Insurtech INSHUR, which raised $7m in February, has 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.”