“One day, people will not believe we used to insure risks without inspecting them first. Inspecting each and every risk will become a business-as-usual approach. This is totally different than what happens currently; where globally no more than about 5% of the risks are assessed, whereas the rest are simply priced based on historical data and data provided by customers. The current status quo offers a massive opportunity to improve the performance of the entire insurance ecosystem”, argues Veysel Sinan Geylani, the founder of Virtual i Technologies.
Sinan, obviously risk assessment is at the core of the insurance business model. Could you tell us more about why in your view risk improvement is now more relevant than ever?
Sinan: “Well, imagine investing in a stock or in a company without data, without insights ... Currently, around 95% of commercial and home property insurance policies are priced while not actually being seen. The high costs and turnaround time for real insight is prohibitive; the industry norm is 3 months for instance. The result is that insurers are sort of ‘blind’ towards their property risk quality, until a loss of event occurs. This does not have to be the case. Risk improvement increases profitability for insurers and helps the insured avoid severe losses. This is exactly what we’re trying to solve. Our solutions aim to make risks visible to increase the sustainability and resilience of the insurance carrier.”
How does this change the way of doing business in insurance?
Sinan: “With our solution 100% of risk data now become visible, remotely, for insurers. This means correct premium calculation and correct loss adjustment. In turn, this results in reduced costs, more revenue and saving time via digitalization. Our service is offered worldwide and is available immediately. In less than a week - using our patented solution Virtual Risk Space - any client of ours is able to already experience what we consider our measures of success: 100% real-time risk data, 40% Improvement in workload efficiency, 100% customer satisfaction and 12% decrease in loss ratio.”
On the one hand it seems you’re tapping into the increasingly digital mindset among insurers. On the other hand there are also specific tech trends that are pivotal in your solution …
Sinan: “Definitely. The main">
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