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SynerScope in DIA Top 100

Proud to have entered the list of Digital Insurance Agenda Insurtech 100! Thank you for considering us, we are in great company! Click on the picture below to see the full list.

Insurtech: Winning The Battle But Losing The War?

Author: Monique Hesseling

It was exciting to visit InsurTech Connect last week; there was a great energy and optimism on what we collectively can innovate for our insurance industry and customers,  and it was wonderful to see insurers, technology providers of all sizes and maturity levels and capital providers from all around the world coming together and try to move our industry forward.  As somebody eloquently pointed out: it was insuretech meeting maturetech.

Having attended many insurance and technology conference over the years, I really saw progress around innovation this time: we have all spoken a lot about innovation for a long time, and built plans and strategies around it, but this time I saw actual workable and implementable technical applications, and many  carriers ready and able to implement, or at least  run a pilot.

All of this is wonderful, of course. The one thing however that struck me as a possible short term gain but a longer term disadvantage is the current focus on individual use cases and related point solutions.  Now, I do understand that it is easier to “sell” innovation in a large insurance company if it comes with a clear use case and tight business plan including an acceptable ROI, supported by a specific technology solution for this use case. I saw a lot of those last week, and the market seems to be ready to adopt and implement function specific analytics and operational solutions around claims, underwriting, customer service, customer engagement and risk management. Each one of these comes with a clear business case and often a great technical solution, specifically created to address this business case. Which short term leads to a lot of enthusiasm for insuretech and carrier innovation.

However, to truly innovate and benefit from everything new technologies bring to the table, innovation will have to start taking place at a more foundational level; to access and use all available data sources, structured and unstructured, and benefit fully from insights, carriers will have to create an enterprise wide big data infrastructure. Quickly accessing and analyzing all these new and different data types (think unstructured text, pictures or IoT) just cannot  be done in a classical data environment.  Now, creating a new data infrastructure is obviously a big undertaking. So I appreciate that carriers (and therefore tech firms) tend to focus first on smaller, specific use case driven, projects.  I fear however, that some insurance companies will end up with a portfolio of disconnected projects and new technologies, which will quickly lead to data integration and business analytics issues and heated discussions between the business and IT. I start seeing that happening already with some carriers I work with.  So I would suggest to focus on the “data plumbing” first: get buy-in for a new brave data world. Get support and funding for a relevant big data infrastructure, in incremental steps. Start with a small lake, for innovation. Run some of these use cases on this, and quickly scale up to an enterprise level. It is harder to get support and funding for “plumbing” than for a sexy use case around claims or underwriting, but it seems to be even harder to get the plumbing done when the focus is on individual business use cases. Please do not give up on the “plumbing”:  we might win the innovation battle, possibly lots of battles,  but lose the war.

Using Smart City Data for Catastrophe Management: It Still Is All About the Data …

Author: Monique Hessling

Recently I had the pleasure to work with SMA’s Mark Breading on a study about the development of smart cities and what this means for the insurance industry (Breading M, 2017. Smart cities and Insurance. Exploring the Implications. Strategy Meets Action).

Smart Cities and InsuranceIn this study Mark touched on a number of very relevant smart city related technical developments that impact the insurance industry, such as driverless cars, smart buildings, improved traffic management, energy reduction, or sensor-driven better controlled and monitored health and well-being.  Mark also explored how existing risks and how carriers assess them might change, and how these might be reduced due to new technologies.  However, new risks, especially around liability (think cyber, or who is to blame for errors made by technology in a driverless car or in automated traffic management) will evolve. Mark concluded that insurers will have to be ready to address these changes in their products, risk assessments and risk selection.

Here in the USA, the last weeks have shown again how much impact weather can have on our cities, lives, communities, businesses and assets. We all have seen the devastation in Texas, Florida, the Caribbean and other areas and felt the need to help.  As quickly as possible. Insurance carriers and their teams too go out of their way (often literary) to assist their clients in these overwhelmingly trying times. And I learned in working with some of them that insurers and their clients can benefit from “smart city technologies’ also in times of massive losses.

I have seen SynerScope and other technology being used to monitor wind and water levels, overlaying this data with insured risks and exposure data. Augmented with drone and satellite pictures and/or smart building and energy grid sensor data (part of this is often publicly available and open), this information gives a very quick first assessment of damage (property and some business interruption) to specific locations. I have seen satellite and drone pictures of exposures being machine analyzed, augmented with other data and deployed in an artificial intelligence/machine learning environment  that by using similarity analyses quickly identifies other insured exposures that most likely have incurred similar damages. This enables adjustors to  proactively get involved in addressing this potential claim, hopefully limiting damages and getting the insured back to normal as soon as possible. Another use of this application of course is fraud detection.

Smart City Data

Smart city projects  use technology to make daily life better for citizens, business and government. The (big) data these projects generate however can also be very helpful in dealing with a catastrophe and its aftermath. We don’t always think creatively about re-using our data for new purposes. Between carriers, governments and technology providers we should explore this more. To make our cities even smarter, also in bad times.

Download the report:

Smart Cities and Insurance

 

Webinar SynerScope with Hortonworks

Do Insurers Spend Too Much Time Understanding Data vs. Finding Value In It?

Recorded Tuesday, April 25, 2017  |  57 minutes

Every insurance company regardless of line of business is focused on being more data-centric. Risk assessments based data is at the heart of analysis. Understanding and paying valid claims quickly is key to customer retention and loyalty. Creating new insurance offerings to meet market and customer demands is imperative to remain relevant.

Today insurance companies have more data available to them than ever before. Whether it is big data from open data sets, IoT data, customer behavior data, photos from risk assessments, drone aerial inspections of property or traditional risk/claim/customer data. It’s all data! The challenge remains “how quickly can you ask questions of the data and make insightful business decisions”?

During this webinar you will learn how to:

  • Spend little or no time on data hygiene and data transformation
  • Make data accessible across the enterprise through data usage and collaboration
  • Quickly identify what new open data or existing data is most valuable for your risk assessments
  • Leverage deep learning on the underwriting and claims processes for a positive impact to your combined ratio
Speakers
  • Cindy Maike, GM of Insurance Solutions at Hortonworks
  • Monique Hesseling, Strategic Business Advisor at SynerScope
  • Pieter Stolk, VP of Customer Engagement at SynerScope

SynerScope announces Gold ISV partner status for Hortonworks

January 16, 2017, The Netherlands – SynerScope, the Big Data Analytics innovator, today announced its GOLD ISV status for Hortonworks Data Platform (HDP) and Hortonworks Data Flow (HDF). Hortonworks, a leading innovator of open and connected data platforms has certified SynerScope’s solution and expertise for the Insurance Industry.  As a member of the Hortonworks Partnerworks community, SynerScope is able to develop, test, certify, deploy and support joint solutions as well as gain access to technical and marketing resources.

Jan-Kees Buenen, CEO of SynerScope, said:  “Insurance companies often need to act really quickly due to suddenly changing circumstances. This requires fast decision-making based on current data.  Customers are keen to find and fully understand data patterns to enable insight and action that directly impact business objectives.  We believe our partnership with Hortonworks will give the insurance industry instruments for real-time, ultra-fast decision making by domain experts for continuous improvement.”

The insurance industry is undergoing a radical transformation and regulators are demanding greater focus on solvability. The Hortonworks certified SynerScope solution enables customers to reduce costs and risks, improve efficiency, generate new revenue, drive growth and comply with regulations. SynerScope has linked its advanced high speed visualization technology to HDP. This combination provides machine learning and advanced analysis but also helps avoid creating any specific database lock-ins.  NoSQL, Search and in-memory SQL integrated databases complete the technology stack that allows insurance carriers and other enterprises to become data driven in strategic analysis and operations.

Cindy Maike, general manager for insurance at Hortonworks, commented: “Our customers want insights delivered at the speed of business. Synerscope accelerates customer success with reduced implementation times with its insurance industry knowledge and expertise.”

 

 

SynerScope featured in Financial Times

Excited to be featured in FT!

We are happy with this report on Risk Management Technology in the Financial Times. SynerScope was one of ten companies in a full page article titled “Insurtech startups causing a stir”.

The start-ups are targeting all parts of insurance. Some focus on distribution, using new technology to reach consumers that traditional insurers miss. Others, like SynerScope, are looking at analytics, helping insurers to use data to make better underwriting decisions. Blockchain — the technology that underpins bitcoin — is increasingly popular, while health insurance has been a big area of start-up activity in the US. Nor have start-ups ignored the potential of the “internet of things” — the growing use of data-collecting devices in everyday items, from cars using telematics systems to connected homes.” (FT, October 3, 2016)

The Financial Times has an average daily readership of 2.2m. The world edition has a daily circulation of over 200k. According to the Global Capital Markets Survey, which measures readership habits amongst most senior financial decision makers in the world’s largest financial institutions, the Financial Times is considered the most important business read.

Click on the image to read the report:

SynerScope demonstrates the power of Artificial Intelligence for Insurers

October 4, 2016 The Netherlands –

This week data analytics specialist SynerScope will use Insurance Analytics Europe in London to showcase the enormous potential of Artificial Intelligence-driven applications for the insurance industry.

The Internet of Things is creating an unprecedented volume of information which threatens to overwhelm conventional means of analysis. Together with AI computing company NVIDIA, SynerScope is using a branch of Artificial Intelligence called Deep Learning to unlock the ‘black box’ of data and exploit its potential to help the insurance industry make better underwriting decisions. SynerScope is used to looking beneath the surface. Its background is in MRI scanning and equipment of the kind used to look beneath the layers of paint on old masters’ artwork. Now SynerScope is applying its expertise to the growing volumes of data that insurers collect and turning them into actionable insights like reducing claims and preventing accidents. (see FT article October 3, 2016)

SynerScope is using the NVIDIA DGX 1, designed as a ‘plug and play’ deep learning supercomputer in a box, to accelerate Deep Learning for the insurance world. Deep Learning, which teaches computers to solve problems and find meaning by training them with huge amounts of data, is replacing handcrafted features with efficient algorithms for unsupervised or semi-supervised feature learning and hierarchical feature extraction.

The end-goal for SynerScope is help insurers open up their data lake through the application of deep learning as a compliment to their staff’s expertise.

Alastair Houston, Financial Service Industries Sales Manager at NVIDIA, said: “Across the world, industries seeking to realise the potential of Deep Learning are converging on NVIDIA’s computing platform. Now, by partnering with SynerScope at Insurance Analytics Europe, our aim is to educate the insurance sector about the game-changing impact deep learning can have, uncovering valuable insights which would otherwise lie undiscovered in their data lakes.” 

By combining NVIDIA’s deep learning compute platform with its applications for the insurance industry, SynerScope is eliminating the need for substantial data cleaning and data modelling and ensuring efficiency in creating insight. For further information please see SynerScope at booth 10 at the event.

 

About SynerScope

SynerScope, the next generation platform that provides analytics solutions to help discover critical insights from massive amounts of data, including dark data, and turning it into useful information and insights.

SynerScope combines Scientific Visualization Technologies (MRI scanner), ultrafast predictive analytics and machine learning on top of its proprietary enterprise data navigation, -search and -linking.

SynerScope’s offering is delivered through a tight integration of technologies. Its unique back-end software called Legato 2.0, parses the data sources in an instant at scale to provide a head-start to any analytics projects by providing a coherent overview. It works equally well with data where no reliable data-scheme is available. From Legato 2.0 we ingest the data into our front-end software Marcato 4.0, it’s screens designed for collaborative discovery from raw data.

This technology stack provides enterprises high speed detection of abnormal behaviours and anomalies in complex data. SynerScope operates in the following sectors: Banking, Insurance, Critical Infrastructure, and now also in Cyber Security. Learn more at Synerscope.com.

SynerScope has strategic partnerships with NVIDIA, Hortonworks, IBM, Dell, SAP.

 

Media contacts

Toby Walsh

+44 777 337 4545

toby@twpr.co

 

Marieke Beijsens

+31 (0)6 2364 4933

marketing@synerscope.com

Synerscope is now certified partner with Hortonworks

We are thrilled to announce the certification of SynerScope on Hortonworks data platform! As of now Hadoop based data can be accessed directly from SynerScope.