Digital transformation solutions provider CRIF has launched a range of Open Banking-powered solutions for insurers to help the sector deliver more personalized products and services.
The new suite of products is based on CRIF’s existing Open Banking solutions, which enable lenders to assess the creditworthiness of customers through its AI-powered categorisation engine.
In the insurance sector, this will reduce the overall risk for insurance companies by enabling them to make more informed decisions on customers, according to CRIF.
Insurers will be able to determine whether customers can pay for policies monthly rather than upfront, and ensure that payment methods match affordability, thereby mitigating the need for insurers to chase missed payments at a later date.
CRIF’s new solutions also simplify the application and onboarding process for customers.
Sara Costantini, regional director for the UK and Ireland at CRIF called CRIF a “stalwart” of the insurance industry, making it well placed to know what businesses across the sector want and need.
CRIF has supported the UK insurance industry for 25 years and now holds more than 7 million household, 19.9 million motor and 13.5 million personal injury insurance claims.
“We see Open Banking as [a] natural progression when it comes to the development of the industry,” she said.
“Open Banking technology has the potential to bring many benefits to insurers, not least helping those who embrace these innovations to stay ahead of the curve and offer a better service to customers than their competitors.”
Costantini added: “Our Open Banking solutions empower insurers to harness new data sources and deliver seamless customer experiences, and we do this without compromising on security, compliance or the ability to collect, handle, or process customer data.”
As a nominated supplier of the Claims and Underwriting Exchange Register database in the UK, CRIF is helping to combat fraud in the insurance sector by sharing data obtained by Open Banking with organizations, to identify fraudsters and scam activity.