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May 2024

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Source: Asia Insurance Review | Nov 2019

FICO launches AI platform to fight next-generation fraud and financial crime
FICO has launched FICO Falcon X, a platform that delivers AI and machine learning technology aimed at preventing new forms of fraud and financial crime that are enabled by the rapid adoption of real-time payments.
Running on Amazon Web Services, FICO Falcon X streamlines both fraud detection and anti-money laundering processes.
This convergence of capabilities represents a significant cost savings opportunity as FICO estimates an 80% overlap in the data processing, systems maintenance, and ongoing administration of legacy systems needed to support these functions independently.
FICO Falcon X allows fraud executives, financial crimes investigators, in-house data scientists, product leaders, and digital experience teams to collaborate on strategies that support the goals and policies of the institution while eliminating inefficiency and latency from the innovation process.
It includes pre-mapped data integration for retail baking payments, packaged rulesets and sample workflows for rapid on-boarding as well as optional FICO-developed machine learning models for real-time payments fraud and anti-money laundering programmes.

A healthcare operating system for insurers
The CareVoice has announced the launch of CareVoiceOS, the first healthcare operating system allowing insurers to deliver health plans which are more tailored, efficient and compelling to their customers. 
In addition to providing assistance, confidence and convenience to members when seeking healthcare services, it allows members to manage their health condition proactively.
CareVoiceOS is characterised by a connected ecosystem of wellbeing and healthcare services covering gene testing, mental health, digital health check-up, cardio-fitness and second medical opinion.
CareVoiceOS has been made available to all of The CareVoice’s current insurance customers as an upgrade, and it has already enabled the design of multiple brand new health plans which are under launch preparation. The operating system is available in mainland China and Hong Kong.

AIA introduces personal medical case management service in Malaysia
AIA has launched its A-Plus MedCare rider, a solution which provides its customers with exclusive access to Personal Medical Case Management services. 
When diagnosed with a serious or complex condition, AIA customers will be supported by a dedicated 24/7 case team which will provide guidance and support through all stages, from diagnosis, treatment, monitoring progress and recovery.
A-Plus MedCare customers will gain access to a holistic medical assessment, re-evaluation of their condition, referral for additional diagnostic testing where needed, ongoing multi-disciplinary consultations with renowned medical experts from around the globe, full care coordination, ongoing guidance and emotional support provided by a dedicated case management team.
Additionally, in the event that overseas medical treatment is recommended due to a lack of local expertise in relevant fields, A-Plus MedCare will reimburse the cost of return flight tickets for the customer and one companion up to a combined limit of MYR10,000 ($2,392) per life time. All customers who purchase AIA’s flexible investment-linked plans will be able to add this rider to their policy/certificate.

Tremor launches second version of its risk transfer marketplace
Tremor, a programmatic insurance and reinsurance risk marketplace has announced a host of new features in the 2.0 release.
The new iteration of the marketplace features a suite of powerful quoting tools that empower cedents and reinsurers to simply and precisely express their terms, aggregate reports that offer insight into individual transactions and the market at large, and a broker portal enabling brokers to leverage Tremor’s independent marketplace on behalf of their clients.
Cedents can now state a programme budget with price guidance for individual layers. This enables Tremor to shift the cedent’s spending between layers as necessary while guaranteeing that the budget is not exceeded, allowing layers to be priced more precisely from reinsurer quotes and reducing contracting friction relative to a standard placement process.
Reinsurers can choose to leverage Tremor’s standard quoting process and add subjectivities, or to submit an ‘equal share’ quote that guarantees an equal percentage of all layers of a non-proportional programme.
Brokers now have a comprehensive management and analytics dashboard where they can represent clients as directed, and when broker clients log-in they see a broker-branded portal of the Tremor exchange.
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