Innovation is seldom a solo affair. One of the joys of working in data collaboration is, in fact, working with others. We at IXUP are always excited by the untold possibilities waiting to be unlocked when organisations connect multiple data sources securely.
More exciting still, we get to work with like-minded, principled organisations — with passionate people who share our values and commitment (and don’t share data!).
We’re especially inspired by our partner Finity Consulting, Australia and New Zealand’s largest independent actuarial and analytics consulting firm, which is taking these shared values to an entire industry with a ground-breaking proposition.
We congratulate Finity on the launch of a new technology and analytics platform for insurers. It provides a platform for collaboration and innovation that is much needed in an industry braced for digital disruption and regulatory reform.
It enables insurers to connect to multiple external data sources, not limiting their insights to what they generate themselves through quotes, policies, endorsements, claims and renewals.
By layering external data sources, insurers can achieve better product matching to consumer circumstances and improve their claims management.
With a decline in the number of Australians holding private health insurance, for example, insurers in general are aware of the need to show value, relevance and improved customer experience.
IXUP’s Australian-developed software plays a key part. We’re incredibly proud to be removing barriers and risks to enable secure data collaboration, especially in an industry that touches so many.
Whether or not individuals have insurance themselves, the wellbeing of the insurance sector impacts economic vital signs, such as the nation’s healthcare costs and its ability to provide relief in times of disaster.
It’s hard to imagine any other industry where one-tenth of all customer transactions were suspected to be fraudulent, thus inflating costs for the rest. Insurance fraud costs Australia an estimated $2.2 billion a year, with the Insurance Fraud Bureau of Australia believing as many as 1 in 10 customer claims could be fraudulent.
Could patterns of behaviour help stamp out scammers and keep premiums in check? It’s a breathtaking figure and one we hope will reduce with advanced data analysis. Funds wasted on suspect claims could be money better spent, and the beneficiaries of this particular innovation will be all of us.
Find out how secure data collaboration can help you enrich data without compromising your data sovereignty.
Listen to Finity Principal, Ash Ahluawalia discuss data collaboration and insurance here: