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Report identifies areas where state’s Unemployment Insurance Agency was potentially exposed to fraud

report identifies areas where state’s unemployment insurance agency was potentially exposed to fraud

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(WXYZ) — A new report conducted by Deloitte found areas of Michigan’s Unemployment Insurance Agency’s policy that resulted in potential fraud exposure. Additionally, the UIA’s technology and organizational areas were also impacted. According to the report, UIA’s policy, technological and organizational changes increased the Agency’s potential exposure to fraud. Additionally, the report provided steps the agency has already taken to enhance its fraud risk management capabilities to address these concerns. “While the Agency’s previous decisions sought to balance fraud prevention and timely payment to eligible claimants, we strongly agree with the report’s findings that policy, technological and organizational changes increased the Agency’s potential exposure to fraud,” said UIA Acting Director Liza Estlund Olson. “By releasing this report, our hope is that the public will better understand the aggressive measures UIA took to address these vulnerabilities. Our work isn’t done, and the UIA will continue to review our operations and organization to prevent criminals from accessing the unemployment benefits our hardworking families deserve.”The UIA has been tasked with an increasing number of claims. Since the beginning of the pandemic in March, the agency has received as many claims as it did in the nearly seven previous …

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How Predictive Analytics Will Help the Insurance Industry’s Evolving Business Needs

how predictive analytics will help the insurance industry’s evolving business needs

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November
25, 2020

5 min read

Opinions expressed by Entrepreneur contributors are their own.

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Buying an insurance policy to cover one’s life or assets is always a cool thing to do. But as the insurance market gets more competitive, insurers are using technology to improve service offerings. Technology is especially effective in attracting millennial and Gen Z customers, who are more tech-savvy compared to peeps of the earlier generations.The tech tools comprise artificial intelligence, cloud computing, blockchain, SaaS (software-as-a-service), advanced analytics and suchlike. Among these tools, advanced or predictive analytics is one of the most essential since it helps insurers forecast the result or outcome of unknown events.Broad benefitsAs everyone is aware, the insurance industry thrives on information. This can be from both internal and external sources. Be it an applicant’s KYC form, the use of smart devices, a person’s social media activities, online shopping habits, interactions with agents, etc., all these are vital as potential sources of information. Yet, while such sources of information are helpful for insurers, they end up generating data in billions of megabytes.It is here that predictive analytics (PA) comes in handy …

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Fanhua Inc. (FANH) Q3 2020 Earnings Call Transcript @themotleyfool #stocks $FANH

fanhua inc. (fanh) q3 2020 earnings call transcript @themotleyfool #stocks $fanh

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Image source: The Motley Fool.

Fanhua Inc. (NASDAQ:FANH)Q3 2020 Earnings CallNov 25, 2020, 8:00 p.m. ETContents:

Prepared Remarks
Questions and Answers
Call Participants

Prepared Remarks:
OperatorThank you for standing by for Fanhua’s Third Quarter 2020 Earnings Conference Call. [Operator Instructions]For your information, this conference call is now being webcasted live over the Internet. Webcast replay will be available within three hours after the conference is finished. Please visit Fanhua’s IR website at ir.fanhuaholdings.com under the Events & Webcasts section. Today’s conference is being recorded. If you have any objections, you may disconnect at this time.I would now like to turn the meeting over to your host for today’s conference, Ms. Oasis Qiu, Fanhua’s Investor Relations Manager. Please go ahead.Oasis Qiu — Investor Relations ManagerGood morning. Thank you. Good morning. Welcome to our third quarter 2020 earnings conference call. The earnings results were released earlier today and are available on our IR website, as well as on Newswire.Before we continue, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The accuracy of the statements may be impacted by a number of business

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Insurtech’s big year gets bigger as Metromile looks to go public

insurtech’s big year gets bigger as metromile looks to go public

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What can we decipher from the latest wave of dollars crashing into the insurance technology market?

Alex Wilhelm

8 hours

In the wake of insurtech unicorn Root’s IPO, it felt safe to say that the big transactions for the insurance technology startup space were done for the year.
After all, 2020 had been a big one for the broad category, with insurtech marketplaces raising lots, rental insurance startup Lemonade going public, Root itself debuting even more recently on the back of its automotive insurance business, a big round to help Hippo keep building its homeowners company, and more.

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But yesterday brought with it even more news: Metromile, a startup competing in the auto insurance market, is going public via a blank-check company (SPAC), and Hippo raised a huge, unpriced round.
So let’s talk about why Metromile might be plying the public markets, and why Hippo may have have decided to pick up more cash. Hint: The reasons are related.
A market hungry for growth
The Lemonade IPO was a key moment for neo-insurance startups, a key part of the …

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UPDATE 1-Fintechs seen eating into market share of established insurers, EU says

update 1-fintechs seen eating into market share of established insurers, eu says

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By Carolyn Cohn2 Min Read(Adds quotes, Convex comment)LONDON, Nov 25 (Reuters) – Established insurers will face a squeeze on profits and market share as new financial technology companies muscle in on the industry, a senior European Union official said on Wednesday.More fintech firms are expected to offer insurance, helped by the impact of the coronavirus crisis which has encouraged the swifter adoption of new technology in the workplace and business, said Martin Merlin, the European Commission’s director for banking, insurance and financial crime.“The insurance sector will need to innovate and adapt itself in order to keep its market share,” Merlin told a panel at the Reuters Events Future of Insurance Europe conference.Insurers and reinsurers such as AXA and Munich Re have been investing in so-called insurtech companies, considered a faster way for them to adapt to technology changes.Stephen Catlin, chairman and chief executive of Convex, a newcomer to the insurance, told the event that fintech firms faced a learning curve to compete with established players.“I’ve been approached by many fintech companies and so often they have very little appreciation of the industry,” he said.Merlin also said climate change risks were likely …

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Brokerslink, Swiss Re Collaborate on Int’l Program Administration Platform

brokerslink, swiss re collaborate on int’l program administration platform

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Global broking business Brokerslink has launched a dedicated international insurance programme management platform to drive the continued growth and digitalization of its international portfolio across the organisation’s broker network.
Called Space B IPA (International Programme Administration), the platform has been developed specifically to meet the needs of Brokerslink’s brokers in more than 118 countries to manage and deliver structured and compliant international and cross-border programmes for multiple policies and insurers from a single bespoke digital platform.

It has been created to facilitate international collaboration across the network, allowing brokers to aggregate and consolidate all types of risk and insurance information including policies, premiums, deductibles and coverages, in addition to risk assessment and management details.
Space B IPA, which can be used with all insurance carriers, has been designed and developed in collaboration with Swiss Re Corporate Solutions.
The platform will enable Brokerslink’s brokers to achieve greater consistency and continuity in the management of international and cross-border business, leveraging optimized processes and automation to increase productivity and performance, improve service delivery and provide clients with greater transparency and reduced volatility in their insurance programmes.
“The launch of Space B IPA is such an important milestone. Investing in …

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Managing strategic risk for global companies

managing strategic risk for global companies

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International insurance programmes offer the opportunity to take a consistent approach to risk management, but there are a number of inefficiencies in the way they operate today.
Traditionally the preserve of major multinational corporates, such programmes are now being purchased by mid-sized and even smaller companies as they expand their business, supply chains and financial assets into different countries across the world.However, these smaller organisations face substantial challenges in implementing international policies. For example, many struggle to prevent local offices buying policies from non-programme entities, and there can be higher costs involved in such a set up.For insurers, the challenge is to quantify risks in parts of the globe where they may have no previous experience. And creating standardised policy wording to cover all jurisdictions is a major technical challenge. Swiss Re Corporate Solutions aims to overcome these challenges and advance Corporate Insurance by developing industry solutions together with partners like Württembergische Versicherung.Technology to the rescueSome more established insurance companies rely on legacy systems with processes that have been pieced together over time, as well as conflicting technologies that simply do not talk to one another. To overcome the inefficacies in these legacy systems, which can cause …

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Shift Technology Analyzes Fraud, Waste, and Abuse Trends Impacting the Global Health Insurance Industry

shift technology analyzes fraud, waste, and abuse trends impacting the global health insurance industry

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BOSTON and PARIS, Nov. 25, 2020 /PRNewswire/ — Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry today published its latest analysis of the fraud trends being faced across the insurance industry. In Shift Technology Fraud Insights Vol. 2: November 2020, the company focuses in on the schemes driving Fraud, Waste, and Abuse (FWA) which impact health payers around the world.
Industry estimates put the global impact of FWA on insurers and payers at more than $600 billion (500 Billion Euro) per year. Being able to effectively reduce these costs provides significant new opportunities to focus premiums on delivering impactful care, benefiting members and payers alike. For its latest report, Shift closely examines abusive activities perpetrated by unscrupulous opticians, which during the COVID-19 lockdown in France generated more than 300,000 Euro worth of potentially fraudulent claims. Further, the report explores network provider fraud schemes, issues associated with “medical tourism” and other challenges in international health insurance for travelers and expatriates, and fraud associated with underwriting and renewal. Shift also highlights how new approaches to subrogation detection can better identify those opportunities and inform decisions about coordination of benefits.
To download Shift Technology Fraud Insights Vol. 2: November 2020, or to access …

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Around the P&C insurance industry: November 25, 2020

around the p&c insurance industry: november 25, 2020

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News from Aon, AXA XL, Envista Forensics and more. (Photo: Shutterstock)
Infosys and Mivation have teamed up to host a virtual round table event focused on the current challenges of a virtualized workforce. Panelists will address how companies are using technology to help drive best practices in reaching out to consumers at the right time, gaining wallet share, retention and referrals. Participants will include Troy Korsgaden, Martin Woll, Jeff Brown, Kelly Kidwell, Gautam Kalra and Raj Bagewadi.

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