Finity has partnered with secure data and trusted collaboration company IXUP Limited to today launch a new technology and analytics platform designed for insurers, regulators and industry bodies to embrace next generation analytics. Unlike risky data sharing practices, the secure data platform never exposes data – not even to other participants.
This partnership will enable Finity to gain deeper insights from additional data sources that are not limited to what an insurer collects, for example, through quotes, policy inception, endorsements, claims and renewals. Layering external data improves product matching to an individual’s specific circumstances and claims management.
Aaron Cutter, Principal at Finity Consulting, said, “The Finity-IXUP partnership will give insurers a new level of capability in using more data sources for effective decision-making while maintaining absolute control over their own data. IXUP’s unique platform enables Finity to better understand and explain trends in performance through advanced analytics across multiple data sources, including common personal information.”
The introduction of the IXUP platform will remove the barriers for insurers to collaborate and enrich their own data to improve pricing, underwriting and claims management. Increased collaboration may also see the insurance industry reap the benefits from the potential improvement in fraud detection and prevention – this would mean lower costs that would ultimately be passed on to consumers via lower insurance premiums.
Commenting on the launch of the new platform, IXUP Founder & Executive Director Dean Joscelyne, said: “Insurers have a business imperative to connect external data sources, yet there’s absolutely no tolerance for insecure practices. Finity understand data sources simply cannot be safely connected and robust analytics conducted unless the data is 100 percent protected at all times, and that’s where IXUP comes in. Our Australian developed software platform removes those risks and barriers, allowing for secure data collaboration. We’re thrilled our partner has chosen to rely on IXUP’s technology.
“Customer expectations have changed. We’re in a digital era now - insurance companies need a more holistic view of their customers, and they need to make better informed decisions operationally and industry-wide. This is innovative work that’s accelerating the next generation of analytics. At IXUP, we’re excited to be a part of enabling secure data collaboration for our partner Finity.”
Listen to Ash Ahluawalia discuss data collaboration and insurance here:
To find out more about how IXUP works, watch the following video https://ixup.com/overview-video/.