Two Sigma Insurance Quantified (TSIQ), an underwriting technology company for the commercial property and casualty industry, has partnered with NominoData to detect and reduce insurance fraud.
Two Sigma Insurance Quantified is an underwriting technology provider that arms commercial property and casualty insurance carriers and MGAs with the data and analytics they need to grow their business, improve underwriting profitability and be a preferred partner and employer
NominoData is a solutions company formed to help clients with worldwide identity, compliance, and risk management issues associated with modern day commerce.
Through this partnership, Two Sigma said NominoData’s OFACplus dataset will now be available to customers of TSIQ’s underwriting workbench solution, SubmissionIQ.
By incorporating this data directly into their workflows, the two companies said firms will improve their ability to detect fraud and strengthen risk management earlier in the underwriting process.
Jeff Tyler, head of product, data science, and engineering at Two Sigma Insurance Quantified, said, “At TSIQ, we are committed to making sure underwriters have the data where and when they need it to make more informed and consistent decisions. By integrating the OFACplus dataset with our SubmissionIQ platform, we’re further enhancing the underwriter’s experience and instilling confidence along the way.
“NominoData’s innovation and commitment to empowering better risk management complements our mission of applying a more systematic underwriting process to promote safer practices.”
Al Macdonald, chief executive officer of NominoData, added, “We are excited to make OFACplus available to TSIQ’s client base and look forward to working together to further simplify fraud detection. Our partnership enables enhanced transparency through greater and easier access to data, true tenants of data-driven digital transformation that both our companies value.”
Last year, TD Insurance (TDI) implemented FRISS’ AI-powered fraud risk scoring services to combat the rising prevalence of insurance fraud in Canada.
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