Fraud Sniffr: Exposing Inflated Insurance Claims Using Social Media Data
When a Philadelphia attorney wanted to investigate a person who had been at fault in a severe car accident, he reached out to Fraud Sniffr, a social media investigation solutions company, who identified and verified the person’s social media profiles. It was found that he was one of the main organizers of the car club that has been performing illegal car driving stunts for the last three years. The police report indicated the person who caused the accident was going 73 mph in a 25-mph zone, which was a behavior consistent with the social media findings. Fraud Sniffr’s report, eventually, helped the attorney to establish a history of reckless driving, which allowed the accident victim receive more appropriate compensation for their injuries. This is only one of the many cases investigated by Marci De Vries and her experienced team who are on a journey to expose obviously inflated or untrue insurance claims using social media data.
It is been reported that insurance fraud steals at least $308.6 billion every year from American consumers; fraud occurs in about 10 percent of property-casualty insurance losses. Through Fraud Sniffr’s solutions, Marci aims to reduce this loss by providing court-ready and comprehensive information about targets with social media data. “This data changes the trajectory of the claim, which in turn lowers insurance premiums for every insured person in the US,” states Marci.
The company’s proprietary [Observr] software was designed for the specific needs of the insurance and legal defense industries and how they use social media data to resolve matters. It allows “one click” updates to a social media harvest, so that an insurance adjuster or attorney can click a button in their system to scan a person’s profiles, and the [Observr] bot would deploy and gather all new public information since the last update.
When developing [Observr], Marci identified two additional necessary solutions. “First, we realized that social media content storage created a high-risk for version control. Prior to our software, the teams would routinely have five or six versions of a social media report; each covering different dates.” Second, this work created a critical need for a flexible way to share very large file sizes such as live stream videos. To address both concerns, the team added ‘invitation access’ so multiple members of the claims and legal teams can be invited to view an individual file, and each member will only see the most current version of the content. For Marci and team, FS [Observr] has been critical to the success of the company, as they use it not only to deliver content to their clients but also to reference their work when clients call in with questions.
Being a problem-solver by nature, Marci believes in building constraints and roadblocks in her mind into a shape, almost like a room, and figure out how to live and grow the company within the shape of that room. “Admittedly, sometimes the shape gets a little tight, but if you commit to working within the available space, you can always do the work,” she adds. With her resiliency and can-do attitude, Marci keeps a close eye on Fraud Sniffr’s successes as well as its challenges to steer the company toward whatever end point she wants to achieve. Be it a concern or success, she encourages the team to take time to take a look at the full picture. “When we see a success trend, then we dive in to look at repeatable tactics to drive further success.”
Incidentally, she says, the biggest challenge while starting a business in the insurance industry is the industrial-strength entropy. “Insurance is in the business of insuring itself against any bad outcome which makes them feel invulnerable. Teaching the value of a new procedure to mitigate losses is something that takes time, trust, and so much patience.” This is clearly evident in Fraud Sniffr’s success journey.
Building Resilience within Insurance Marketing
David Walsh, CEO of Visiqua
Building Resilience within Insurance Marketing
As a panoramic performance marketing company focused on building resilience for its partner brands, Visiqua’s insurance arm has been popularizing many new concepts within insurance marketing. While it introduced and popularized the Pay Per Call Warm Transfers, it also earned the distinction of adopting a new approach to an existing insurance click-based market and introduced a ‘right price bidding tool’ through their platform, Clicks to Convert. Clicks to Convert ensures that advertisers do not overpay for traffic in a secondary click exchange. Visiqua’s other innovative product was the launch of Call Ping Tree. Bringing existing technology focused on leads, to the performance call space. This allows advertisers to bid on and buy calls in real time. David Walsh, CEO Visiqua is an acclaimed name in the industry. His performance-driven strategies coupled with technological innovation has helped him drive companies towards transformation and growth. Excerpts from an interview with David:
Pay Per Call Warm Transfers
David notes that warm transfers are part of the larger customer journey and understanding that picture is key to success. He added that new telephony tools and data resources have been introduced recently and that they enabled Visiqua to understand more about a call and caller prior to accepting the transfer. “Today we can build a buyer profile of data points ahead of a transfer and better match that consumer to the correct advertiser, boosting overall performance. The aim is to deliver warm lead to the right buyer at the point in the journey when a user is ready to convert”.
Flagship Products & Services
Visiqua’s flagship products in the insurance space are categorized into three core offerings – Calls, Clicks and Leads.
‘Calls’ consists of a classic mix of inbound calls and transfers routed through the Call Ping Tree. This tool allows to look at a call in real-time, augment it with third party data, and then put it up for sale in an auction for our advertiser partners to bid on, explained David.
‘Clicks’ is a product that has evolved significantly for the company in the past 5 years. Today it enables an advertiser to target in-market shoppers, to layer on additional data points to best match their customer profile to the traffic provided. This is all done through Clicks to Convert, Visiqua’s vertically relevant click exchange offering second price auction.
“The third segment, ‘Leads’ comprises of both proprietary and third-party data from our portal FindQualityInsurance.com and a myriad of other data resources along with owned and operated websites. Currently Visiqua is handling north of 500,0000 leads a month insurance vertical,” added David.
The launch of our portal Find Quality Insurance.com was a result of both the company’s understanding of the customer journey and the needs of the market itself. “FQI as we call it, internally has been a great test bed for us to launch new types of forms, test content, analyze data and even led to the formation of Clicks to Convert platform. Lead volumes vary year to year and the experience is ever changing but our focus on testing and UX has led it to be a big success for us,” said David.
“A major challenge we are facing right now is pace of innovation and how it varies from partner to partner in the call space” recalled David. He quickly added that the main challenge comes in the form of disparate technology approaches and compatibility issues, as the company is also seeing some inertia in the space with people refusing to adopt new technologies.
Effects of Economic Slump
Noting that the recent pandemic made people realize the importance of securing their assets and protecting families through insurance, David noted, “This is where the insurance sector steps in, and where we have seen a shift in the market. With this change in climate the insurance sector can absolutely gain. From life and home insurance early in the pandemic to today. Open Enrollment is here, this is the perfect time for advertisers to get in front of users who are looking for new coverage, have had a major life event, or are looking to switch.”
A Parting Thought
“For me, and for Visiqua, this year has really boiled down to executing on our vision, We have worked to evolve and advance our technology solutions to better understand the customer journey, while engaging that customer journey at the right time. Visiqua continues to convert people and improve yield/conversion for our partners,” signed off David.
Withstanding the Digital Unknown
Sidd Gavirneni, CO-Founder & CEO of Zeguro
Withstanding the Digital Unknown
Zeguro is a pioneer in insurtech. It was the first to combine cybersecurity and cyber insurance. Today, Zeguro is a holistic cyber risk management platform. It protects organizations from cyber risks, mitigates those risks, and reduces the loss businesses suffer when they are attacked. “When we founded Zeguro, we knew there was an opportunity to improve the customer experience around cybersecurity and cyber insurance. But we also knew we’d only get it right if we aligned ourselves to the needs of our customers,” says Sidd Gavirneni, Co-founder and CEO of Zeguro. Having lived in multiple countries and being exposed to their rich cultures, Gavirneni was insistent on building a diverse team from the start. “It’s no secret: diversity fosters team empathy which flows into customer empathy and helps us better solve customer problems.” This founding principle has directly translated into positive results for our customers and partners.
“From the start, customer experience has been overlooked in insurance, especially in the complex and fast-changing cyber insurance space,” says Gavirneni. No question about it, there’s a surge of insurtech startups that are focused on providing an improved customer experience. However, there is still a lack of customer-centricity. Getting a quote might now be slightly easier, but policies are written in insurance jargon, unfriendly to the layperson.
Zeguro is changing all this, and the feedback from Zeguro’s clients has been overwhelmingly positive. They love the simplicity that the platform offers and, especially, that they can relax, knowing they are covered, even if disaster strikes. At its core, Zeguro simplifies cyber insurance for customers. It uses straightforward language that anyone can understand and can relate to. And it’s fast; businesses can fill out their quote forms and purchase a customized policy in as little as 4 minutes. Gavirneni encourages all insurance companies to think about the full picture: create products that customers can understand, help customers manage risks, lower premiums when risk is reduced, and use data to better understand their customers.
From Data to Insights
Insurance is all about data. Improved analytics and AI tools are helping both incumbents and insurtech startups to better understand and predict risk. “For a number of reasons, I think that the jury is still out for the use of blockchain in insurance,” says Gavirneni. There are more obvious opportunities to use advancements like machine learning. Gavirneni believes that such technology will be the focus of most insurance companies, including Zeguro, over the next few years.
Zeguro’s founding vision is to empower every organization to withstand the digital unknown. “This can only be achieved by making cybersecurity and cyber insurance easy and approachable for SMBs,” says Gavirneni. This is what sets Zeguro apart. The cybersecurity landscape changes rapidly, and so should cyber insurance. Newer risks must be identified and taken into account. Zeguro’s Cyber Safety™ solution for SMBs makes it easy for businesses to get started with cybersecurity. Traditional insurance providers use customer-provided data on application forms to underwrite insurance. “We go beyond that – our self-service SaaS solution tells businesses exactly what they need to do to improve their security posture, and hence, lower their premiums,” states Gavirneni. This reduced risk is a win-win for both the customer and Zeguro.
As the first company to connect cybersecurity with cyber insurance, there was a risk that customers and partners would not follow. Fortunately, the positive feedback was immediate as Zeguro’s first customers began using the platform. This was a pivotal moment for Gavirneni and his team. It served as proof that Zeguro was on the right track to alleviate an important pain point for customers.
“Truthfully, I am afraid to fail,” admits Gavirneni. However, that fear helps leaders make better decisions. “When you have a great team to depend on, no leader should feel paralyzed by the fear of failure,” he adds. His advice to entrepreneurs is to focus on building an outstanding team, encouraging them, and making sure that they believe in the core values of the company. Gavirneni and his team at Zeguro hope to empower every organization to protect themselves from cyber risks and attacks.
Dobby – The operating system for modern American homes.
Satadru Sengupta, Co-Founder & CEO, Dobby
Dobby - The operating system for modern American homes.
Starting with a leapfrog home maintenance product that won TechCrunch Top Pick in AI/ ML 2019 – Dobby is pioneering digitization & AI in the $16T residential property market, the largest asset class in the US. Dobby’s vision is “to become the operating system for American homes” by adding adjacent products and services including insurance.
Dobby creates a luxury experience for homeowners and increases their property value with an AI-first, fully digital, “get-stuff-done” app backed by an invite-only, high-quality service pro community.
At the helm of affairs at Dobby is Satadru Sengupta, Co-Founder & CEO of the company. Previously, as an industry GM, Satadru built the multi-million dollar insurance business at AI unicorn DataRobot. Satadru, an CSPA designee from Casualty Actuarial Society, was a data scientist at AIG, Liberty Mutual Insurance, and Deloitte Insurance Practice.
Satadru is a staunch believer that communities at large should be the recipients of the wonderful outcomes technology can bring out. Excerpts from an interview:
Dobby- The Story Behind
The founding idea of Dobby (formerly, Halos) was to bring an asset-first approach to home insurance. “We wanted to build a home insurance product that not only pays the homeowner after an incident – but actually helps them protect their largest asset through regular and timely maintenance, upkeep, and upgrades.”
Noted Satadru that he was surprised to see that the current $300 billion home maintenance incumbents were using a decade-old playbook and competed as advertising websites. “There is no digital product and there is no ‘get-job-done’ software available for homeowners or service providers.” He added “We decided to build an AI-first, fully digital home maintenance solution before we add insurance and other products for homeowners.”
Technology Transforming Insurance
The insurance industry is one of the oldest consumers of analytics, data science, and AI/ ML. “In recent times, we have started to see more widespread applications of analytics and AI/ ML in insurance – marketing and distribution, underwriting automation, claims automation, fraud detection, loss prevention to name a few. This trend will continue and will touch every single insurance function.”
Satadru is bullish about the applications of blockchain in the insurance industry: “Historically, insurance has been a contract between two parties: an insurance company and the policyholder. These days, insurers are working with different ecosystems to drive more value-added services to the consumers. These multi-party transactions create a natural use case for blockchain.”
Satadru noted that the world has been experiencing a massive technological and behavioral shift. “COVID-19 has put these inevitable changes on a fast track. We will recover from the pandemic soon, but these changes will continue for the next few decades until we reach a new equilibrium. As a result, we see emerging asset classes as well as emerging risks. The biggest challenge of the insurance industry today is how to keep up with these changes.”
According to this expert, historically, as an industry, insurance did a terrific job in a changing environment. “But the speed of change we are experiencing now is truly unprecedented- more storms, larger wild-fires, new ways of living and working in the ‘stay-at-home’ economy, and a rapid growth of new tech-driven assets (self-driving cars to crypto to commercial space travel).”
Satadru stressed on the need to understand new assets – how they are fundamentally different from the current understanding. He also emphasized on the need to adopt a similar approach to understanding emerging risks and changing customer expectations.
Lead generation to value creation:
The current home maintenance market is 10-15 years old and is entirely a lead-generation play while Dobby is a value-creation play. “We are a product-led company and have three inter-connected customer-facing products in the market right now: Dobby Homeowners App, Dobby Service Pro App, and Dobby Partner Portal. These are creating tremendous platform-value for the ecosystem.”
Moment of Success
Noting that nothing is more satisfying than building something people love and being part of that building process, Saradru noted, “I was part of AI unicorn DataRobot as an early employee and now with Dobby, we are building a truly 21st-century product in an antiquated industry. Both are transformative journeys as we make things that didn’t exist before.”
A Piece of Advice for Entrepreneurs
“Solve a real problem – even if it is small. And if you can solve a big one – do that. But either way, build the courage and intellectual honesty to validate that you are solving a real problem. Also, spend a disproportionate amount of time on understanding the problem before you design a solution.” signed off Satadru.