Tech” which included hundreds of experienced insurance executives in addition to thousands of other insurance professionals. The event was jam-packed with informative keynotes, live Q&As, and fireside chats that spanned over 3 days. Knowing not everyone who wanted to attend could, we figured we’d give […]
Predictive Analytics in Life Insurance | Top Use Cases
Predictive Analytics in Life Insurance Predictive analytics in Life insurance isn’t exactly a new concept. In fact, actuaries have been using forms of predictive analytics for hundreds of years. And for hundreds of years, actuaries have used estimates of life expectancy in the form of mortality tables that reflect aggregate insured population mortality1. This, coupled […]