Sunlight, a cloud-native provider of core administration technology and InsurTech services, has partnered with French software editor Finovox to help insurance organisations prevent fraud.
Sunlight Solutions provides a digital insurance solution built for property & casualty (P&C) insurance companies and managing general agencies (MGAs) globally.
Founded in 2019, Finovox is a start-up that has developed a simple and secure software solution capable of detecting fake documents
Through this partnership, the companies said they are taking steps to secure the insurance market by addressing the growing issue of document fraud, which saw a rise in reported cases from 11% to 20% in 2022, according to Finovox’s own data.
Finovox’s solution combines algorithms to analyse 100% of digital documents, such as invoices, identity documents, proofs of address, and Certificates of Incorporation, instantly, regardless of original format or native language.
Additionally, Sunlight offers an innovative SaaS solution for automating the management of insurance business operations, including policy management, billing, claim management, customer relationship management (CRM), and forms.
The partnership will give Sunlight’s customers direct access to Finovox’s software through integration with back-end systems, providing a turnkey offer that saves time and increases efficiency.
Marc de Beaucorps, CEO of Finovox, said, “We are thrilled to partner with Sunlight Solutions’ dynamic and professional team to offer a unique, turnkey product to all insurers.
In today’s insurance industry, integrating technologies, such as blockchain and artificial intelligence (AI), is crucial to providing high-performance products and services that meet policyholders’ demands, particularly for traditional players in the market. Joining forces with Sunlight Solutions is also a significant opportunity for Finovox, as it provides a gateway to the US insurance market.”
Earlier this year, Two Sigma Insurance Quantified (TSIQ), an underwriting technology company for the commercial property and casualty industry, partnered with NominoData to detect and reduce insurance fraud.
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