CRIF sponsors the Ukraine Credit Reporting Conference
The International Finance Corporation (IFC), a member of the World Bank Group, invited CRIF as a leading player in the credit reporting industry to join its Regional Credit Reporting Conference. Sara Costantini, UK and Ireland Regional Director at CRIF, delivered a speech titled: Insurance and Banking. Cross-industry data sharing for customer risk assessment. Sara presented the major trends in the Ukrainian insurance sector in comparison with neighbouring countries, explored the phenomenon of fraud and the most common patterns in Ukraine, and also providing a view of what happens in mature markets like the UK (4th insurance market in the world). She then described using tangible examples of intra-data sharing and inter-data sharing case studies what the insurance and banking industries have in common and how they could leverage their synergies:
- Digital transformation, which is disrupting the financial market (Insurtech/Finthech)
- A customer-centric approach to create hyper-personalised products using PSD2 and open data, enhancing customer engagement and multi-channel customer experiences
- New competitors (GAFA): Google, Amazon, Facebook, and Apple are natively customer-focused, trustworthy and fitting into customer lives rather than the other way around
- Use of alternative data and technologies (AI, machine learning) to optimise customer profiling and segmentation.
Sara’s final message was the promotion of collaboration among regulators, insurers and banks by embracing digital transformation as an opportunity not just to reduce expenses, but also to possibly reinvent how they conduct business. A cross-industry collaboration that could encourage data sharing and create the grounds for new business models.