Digital Insurance Agenda

Easy, fast and accurate underwriting

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Nov 23, 2021

Commercial insurance companies use data to make all their decisions, but 2 out of 3 SME’s data are wrong or outdated. This happens because underwriting processes are currently very extensive and manual, which allows errors to take place. Poor quality of data makes losses more unpredictable, leaving insurers to face high levels of loss ratio.

How it works

Wenalyze gathers data from hundreds of data sources including public registers and databases, by using only the name and address of a business. This data is automatically sent to the insurer, automating the underwriting process and increasing the risk of the view. The analysis also builds risk indicators that combined with the insurer’s pricing models have enabled them to make better underwriting decisions, improving in 3% their loss ratio levels with yearly savings of millions of dollars.

A use case that they have carried out was with a medium-sized multinational insurer in Spain that had a portfolio of 50,000 SME clients. Before they started using Wenalyze’s solution, the company was basing its’ risk decisions on inaccurate and outdated data. Plus, their risk scoring was based on traditional data, which results in underwriting processes being unsafe and taking more than 5 minutes.

Two months after applying their solution, the insurance company updated and enriched its customer information portfolio, automated processes and increased efficiency. Last but not least, the most important factor: thanks to just one of their risk scores, the insurance company reduced its’ loss-ratio levels by 3%. In other words, they saved 3 million dollars a year.

“Actionable Data are the digital’s era new golden”

Carlos Albo, CEO and Co-Founder

Why we think you should keep an eye on Wenalyze

There are a number of things that make Wenalyze unique. Wenalyze is currently working with insurers from 3 continents in 4 different languages. The platform is multilingual and offers complete flexibility in terms of connectivity allowing any insurer to connect with the solution regardless of their IT capabilities.

Moreover, their solution can be implemented automatically, which means that they only need two weeks in order to start working with you. They also work with all carrier sizes, regardless of their portfolio or budget. Finally, they are the only player in the market that provides insurers with sustainability indicators, which opens a door for the development of new eco-friendly products.

They have been Global Finalist of ACORD InsurTech Innovation Challenge 2020 & Global finalist of Zurich Innovation Championship 2020. This year, they have also been named best startup in seed stage by Startup Valencia.

Who is Wenalyze?

Wenalyze, officially founded in 2018, is an insurtech startup with offices in Spain and London. They have the goal to become one of the most remarkable players of this industry in Europe. Wenalyze’s team is made of 10 different professionals that have the best of both worlds: innovation & experience in the insurance industry.

Click here to find out more about Wenalyze

Team Wenalyze
Carlos Albo, CEO and Co-Founder
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