Wealth & Finance International - 2022 Ethical Finance Awards 11 APR2w2 The factor that defines every part of the insurance sector is trust. Trust drives every decision in this sector, but traditionally the insurance industry can only see 5% of the underwriting risk data when they insure. The team at Virtual i Technologies have created a stunning product, [VRS]™ Virtual Risk Space, to make 100% of the risk data available to the insurance ecosystem. [VRS]™ Virtual Risk Space provides objective, scientific risk assessment allowing instantaneous report generation for the entire P&C insurance ecosystem including end-users. Currently the first independent scientific risk scoring platform in the world, this AI-driven comprehensive product not only provides an intelligent platform for risk assessment, but also high-quality risk engineering services for insurers, brokers and agents for assigning surveys, and thus gather data in realtime and remotely. The service offered is truly endto-end in every way. Incorporating [VRS]™ Virtual Risk Space into the fabric of how a business works is a smooth process that lasts 1-2 weeks. The rapidity of installation often surprises clients, as it provides them with the solutions they need with an average of 60% less time and financial investment than an in-house development. Incorporating [VRS]™ Virtual Risk Space into the fabric of how a business works is a smooth The insurance ecosystem presents unique challenges to even the most experienced of financial specialists Finding agile solutions to these difficulties is how the team at Virtual i Technologies have made their name. In the Ethical Finance Awards from Wealth and Finance International, they found incredible success. We take a closer look at the firm to uncover more about their secrets. process that lasts 1-2 weeks. Any customisation that is required is built into the way in which the technology is designed, with support teams identifying the team’s desired outcomes. From this, KPIs and metrics are set up to achieve through [VRS]™ Virtual Risk Space. The rapidity of installation often surprises clients, as it provides them with the solutions they need with an average of 60% less time and financial investment than an in-house development. The impact on the industry as a whole has been remarkable, with the team making an impressive impact in very short order. Through [VRS]™ Virtual Risk Space, more than 856% more insurance inspections have been taken care of in a year as of the end of 2021. Underwriting timeframes have reduced by 60%, with a 12% decrease in loss ratio and 40% improvement in operational efficiency. The insurance industry across the world have felt the benefit of what Virtual i Technologies is offering them. The power of [VRS]™ Virtual Risk Space is the way in which it democratises access to high technology. Smaller organisations often don’t have the resources to insure facilities because not all of the risk can be seen using traditional techniques. For example, independent brokers, and local agents. However, the team also work with larger clients, such as a client who could not be insured easily Most Innovative Insurtech Company 2022 Apr22193 because they produced the fertilizer compound ammonium nitrate. This compound is explosive under certain conditions, and the underwriter had developed a maximum foreseeable loss estimate calculation without a scientific basis; this calculation indicated that a wide area around the port would be destroyed. Using the 3-hour [VRS]™ Virtual Risk Space survey, it became clear that this was not the case and the outcome was very positive for both the underwriter and the client. As one of the major constraint of digital transformation, Virtual i Technologies cares more about the security of data than anything else in their sophisticated platform. The team are constantly training GDPR requirements and privacy and security best practices generally, revising policies and contracts to ensure the ultimate in protection both for the business itself and for their customers. 2022 is set to be a year of expansion for Virtual i Technologies, but as a company with a growth rate of 200%, this is to be expected. The team are deepening the relationships they have with their customers in key regions such as Europe, the UK, MENA, Singapore and the US, enabling them to make data-driven accurate and faster decision making. Perhaps the biggest milestone for the team this year is the conclusion of their Series-A investment round, which is already oversubscribed. With such success behind them, the future seems bright for this intrepid team of experienced specialists. Their detailed knowledge of the insurance sector has set them apart, allowing them to push forward into bold new territory. We welcome their success and look forward to seeing how the company will grow in the weeks and months yet to come. Company: Virtual i Technologies Web Address: https://virtualitechnologies.com/ Address: Färberstrasse 6, 8008 Zurich, Switzerland Email: [email protected]
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