The face of insurance is changing, with the focus moving away from loss compensation towards identifying opportunities, powered by technology investment, to make the necessary steps towards proactive loss prevention.
In light of this, Jumar Solutions and Amdaris work in partnership to offer insurance companies IT consultancy and solutions to automate, collate and provide data insights. There will not only aid their loss prevention activities but provide a first-class service to their clients.
Historically, the activities surrounding loss prevention were manual, time consuming tasks, which resulted in limited ability to utilise data collected to drive improvements in the quality of risks underwritten.
However, to avoid costly claims, mitigate risk, and meet the growing expectations of customers and shareholders, insurers are now looking to new technologies to drive their loss prevention activities.
One approach, is the use of data tracking technology by health and car insurers. Smart devices allow customers to lower their health insurance premiums through fitness tracking, and telematics technology enables drivers to secure better premiums for car insurance by driving more carefully.
These activities not only create a more valuable and transparent relationship between insurers and their customers, but also reduce the frequency and severity of losses through data analytics.
Throughout the years, Jumar and Amdaris have worked with insurers to develop bespoke solutions to mitigate risk and create better insight while improving trust from customers.
During this time, they have utilised technology to address key requirements for insurers. These have included providing faster, more accurate pricing and underwriting through real-time access to online surveys and reports.
In addition, Jumar and Amdaris have integrated access to business risk information and surveys, which provide valuable insight into common denominators and allows the creation of targeted loss prevention activities.
Further to this, the collaborative partnership has seen improved process efficiencies, for example, automated planning and scheduling of surveys based on surveyor availability and location.
This has also included compliance management to ensure processes and individual roles meet not only legal and regulatory requirements but also those pertaining to the insurer.
Adrian Sutherland, Chief Technology Officer at Jumar, said: “Loss prevention is a complex subject, however Jumar and Amdaris are able to integrate multiple facets such as IoT, data analytics, mobility and AI all firmly underpinned by our partnership and long-standing experience in delivering solutions to the insurance industry. This has led to our investment in developing new intuitive solutions to support the loss prevention market.”
Jumar and Amdaris are the insurtech sponsor and will be attending Dubai World Insurance Congress 2019 on 27th and 28th February at Jumeirah Beach Hotel Conference Centre. You can find Amdaris in their premium lounge (22) and Jumar in the insurtech start-up zone.