Insurtech INSHUR, which raised $7m in February, has today announced four key appointments to help protect its customers from insurance fraud, in a bid to help keep premiums down.
Recent data released by the ABI shows that in 2016 and 2017 there were a total of 238,000 fraudulent claims detected by UK Insurers at a cost of £1.3 billion a year. Changes in the law regarding whiplash claims, through to fundamental dishonesty, have given insurers more tools to tackle fraudsters.
For many traditional, non-digital insurers, this remains a perennial problem, pushing up premiums and clogging the court system. It’s a problem INSHUR aims to reduce with its data-driven technology team.
In order to ensure the insurtech continues to enhance protection for its customers due to fraud, INSHUR has made four key hires; Mike Connolly as Head of Counter Fraud, Peter Truong as Senior Business Intelligence Developer, Milan Chavda as Head of Pricing, and John King as Head of Product.
Co-founder of INSHUR, David Daiches, said: “Data and security have always been at the heart of what we do to ensure our customers’ needs and safety is front of mind. In order to offer insurance for commercial drivers in just three minutes, compared to hours or even days, we created a platform that can tap into various data sources to quickly validate a driver, verify their driving history and provide an informed risk profile.
We’re excited to bring specialist and skilled professionals on board to ensure as we continue to grow we focus on combatting fraud, and therefore keep premiums down for our customers.”
Mike Connolly has 17 years’ insurance experience having worked in developing counter fraud strategies and systems at Hastings Direct, Westminster Insurance and Haven Claims.
Mike Connolly, Head of Counter Fraud, said: “I’m happy to join a company that is changing the way insurance is sold and is serious about creating new ways to utilise technology and data to protect its customers from fraud. My aim at INSHUR is to deploy the most cutting edge systems to detect and prevent fraud and see that these processes mirror the seamless experience in purchasing a policy from us.”
Prior to joining INSHUR Peter Truong was a Senior Business Intelligence Consultant working on business intelligence solutions across a range of industries including Banking, Insurance, Legal, Marketing and Public Services.
Talking about his new role, Peter Truong, Senior Business Intelligence Developer, said: “Working with the team at INSHUR, I intend to consolidate the huge amounts of data the organisation has access to, so we can develop frameworks and processes that will enable consistent and accurate business intelligence to both our partners and clients.”
Milan Chavda has extensive pricing and actuarial experience, working within the insurance industry across multiple underwriting and broker functions having worked at the BGL group, Tesco Underwriting, ERS and Complete Cover Group.
Milan Chavda, Head of Pricing, said: “My focus is on strategic pricing, including setting adequate rates, optimising prices and reviewing the actuarial performance of the insurance business. I look forward to getting to grips with INSHUR’s platform so I can apply advanced analytical techniques to the UK and US portfolios to ensure maximum success for the business.”
With over 13 years’ experience in the insurance industry, having formerly worked as Head of Innovation at Beazley, John King brings a wealth of experience from the client side. At Beazley John spent most of his time searching and interviewing insurtech companies to look for ways to innovate the traditional insurance model.
John King, Head of Product, said: “In my previous roles I have seen a massive disconnect between what the insurance companies were trying to do and what their customers actually needed. INSHUR is different, focusing on their users first and foremost, and then looking at how to make sure they deliver that product in a useful and meaningful way. It’s a more human way of doing insurance, which immediately attracted me to the company.”
