Seguros El Águila, a subsidiary of Great American Insurance Group, specializes in car insurance in the Mexican market, and is known for tailoring policy offerings to match customers’ unique insurance needs. El Águila targets personal lines policyholders for private cars or small family fleets, along with low-risk drivers. And unlike many other carriers in the market, El Águila omits the use of agents and brokers, instead preferring to sell policies directly to their customers. They also acknowledge that fraud is a very dynamic challenge, and that on their own, they could not build a system comprehensive enough to continuously monitor all incoming policy requests and claims without assistance, hence their interest in FRISS.
After two years of using the FRISS solution to screen policy applications during underwriting and to review auto claims, El Águila noticed the following improvements:
- Fully integrated FRISS scores put risk indicators right in front of underwriters. When assessing information about the applicant or vehicles they want to insure, the information is presented in a standardized and actionable way, making it easy to interpret and follow up on.
- The system facilitates policy renewals and produces dynamic rates depending on customer behavior. When signing a new policy or renewing it, FRISS issues alerts such as: “This car had three accidents in the last year,” allowing El Águila to efficiently generate premiums. Prior to FRISS, this process was done manually, now the information can be accessed directly through the solution.
- The AI recognizes repetitive manual tasks and automates them to improve response times when paying out claims. Policy requests are now dealt with much faster, as are claims along with them.
Relevant Aspects Regarding Use and Productivity
Before El Águila implemented FRISS, the quality of their insureds’ information (such as addresses, phone numbers, etc.) was lacking. For example, while using the FRISS solution, an adjuster saw that the same phone number had been registered in 14 different policies. This could be an indication of ghost broking that was previously overlooked.
El Águila’s Leonardo Arredondo explains, “Appropriate information is essential for making policy decisions. And when in contact with customers, it is now readily available. This helps us to save time, reduce leakage, and better support our customers.”
Supporting Honest Investigations
Every time a policy request or claim is flagged, El Águila can instantly follow-up and send to investigations for a deeper review. This investigation is traceable for the entire company, which provides efficiency, neatness and transparency. Thanks to extensive reporting capabilities that deliver regular subscription reports and display weekly claims volume, they manage to better understand their business and have both a macro and micro overview of it, with quantifiable figures to support the findings.
“Immediately after implementation with FRISS, we were able to correctly identify vehicles that had been used for Uber and that had a number of prior accidents. Once recognized as such, they were re-directed to Underwriting and for analysis before continuing on as a customer,” states Arredondo. “Because we can now track who is abusing our trust, it saves us from accepting unwanted risks, protecting good faith.”
The operation is now extremely efficient, and because a number of external databases are now directly unlocked via FRISS, the time spent on policy applications and claims has decreased by 50%. The number of rejected cases increased by 50%, along with false positives decreasing by 75%.
Schedule a demo for Risk Assessment at Underwriting solution and learn more on how you can mitigate risks with a uniform and data-driven screening to maximize accuracy.
