One day, people will not believe we used to insure risks without inspecting them first.

Virtual i Technologies the Insurer Interview December Edition

Virtual i Technologies’ award-winning InsurTech platform allows the insurance industry to make dynamic decisions based on real data. It provides 100% visible risk data in real time with the AI-backed risk selection platform [VRS]™ Virtual Risk Space, accessible to all kinds and sizes of businesses.

Virtual i Technologies representative in Greece Kostas Karachalios answers our questions.

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?
Historically today the insurance market operates as it did 150 years ago. 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.

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 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 anymore. The solutions provided by Virtual i Technologies aim to make risks visible to increase the sustainability and resilience of the insurance carrier. The inspection of each and every risk will become a common approach and this is what the platform of Virtual i Technologies offers.

How does this change the way of doing business in insurance?

Insurance companies can now identify bad risks and avoid taking on risk or suggest to policyholders ways to improve (reduce) the risk through the solution, [VRS]™ Virtual Risk Space, offered by Virtual i Technologies.

The reduced cost of inspections, the real-time data and the automatic risk-scoring make it possible to inspect every risk.

Risk assessment reports can also be used for on-site assessments, offering standardization, automation and minimization of delivery time.

The service is offered all over the world and is readily available. In less than a week – using the patented [VRS]™ Virtual Risk Space solution – every customer is able to already experience what the company considers to be its success measures: 100% visibility of the inspected risks, available in real time, 40% improvement in workload efficiency, 100% customer satisfaction.

It seems there are specific tech trends that are pivotal in Virtual i Technologies’ solution.

The main trends are digitalization and every-day use of data analytics. The imperative necessity in the very near future of using data in the insurance industry – in particular in the P&C area. Our [VRS]™ is testable without any need to install any software on your IT network, the platform set-up requirements are simple. It is an API based software architecture, meaning that it can integrate easily with existing platforms. It is hosted in GDPR compliant servers, therefore there are no minimal regulatory activities necessary. It is server agnostic, meaning it can be hosted on any cloud or fixed server according to your requirements. Google cyber security and data backup provisions are best-in-class. The existing capabilities, powered by AI and machine learning, are patented. Infrequent users can access all functionality in-browser, without the need to download the app. If you want white-labeling or your own questionnaire templates we can complete this in under 5 days.

Who can use the platform? Is it only for risk assessment?

The platform can be used for risk assessment and selection (from the largest to the smallest risk) but also for the management of loss assessments enabling remote inspections, periodic checks, investigation of conditions, other investigations, etc.

Full compliance with GDPR requirements allows for the management of even sensitive personal data.

The platform is currently used worldwide by insurance and reinsurance companies, brokers and insurers, risk engineers and other experts.

For specific cases, there is a global network of subject matter experts and the inspection can be done remotely from abroad in Greece, without the need to move the specialist.

[VRS]™ empowers claims adjusters to perform basic fraud checks with real-time GPS check and ID of the insured, it also decreases leakage in claim costs. It makes it now possible to obtain all the documents, audio and visual data in real time to justify the claim settlement. All the data is transferred and stored in compliance with GDPR without requiring the claimant to download any application on their smartphone.

So, what is the company’s vision for the future when it comes to risk assessment?

Each risk location will be inspected either by human eye or computer eye/algorithm. Insurers will become more aware of their ways of risk calculation than they do today, and so they would increase the visibility of risks from 5% to 100%. In fact, they could actually accomplish this in just 1 year if they would use [VRS]™. Not only large corporations but small and medium sized companies as well. It’s easy-to-use, the processes are easy-to-adopt, and last but not least it’s affordable. It could actually benefit the whole insurance ecosystem.

Grow with
[VRS]™ Virtual Risk Space

Complete the form below to access this content.

I have read and agreed to the Privacy Policy.
Scroll to top
Close
Browse Tags
Browse Authors