On 20 and 21 April 2016 the Digital Insurance Agenda (DIA) took place in Barcelona, Spain. The event is meant for insurance firms that are striving to enhance their digital strategy. DIA Barcelona is dedicated to accelerating the crucial digital transformation of the industry. It is the first global community and two-day.
Jeroen Morrenhof (CEO and co-founder) and Christian van Leeuwen (CTO and co-founder) represented FRISS at DIA. FRISS has been selected as one of the 50 most innovative fintechs in insurance and was therefore invited to give a presentation to share its expertise.
The video of their presentation is available below.
DIA Barcelona focuses on insurers who are eager to learn about the latest ‘insurtech’ solutions to support them in accelerating their digital strategy. DIA is fully dedicated to speeding up the crucial digitalization of the insurance industry. It is the first worldwide community and two-day conference that connects insurance companies to leading insurtech firms.
In 2016, DIA Barcelona consisted of two days filled with insurtech innovations that have actual business impact. Solutions improving cost efficiency, customer satisfaction and revenue growth. A hot topic during the event was technology that makes the fight against insurance fraud easier and more effective.
Quantity over quality
Insurance fraud is a serious issue for the entire insurance sector. Payment of fraudulent claims has a negative effect on the loss ratio and on insurance premiums, which results into a competitive disadvantage. Moreover, investigating ‘false positives’ takes a huge amount of time and unnecessary costs. Fraudsters are getting smarter in their attempts to evade the insurer’s radar. As a consequence, money flows to the wrong people and thus combined ratios are under pressure.
Most insurance companies focus on the growth of their portfolio and less on its quality. It is important to have a clear picture of potential customers before they enter your portfolio. You should decide on the amount of risk you are willing to take in and to have the ability to adjust the screening to your pre-determined risk profile at any time. This way, you will keep control over your portfolio and maintain the optimal balance between quantity and quality.
More information about DIA Barcelona: http://www.diabarcelona.com.