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It's complicated to disrupt the $5bn insurance industry, but it is possible to innovate it

Europe is introduced to the new AI-based application Kasko2go. The product at the intersection of new technologies and business is set to provide new industry standards, and ensure safety.

Each year insurance companies all over the world suffer enormous losses. The main reason for this is insurance fraud, and its scale is quite detrimental for the industry. Think about it: as per Aviva fraud investigation, 9 out of 10 insurance claims involve fraud. Companies lose billions of dollars, and insurers have nothing left to do but cover those losses with the price being higher premiums. In other words, law-abiding and decent clients of the insurance companies actually have to pay for the fraudster's activity.

Up until now so-called “friendly fraud” has been the most common kind of fraud in the insurance industry. It is pervasive and very difficult to track. However, fraud alone is not the only challenge in the insurance sphere: the insurance legacy systems are inscrutable and quite costly to maintain. 

Kasko2go is a ready-to-market product which can be used by market participants to lead the insurance industry to a new level and offer on-demand insurance: no lengthy contracts are involved, and this is an indisputable benefit. The user activates the app only when driving and this results in savings being passed to the client. 

The Kasko2go application will be powered by getmeIns™ technology, developed by independent Click-Ins Ltd company. It brings together AI, link, visual, and text analytics, open source intelligence, image and signal processing. Of course, getmeIns™ has not escaped attention: year 2017 was marked by the first place in AXA-JVP insurtech competition and being the second runner up in prestigious Luxembourg Fintech Awards by KPMG. This quintessential tech will be the most accurate anti-fraud technology ever developed which can predict fraud at the point of sale.

Kasko2go application will apply a combo of fraud detection AI and real-time driving conditions evaluation. Telematic capability of the app enables using a standard smartphone for data measurement. Kasko2go reduces the risk of double insurance claiming. After one downloads the app, it gathers all the relevant data about the driver including: from state of health up to driving behavior. Afterward the information is pieced together to generate a possible fraud engagement score as well as a unique digital signature for damage.

The product can make a difference, and its innovativeness is owed to the team of highly professional and skilled people who started working on the project a long time ago. It took more than five years of thorough study to examine and analyze driving behaviors of millions of drivers.

The top-management is represented by Genadi Man (Co-Founder, CEO), Dimitri Wulich (Senior Risk Manager), Dmitry Bakutin (CEO R-Telematica and Start kasko2go), and others. The team is comprised of people who have been engaged in development and occupied senior management positions in high-profile global projects.  

"I have lived in Switzerland for many years and I do travel a lot for work. During my numerous business trips I have noticed that the problem of auto insurance fraud is common even in highly regulated markets. Our product has been successfully launched in Ukraine and Russia where it is now being tested. The leading insurance companies show strong demand for cooperation with us, and this is the evidence of the following: the problem does exist and the market players are ready to combat it", — as noted by Genadi Man.

Today Kasko2go will stand on three pillars: R-Telematika (R&D and Software Development), Kasko2go, fraud detection system development by Click-Ins Ltd. (getmeIns™), and R-Stat (Sales and Business Operations). Those are the elements of sui generis technological processes elaborated inside the insurance industry. Having new anti-fraud technology as the backbone, Kasko2go can address the current challenges and fulfill complete insurance industry decentralization. 

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