Digital Insurance Agenda

GetmeIns: A whole new approach to insurance

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Mar 16, 2016

Insurance quotation is still done in an old-fashioned traditional way. It doesn’t reflect the real user behaviour. And insurance fraud is usually identified after it has already happened. The Israeli start-up GetmeIns has a whole new approach to insurance. GetmeIns is all about a unique consumer Pay-as-You-Live insurance regarding life, health, motor and property AND insurance fraud prevention already at point of sale.

Profiling and scoring
GetmeIns profiling process starts with adaptive learning to create meaningful user profiles through an integrated IoT mobile first platform. This platform has a mobile front-end and gathers information such as heartbeat, location, sleeping behaviour, driving habits etc. from connected devices like wearables (Fitbit, iWatch etcetera) as well as smartphone sensors. With this information GetmeIns generates a unique user profile based on personal activities, habits and lifestyle combined with possible risks. When someone has an irregular heartbeat there will be an alert to the insurer. GetmeIns also uses open data sources that are publicly available like government and federal reports, indictments, news feeds, criminal chronicles etc. to identify and extract subjective information in source materials. Insurance carrier data is usually not enough to extract general sentiment.

Smart insurance quoting
With the unique user profiles GetmeIns is able to introduce a different approach for smart insurance quoting and purchasing insurance. GetmeIns is changing the paradigm from Pay-As-You-Drive to Pay-As-You-Live. This philosophy is about generating smart quotes depending on the user’s way of life, a healthy person who is working out in gym, sleeping well and living healthy should pay less than a person of the same age who has bad habits. GetmeIns Usage Based Insurance (UBI) is an amazingly simple solution for buying and changing insurance plans, allowing users to purchase insurance according to their daily needs and changing lifestyles. Furthermore users are empowered to customize their insurance coverage at the tap of a button. Insurers use GetmeIns unique user profile aka scoring system, to generate quotes that reflect real user behaviour instead of traditional assumptions. GetmeIns platform, mobile application and analytical engine integrates with Insurance Company’s APIs for getting up-to-date quotes and purchasing insurance coverage.

Analytical engine
On top of this GetmeIns developed a sophisticated analytical engine that uses behavioural analytics, link analysis, machine learning, advanced visual algorithms and text analytics for generating a stream of valuable alerts and fraud predictions for insurers around the globe. The analytical engine uses Link analysis to evaluate connections between insurance agents, policyholders, adjusters, doctors and lawyers to evaluate potential fraud rings. Connections may be identified among various types of objects, including organizations, people and transactions. GetmeIns analytical engine generates risk scores. The score is generated at the point of sale when a user purchases an insurance product and it is constantly evaluated when new data arrives.

Why we selected GetmeIns for DIA Barcelona
GetmeIns approach addresses current pain-points that both policyholders and insurers experience. GetmeIns assists insurers to reduce the loss ratio at one hand and generate quotes on real user behaviour for customers on the other hand.  We selected GetmeIns to present at DIA Barcelona 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.

Who is GetmeIns
Eugene Greenberg and Dmitry Geyzersky are founders. Eugene, CEO is an entrepreneur, investor and professional athlete holding a black belt in Taekwondo. He holds a degree in Economics and has over 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. “Fraud should not be treated as criminal activity but as a pure terrorDmitry Geyzersky, Founder and CTO.

Eugene Greenberg, Co-Founder and CEO GetmeIns
Eugene Greenberg,
Co-Founder and CEO GetmeIns

Dmitry Geyzersky, Co-Founder and CTO GetmeIns
Dmitry Geyzersky,
Co-Founder and CTO GetmeIns

Presenting at DIA Barcelona Eugene Greenberg, Chairman & CEO Dmitry Geyzersky, CTO

Contact info Eugene Greenberg, Chairman & CEO, +97 254 4811 770, [email protected]

Website www.getmeins.com  

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