April 19, 2024

Risk Analysis

Sunlight and Finovox Unite to Combat Insurance Fraud

Sunlight Solutions provides managing general agencies (MGAs) and (P&C) property and casualty insurance companies worldwide with a digital insurance solution. Sunlight has partnered with Finovox, a French software publisher, to assist insurance companies in preventing fintech fraud. Finovox, a startup founded in 2019, has created a simple and safe software solution to detect and prevent fraud documentation. Companies claim to be securing the market for insurance by addressing the growing problem of document forgery via this partnership, which, according to Finovox’s own data, increased from 11% in 2017 to 20% in 2022.

Finovox’s solution combines algorithms for instantaneous analysis of all digital documents, including invoices, identity documents, Certificates of Incorporation, and address confirmations, regardless of native language or original format. Sunlight also provides an innovative SaaS solution for automating the administration of insurance business operations, such as billing, policy management, customer relationship management (CRM), and claim management.

The partnership will provide Sunlight’s customers with direct access to Finovox’s software via integration with its back-end systems, resulting in a comprehensive solution that saves time and boosts productivity. Finovox’s chief executive officer, Marc de Beaucorps, stated, “We are delighted to partner with Sunlight Solutions’ dynamic team to offer an innovative, turnkey product to all insurers.

Integrating technologies such as artificial intelligence (AI) and blockchain is crucial for traditional market participants in the insurance industry to provide high-performance services and goods that meet policyholders’ demands. Sunlight and Finovox partners to open the door to the U.S. insurance market. An underwriting technology firm for the commercial P&C industry, Two Sigma Insurance Quantified (TSIQ), partnered with NominoData earlier this year to detect and reduce insurance fraud.

 

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