Tag: Insurance Technology

Responding to governance events, like audits, investigations and e-discovery, in the era of unified communications and collaboration (UCC) is hard. IT stakeholders, such as those responsible for compliance archive storage and architecture, responding to search requests from compliance and legal, are overwhelmed by the volume and complexity of today’s modern communications and by the constraints of heritage archiving investments. Unfortunately for those involved, both on the IT and compliance/legal side, search and discovery might consist of a “best guess” effort making it challenging to identify risk or wrongdoing, form a judgment on the merits of a case and at its worse, suffer fines, sanctions, negative verdicts and damage to the organization’s brand and reputation. The volume of communications for today’s organizations come in the form of textual communications like email, chat, SMS, documents, voice communications and even visual communications like whiteboards or video. In a large organization, with thousands of employees working across multiple communications platforms, content growth can be exponential. UCC content is also complex. Textual content like chat and email can be embedded with emojis, reactions, images, memes, file attachments and more. All of this needs to be searched and analyzed for potential risk and signals of intent during a digital conversation as rogue users can look to obfuscate their communications behind these tools. Users today often context switch between multiple applications during a conversation. What starts out as a virtual meeting can segue to SMS, a phone call, an email or other forms of communication. In addition, chat conversations can be persistent and take place over days, weeks, months, even years, making it very difficult to encapsulate conversation patterns, relationships, intent and more. Finally, adding to the complexity level, UCC platforms are increasingly meshed, meaning they provide the ability to switch to a different modality (voice, video, etc.) or even a different platform for doing so. How can compliance IT teams keep up? Legacy approaches to managing regulated data - such as email and voice archives - are struggling to adapt to today’s modern communication requirements. These archive systems can serve as containers for regulated information to be safeguarded and locked away, but with enormous and numerous trade offs. These include redundant costs, loss of productivity, and increasing complexity, as they grapple to meet the constant evolution of changing UCC platforms and their continual improvements and feature additions. Responding to governance events can also mean that compliance IT stakeholders must pivot between these archive silos, conducting multiple search attempts and results and manually assembling a case or data investigation set. In addition, legacy systems lack the capability to capture and retain communications with full context across all UCC modalities, making it very difficult for compliance, legal and risk teams to piece together a digital conversation that as mentioned, can encompass text, voice and visual communications. Keyword search, the historical and primary means of navigating archived email conversations, is inadequate as a standalone capability in the face of today’s volume and complexity challenges, making it challenging to respond to external and internal requests for information. All of this is compounded by constrained time frames, such as when dictated by a judge’s or regulatory body’s order. UnifiedComms_Laptop In response to this, Theta Lake has developed Unified Search, Discovery and Replay. With it, organizations can: Efficiently aggregate all of the necessary data, across different modalities, meshed environments and timelines providing a complete “big picture” Deliver a unified view of a user across their various digital identities, to eliminate gaps during investigations Identify conversation patterns and outliers/suspicious patterns in communications to enable further drill down Review associated documents and access patterns and histories associated with communications investigations Theta Lake Unified Search, Discovery and Replay uses a variety of technologies, including Generative AI, visualizations, dashboards and digital identity mapping along with rapid and accurate keyword search to help organizations produce the necessary records and search results, without over collecting data to help compliance, legal and risk management teams respond quickly to governance events.
FinTech News

Pouch Insurance unleashes multilingual AI tool

Pouch Insurance, leveraging the capabilities of the INSTANDA no-code insurance platform, has introduced a pioneering AI assistant named 'Goodie'.
The strategic advantage of unified loss control and policy admin systems
FinTech News

The strategic advantage of unified loss control and policy admin systems

In the competitive world of insurance, the profitability of underwriting is closely linked to informed decision-making that efficiently mitigates risks and optimizes loss ratios. Traditional barriers, primarily the compartmentalisation of data, often hinder this objective.
UK InsurTech investments H1 2024 decline
FinTech News

UK InsurTech market recorded zero deals over $100m in the first...

Key UK InsurTech investment stats in H1 2024: UK InsurTech investments continued to drop in H1 2024, which caused the region to not report...
US InsurTech funding decline Q2 2024
Industry Research

Funding for InsurTech companies in US dropped by 67% YoY as...

Key US InsurTech investment stats in Q2 2024: US InsurTech funding dropped by 67% YoY during the second quarter The average deal size completed...
US InsurTech investment decline H1 2024
Industry Research

US InsurTech investment activity in freefall as funding declined 78% YoY

Key US InsurTech investment stats in H1 2024: US InsurTech market in a slump as funding dropped by 78% YoY Healthee secured the biggest...
Commercial/Enterprise Insurance

Inscora secures $2m funding to revolutionize cyber insurance for brokers

Inscora, a Montreal-based startup, has secured $2m in funding to enhance its cyber insurance solutions.
Faye secures $31m in Series B funding to elevate travel insurance technology
FinTech News

Faye secures $31m in Series B funding to elevate travel insurance...

Faye, the trailblazing travel platform, has successfully secured $31m in Series B funding, escalating its total capital to $49m.
FinTech News

LB Forsikring teams up with Akur8 to revolutionise P&C insurance pricing

Akur8, a pioneer in insurance pricing solutions utilising transparent machine learning, has recently partnered with LB Forsikring, a prominent Danish property and casualty (P&C) insurance firm.
InsurTech provider Peak3 secures $35m in Series A led by EQT
FinTech News

InsurTech provider Peak3 secures $35m in Series A led by EQT

InsurTech provider Peak3, formerly known as ZA Tech, has raised $35m in a Series A funding round led by EQT, with participation from Alpha JWC Ventures.
Insurance software provider ISI secures investment from NexPhase Capital
FinTech News

Insurance software provider ISI secures investment from NexPhase Capital

NexPhase Capital, a private equity firm known for its thematic and operational focus, has announced an investment in Insurance Systems Inc., ISI, a provider of enterprise software solutions to the property and casualty insurance industry.
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