ICMIF members Anadolu Sigorta in Turkey, and San Cristóbal Seguros – through its online subsidiary iúnigo – in Argentina, were announced as winners of Celent’s 2021 Model Insurer Program in the Data, Analytics and AI category, recognising the effective use of technology in different areas critical to success in insurance.
As insurers move into digital innovation other areas come into play, such as customer experience, the use of data and artificial intelligence, and the transformation of legacy systems and ecosystems. Making innovation happen requires combining ruthless execution, bold adoption of emerging insurance models and mastering the enabling technologies. Model Insurer winners are good examples of how this is done. In the award’s 15th year, a total of 17 insurers and their initiatives were announced as Model Insurer Program 2021 winners.
Anadolu Sigorta: Organised fraud detection via social network analysis
Anadolu Sigorta were recognised for a great use case of fraud detection with machine learning capabilities and datasets integration. The insurer identifies suspicious individuals and claims in the insurance industry through the application of graph theory in social network analysis for organised crime fraud detection.
Earlier this year, in order to contribute to the ongoing digitalisation of the Turkish insurance sector and growth of the local InsurTech ecosystem, Anadolu Sigorta launched a new Open Insurance Platform. The platform provides services to 260 API across 16 business areas to help business partners create new innovative solutions, products and customer experiences.
iúnigo: Dynamic pricing optimisation for auto insurance
iúnigo – Argentina’s first 100% digital auto insurer owned by San Cristóbal – was recognised for its success in dynamic pricing with dataset integration and analytics capabilities. Iúnigo provides price personalisation through the analysis of customers’ response to price change and their interaction with the organisation’s distribution channel.
Last year, San Cristóbal received a 2020 Celent Model Insurer Award in the same category, recognising innovations by the insurer in its fraud detection processes using computer vision and deep learning. San Cristóbal was commended for a successful use case of matching machine learning capabilities and an iterative testing cycle, combing combined computer vision, artificial intelligence, and deep business operational expert partnering to transform their company culture in their efforts to fight fraud with data-driven analytics.