This week saw IXUP Limited partner with actuarial and analytics consultancy Finity Consulting to launch a new analytics platform intended for insurers, regulators and industry bodies.
Founded in 2011, IXUP (pronounced “Eyes Up”) specialises in providing secure data collaboration between multiple entities, while also enabling new insights for all parties involved.
Ordinarily insurers collect data from a specific pool of resources, which naturally restricts the number of insights that can be gained into the particular needs of a client or a claim. However, this partnership will enable Finity to collect layer data and collect deeper insights from additional data sources, e.g. through quotes, policy inception, endorsements, claims and renewals.
This layered approach is aimed at improving product matching, better suiting the specific circumstances of the individual, both at time of purchase and during the claims process.
“Insurers have a business imperative to connect external data sources, yet there’s absolutely no tolerance for insecure practices,” noted IXUP Founder & Executive Director Dean Joscelyne.
Recent years have seen a far greater awareness and understanding of the potential risks presented by data breaches, whether via malice or accidental leaks.
IXUP’s technology aims to keep data protected 100% of the time, while still allowing for robust analytics to be conducted between partners.
“The Finity-IXUP partnership will give insurers a new level of capability in using more data sources for effective decision-making while maintaining absolute control over their own data,” said Aaron Cutter, Principal at Finity Consulting. “IXUP’s unique platform enables Finity to better understand and explain trends in performance through advanced analytics across multiple data sources, including common personal information.”
Earlier this week, Finity also announced its acquisition of Cause Way, a Melbourne-based actuarial consulting firm, to expand its pricing, financial-capital and analytics services.
This has also been a milestone week for IXUP; on Thursday, with former Data61 global head of commercial Peter Leihn hired as the company’s new CEO. He is scheduled to start in November 2018.
