Cleaning Up the Insurance Avenue

There might be a lot that human beings can do well, and yet there is nothing we do better than growing on a consistent basis. This tendency to get better at every step has already fetched us some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, based on its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look a little bit closer, it should become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we discovered, will scale up the human experience in every conceivable sense, but even after achieving such a monumental feat, technology will somehow continue to deliver the right goods. The same has grown to become a lot more evident over the recent past, and assuming a new partnership pans out just like envisioned, it will only make that trend bigger and better moving forward.

Two Sigma Insurance Quantified (TSIQ), a New York-based company specializing in underwriting technology, has officially confirmed a strategic partnership with NominoData to ensure that firms are better able to detect and reduce insurance fraud. Under the agreed terms, the core clientele of TSIQ’s underwriting workbench solution, SubmissionIQ, will gain an uninterrupted access to the latter’s OFACplus dataset. Now, this is quite a big deal because, by packaging the stated data into your individual workflow, you would basically get a solid chance to improve efficacy in terms of detecting any fraud-related symptoms, as well as strengthen risk management earlier in the underwriting process. But how does the whole thing work from a practical standpoint. The OFACplus dataset delivers on what it promises through the aggregation of high-risk watch lists. Hence, once it has all the relevant information, the solution then compiles it into a single comprehensive data file. Such a straightforward approach empowers underwriting teams to seamlessly verify the identity, and more importantly, the risk profile of both an individual and a full-fledged organization.

“We are excited to make OFACplus available to TSIQ’s client base and look forward to working together to further simplify fraud detection,” said Al Macdonald, Chief Executive Officer of NominoData. “Our partnership enables enhanced transparency through greater and easier access to data, true tenants of data-driven digital transformation that both our companies value.”

Founded back in 2006, NominoData has risen to popularity on the back of its integrated, and to a larger extent, plug-n-play solutions that assist AML, HIDTA HIFCA, and several industries in combating fraud, human trafficking, and non-compliance.

Coming to TSIQ, though, it has dedicated all its resources towards becoming a leading underwriting technology provider, a provider that can notably equip commercial property and casualty insurance carriers, and MGAs with whatever they need to grow their business, improve underwriting profitability, and be a partner of immense value. Another fact worth noting here is how, even though the partnership in question seems pretty significant, it’s not the first time TSIQ has tried leveraging a third-party’s prowess to deliver better results in this space. In fact, just a few months ago, the company collaborated with Central Analysis Bureau (CAB) to get a stronger grip on risk management tools and data for the transportation insurance industry.

“At TSIQ, we are committed to making sure underwriters have the data where and when they need it to make more informed and consistent decisions. By integrating the OFACplus dataset with our SubmissionIQ platform, we’re further enhancing the underwriter’s experience and instilling confidence along the way,” said Jeff Tyler, Head of Product, Data Science, and Engineering at Two Sigma Insurance Quantified. “NominoData’s innovation and commitment to empowering better risk management complements our mission of applying a more systematic underwriting process to promote safer practices.”