ForMotiv

The ForMotiv team had a great time attending #ITC InsureTech Connect last week! There is no better opportunity to connect with insurance industry leaders, carriers, and partners to exchange ideas and stay up to date on the latest innovations shaping the insurance industry. No surprise, "AI" was the major focus of the event. We discussed the topic earlier this month in our article, "The Generative Elephant in the Room - is AI in Insurance Fad or Future?" We also discuss how carriers leverage our Growth, Leakage, Nondisclosure, and Fraud Solutions to solve some of their immediate challenges. Check it out below! The buzz at the conference was electric and we're very excited about the current state of insurance. Reach out if we didn't get a chance to connect live last week! https://lnkd.in/ekWgaN7B #ITC2024 #InsurTech #Innovation #Networking #InsuranceIndustry

ForMotiv is gearing up for ITC - will you be there? If so, let us know! #ITC2024

And the Mortality Silver Medal Goes To…Body Mass Index!    While tobacco nondisclosure consistently takes the Gold in the Mortality Impact Olympics, it's important not to overlook the other top contenders. Body Mass Index (BMI) misrepresentation and alcohol nondisclosure are also significant factors in mortality risk, both comfortably standing on the podium. The article below focuses on the often-underestimated Silver medalist: BMI.   BMI is a critical factor in life insurance underwriting, second only to smoking in terms of the impact on risk classification. Misrepresentation of BMI—where applicants underreport their true BMI—can lead to applicants being placed in more favorable underwriting classes than they would qualify for if their actual BMI were known. Research indicates that BMI misrepresentation occurs in approximately 20% of fully underwritten cases, and this rate is likely to be higher in accelerated underwriting, given the lack of medical verification and self-selection. The resulting increase in mortality risk must be balanced against the benefits of higher placement rates and reduced costs. Read the full article and results from the Munich Re study here: https://lnkd.in/eCvfzURT #lifeinsurance #nondisclosure #bmi #bodymassindex #mortality #underwriting

Thank you, CNBC! Psyched to announce that we have been recognized as one of this year's World's Top Insurtech Companies! 🎉 A huge thank you to our clients, partners, and supporters for believing in our vision. If you want to see how our Growth, Risk, Fraud, and Agent Solutions can help you increase sales while reducing leakage, nondisclosure, risk, and fraud - please reach out! #Insurtech #Innovation #TopCompanies

"Half of U.S. auto-insurance customers have actively shopped for a new policy in the past year, up from 41% in 2021, according to research firm J.D. Power." Understanding purchase intent and customer preferences during the online shopping experience is becoming increasingly important. Reach out to learn how ForMotiv can help you provide a better customer experience to this new cohort of shoppers and ultimately sell more policies. https://lnkd.in/eUsgGBef

Consumers are shopping more than ever in response to today’s rapidly rising auto insurance premiums. LexisNexis reports the quarterly year-over-year growth for new policies was “Sizzling,” up 8.7% for Q1 2024 (and up again from +7.0% last quarter.) We’ve called it “The Great Shop” for the past few years. While some P&C carriers have reduced advertising spend to offset underwriting losses, P&C carriers continue to spend north of $8 billion on advertising. Given the high lifetime value of auto insurance policies, Google ads can cost more than $50 per click. Yet, Accenture reports that over 75% of consumers attempting an online purchase reported a problem during this shopping. According to Salesforce, 78% of customers surveyed said they’re more likely to respond to personalized messages. This creates an opportunity for carriers to differentiate themselves from the crowd if they can predict and act in real-time on the purchase intent and buying preferences of the individual applicant and, ultimately, close more business. Read more to learn how ForMotiv's Growth Solution is helping carriers predict, segment, and act on varying levels of applicant purchase interest to grow sales and create better digital experiences. #insurance https://lnkd.in/ezrhgGuC

Psyched to announce our new partnership with FRISS! The collaboration between ForMotiv and FRISS aims to provide insurers with new insights into applicant behavior and intent, significantly enhancing fraud detection and risk assessment processes. By combining ForMotiv’s behavioral analytics with FRISS’s predictive AI models and analytics, insurers can capture and analyze thousands of digital behavioral data points during the application process. The integration allows for real-time identification of potential fraudulent activities and misrepresentations, improving the accuracy and efficiency of underwriting decisions. Read the full press release below and reach out to discuss! #friss #formotiv #insurance #partnership #fraud #risk #underwriting https://lnkd.in/ecVBKsmF

Undisclosed drivers are a +$10 billion problem for auto insurance carriers. Verisk estimates that 12% of standard and 15% of nonstandard policies may have hidden drivers. Even more concerning is that roughly 75% of discovered drivers are high-risk. This isn’t surprising, as there is ample incentive to conceal a high-risk driver and lower the premium. Read on to learn how ForMotiv uses real-time behavioral data to solve this ongoing problem. #insurance #data #machinelearning #driving https://lnkd.in/e-7MYTEG

Another postponed mission for Starliner. The diff between Spacex and Boeing is that Spacex operates on an intentional, measured, test and learn, fast-fail basis and Boeing uses a heavy, rather ineffective qa process trying to prevent any failures through invented test scenarios and "pre-testing." Boeing will never iterate (or learn) as quickly as spacex ... you need to fail to learn. Certainly, don't risk critical assets as you learn (like astronauts), but invest in the technology to repeat and measure. In the long run, rapid iteration and measurement will get the job done much more effectively than trying to prevent failure through testing prior to deployment. And you will innovate much more quickly ... with much higher quality at every step.

A few weeks ago, we wrote about Insurance being a hidden culprit behind persistent inflation. Our article is linked in the comments. Today, more data is available that not only supports this assertion but also shows it may be severely understated when factoring in home insurance. "While there’s a logic behind the way the inflation measurement is done, the result is that official inflation figures either ignore or are barely budged by today’s big home insurance cost increases — even though they are noticeable, even painful, for many households." Read more here. https://lnkd.in/eqQdmJgh