Financial Services
INSURANCE
IFRS17
For the insurance industry, the new “International Financial Reporting Standard 17” legislation is very relevant. This standard has severe impact on all financial reporting. Though it comes into effect only in 2021, the required preparation affects your complete reporting process and the relevant data sources. Our innovative technology supports you in finding the gap between your current reporting and IFRS17. In addition, we can recommend solutions to bridge this gap.
BANKING
The banking industry, same as with the insurance industry, is also undergoing a radical transformation. Having lost the trust of their customers, banks are seeing a new generation of Fintech businesses emerge that are looking to disrupt the industry and steal market share. These data savvy businesses are innovating financial services and reinventing the customer experience.
Risk management and Customer Data are the two key areas in the banking industry accumulating massive amounts of data that needs to be analyzed. Banks are working with SynerScope to leverage the value of data and turn challenges into opportunities. It helps them to gain competitive advantage, reduce costs and minimize risk in real-time. While other solutions provide a 360 ‘’ customer view, SynerScope provides a 720 ’’ customer view by adding context and analytics to the regular customer journey.
PUBLICATIONS
- Data Driven Finance 2018: “Intelligent & Enriched Data: the value it brings” – Article by David de Jong, previously appeared in FM.NL Financial Management, XX month, 2018.
- Breading M, 2017. Smart cities and Insurance. Exploring the Implications. Strategy Meets Action
- Customer Due Diligence – A Bank in The Netherlands, by SynerScope, October 2018.
USER STORIES
Financial reporting
Many financial reporting processes require hand-offs and manual checks. This makes them inefficient and ineffective. It is also time consuming and requires a lot of resources to control and has a subpar data quality.
Find out how SynerScope’s Ixiwa, can help improve your financial business processes drastically.
Insurance claims
Insurance companies are operating in a marketplace that is changing more drastically than perhaps ever before. To address this trend companies continue to focus on operational efficiency.
This is often achieved by cutting costs and modernizing operations to support an increasingly agile and responsive eco-system.
A more strategic solution is to invest in profitable growth, by developing products for emerging markets and customer segments: new products around for example cyber insurance or shared economy, or new IoT related products and services.
All these initiatives depend on large amounts of information, consisting of structured & unstructured data.
Accustomed to scarcity of useful data now companies have the potential to unlock enormous data lakes. This forces insurers to select the right technology to unlock this data, acknowledging that they also have to rethink their digital data value propositions and business models.
To learn how our insurance customer did it, read the user story…
Telematics Analytics
Most telematics insurance providers rate their individual policies based on a handful driving variables. Lacking contextual information makes it difficult to rate individual driver’s behaviors accurately, defeating the premise of true use-based insurance.
Improve the UBI rate setting with contextual data analyses by using SynerScope for more accurate assessments thru analyzing all data sets available thus optimizing individual premiums and risk assessment.
