A few weeks ago, DIA interviewed Veysel Sinan Geylani, founder of Virtual i Technologies. We spoke about his vision for the future, where insurers will become even more aware of risk calculation than they are today. Globally no more than about 5% of the risks are assessed, whereas the rest are simply priced based on good faith. Virtual i Technologies believe that each and every risk should be seen and assessed, either by computer eye or by human eye - or both.
What is [VRS] Virtual Risk Space about?
Veysel Sinan Geylani: “Virtual i Technologies provides a technology that enables remote inspections and data-driven (AI) risk assessment for property insurers. It allows underwriters to assess risks before insuring them. Whereas now, 95% of the commercial risks in the insurance industry are being insured without being seen or assessed. The Swiss based company was founded in March 2018 and enables the insurance industry to shift from ‘goodwill’-based to dynamic and data-based decision making (see image below). Created by Virtual i Technologies, [VRS] Virtual Risk Space is a platform to assess risks of different sizes, from micro to large, before they happen. [VRS] enables clients to highlight up to 100% risks during the underwriting process and thus the probability of picking up bad risks are reduced. The solution is a SaaS, which provides AI-backed risk scoring, improving the algorithm using advanced data analytics and machine learning. To use VRS, no change management is needed within the company, just a click on a link. That’s it. We serve clients in Europe, North America, Canada, Asia Pacific, Middle East and Africa, basically all around the globe.”
What makes [VRS] unique?
Veysel Sinan Geylani: “VRS is unique because it offers solutions to existing problems that come with risk calculation (see image down below). We work closely with the Data Analytics Division of Houston University and provide a machine-learning risk scoring system. Because of this collaboration, [VRS] provides objective, scientific risk assessment that allows accurate report generation in real-time. Also, tailor-made forms can be assigned either to adjusters or to customers for real-time data gathering. Both remote and on-site inspection is supported, the latter via a world-wide network of partner risk engineers. Also, you can see and assist a client using live video solutions. Wherever in the world a client wants to extend their business or inspect a risk, and a risk engineer is required, [VRS] can provide that service.”
“This hybrid business model serves most insurance business lines and consequently targets a significant number of players in the insurance industry such as insurers, reinsurers, brokers & agents, risk management consultants and risk engineers. It also serves on most value chains: from distribution, underwriting and claims to service, marketing and sales. Virtual i Technologies help">
Want to continue reading?
Sign up for our newsletter to read the full article and receive the latest news about innovation in insurance and Insurtech straight to your mailbox every week. Already signed up before?
- Join over 20,000 other insurance executives to receive the latest innovations in insurance
- Be the first to read our Insurtech editorials
- Stay tuned for the latest community news
- Get access to exclusive offers!