As a recent winner of the first Israeli competition for startups in the field of insurance technology, and a $ 1 million prize getmeIns is getting a lot of attention. getmeIns is a product of Click-Ins Ltd, an Insurtech company that is breaking ground at the intersection of analytics, analysis, algorithms and fraud detection.
The startup operates in the field of fraud prevention, and has developed a unique platform to lower the Loss Ratio for insurance companies. getmeIns applies methodology from the world of intelligence to the insurance industry to prevent fraud before it occurs, saving companies the time and money it takes to investigate claims. getmeIns uses “intelligence as a service” designed to predict fraud upon purchase. This is done by combining various disciplines, including correlation analysis, open sourcing, signal processing, photogrammetry, among others.
Time for a new approach on fraud
Insurance companies worldwide have faced loss ratios above 100% and are losing money on their core business. Click-Ins is expanding its operation to US and UK markets to ease the pain felt by fraudulent claims in those locations. In the US alone, non-healthcare-related insurance fraud costs the average American family between $400–$700 per year in increased premiums, and insurers in the UK recently reported fraud claims totaling almost £1.3 billion.
Existing legacy information systems struggle to catch fraudulent activity. Risk evaluation is based on a policy-centric approach. Time for a new approach. getmeIns, delivers military-grade intelligence which detects and predicts fraud. Bringing a systematic approach to combating fraud by utilizing multiple disciplines such as Link Analysis, Open Source Intelligence, Visual Intelligence, Signal and Image Processing Photogrammetry and Text Analytics.
In February 2017, the innovative startup won the Insurtech Israel Competition led by JVP, AXA Strategic Ventures and Kamet. With the prize, $ 1 Million Investment, getmeIns plans to extend their Business Development to the US and further their research and development to combat fraud.
How does it work?
The process begins with profiling the user by generating unique user profiles based on personal activities, habits and lifestyles. In addition, open data sources are used and insurance carriers provide further data sources to extract general sentiment and identify potential risk factors.
The second stage of the process is analysis. getmeIns analytical engine employs up-to-date graph database technologies which perform link analysis and identify possible fraud rings. Specifically, crafted photogrammetry algorithms allow getmeIns to process car damage photographs taken with cell phone cameras without using specialized equipment.
Adaptive learning is used to create meaningful profiles allowing the getmeIns analytical engine to generate risk score by combining user profile with OSINT (Open Source Intelligence) data and link analysis. This score is constantly evaluated according to new data as per lifestyle change. Signals and alerts, such as behavior anomalies, participation in fraud rings, sentiment change and other are automatically streamed to the insurance carrier at point of sale.
For example: getmeIns uses IoT devices to help car insurance providers reduce fraud. The company’s Chairman and CEO, Eugene Greenberg, explains that one of the biggest issues that insurers face is when car owners make false claims that could be easily verified simply by knowing their location. getmeIns work with an IoT data provider to help insurers offer their customers discounts on their premiums if they will allow their data to be tracked.
Most recently getmeIns was engaged in a major document classification project for an insurance company. Utilizing OCR (Optical Character Recognition) technology getmeIns extracted valuable information from unstructured stored data. Unlocking previously inaccessible data and minimizing data entry for its customers decrease the chances for human error and, more importantly, allows them to reveal fraud.
Why we selected getmeIns for DIA Amsterdam
We selected getmeIns to present at DIA Amsterdam because the concept is really provocative. Although we can imagine that consumers may have privacy concerns, the endless analytical possibilities to structure unstructured data are really interesting.
Eugene Greenberg, CEO and Dmitry Geyzersky (CTO) will be presenting at DIA Amsterdam.
Who are getmeIns?
Eugene Greenberg and Dmitry Geyzersky are Co-founders. Eugene, CEO, is an entrepreneur, investor and professional athlete holding a black belt in Taekwondo. He holds a degree in Economics and has 25-year experience in insurance industry as insurance broker and owner of a life insurance company. Dmitry, CTO, is technology expert and software architect with over 20 years of experience in architecting and implementing high-end scalable solutions with unique expertise in Domain Driven Design. Dmitry combines knowledge of intelligence systems with technology know-how to provide best-of-breed solution to getmeIns.
Eugene Greenberg (left) and Dmitry Geyzersky (right)
“In order to fight fraud, you always need to be one step ahead, and be able to predict it, not just react to it. You need a different approach. The world goes mobile; therefore, our platform is mobile-first.” CTO and Founder Dmitry Geyzersky