Insurance and Banking. Challenges and synergies

IFC-CRIFOn February 14, Sara Costantini, Managing Director of CRIF Decision Solutions UK & Ireland, presented a webinar on the differences and synergies in the insurance and banking industries in collaboration with IFC - International Finance Corporation.

She looked in detail into at the state of the UK insurance market, the 4th largest in the world and the largest in Europe, as well as the long-term savings industry and the latest ABI fraud figures. In a country where one insurance fraud is detected every minute and the cost of detected fraudulent claims was £1.3bn in 2018, the role of the insurance bureau/CUE (Claims and Underwriting Exchange) database is pivotal.

In front of an audience of Tajikistani, Ukrainian, Azerbaijan, Uzbekistani, and Kyrgyzstani organisations, Sara explained what an insurance bureau is and its key benefits in each phase of the customer lifecycle (point of quote, point of sale, claims and fraud investigation).

The UK Claims and Underwriting Exchange (CUE) is a central database of motor, home and PI incidents established in 1994 to prevent multiple claims fraud, which collects over 36m claims histories and counts around 475 members, including insurance companies and delegated authorities.

She continued by adding that both the insurance and banking industries are dealing with similar issues, in particular, digital transformation (insurtech/fintech), a customer-centric approach, regulatory framework, and use of alternative data and technologies, such as artificial intelligence and machine learning. Starting from this, Sara then analysed common challenges and solutions, leaving the door open to a new data-sharing and cross-industry approach.