Algorand: Insurers investigate, blockchain corroborates

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Attestiv believes its AI-driven media validation technology can help insurers detect false claims that cost them $40 billion a year.

Algorand, a blockchain firm focused on decentralized finance, said it is working with an image tampering detection firm to help insurance companies detect when fraudulent claims are made.

Insurance fraud is a big problem in the U.S.—costing an estimated $40 billion a year according to the FBI. Difficult-to-detect Deepfakes photos and videos could make it even bigger, insurers fear.

Algorand said its open-source, permissionless, proof-of-stake protocol is going to be used to deliver “digital transformation across the insurance industry”—a very well-timed modernization considering that claims related to the coronavirus are going through the roof now. 

Plenty of insurance companies have been experimenting with blockchain for issues like providing proof of insurance, sharing information about health care providers with competitors, and even using smart contracts to automatically pay collision damage claims. 

Now, tamperproof validation platform Attestiv plans to build new tools on Algorand’s public blockchain, the platform said in a statement on May 20.

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Nicos Vekiarides

Nicos Vekiarides

Nicos Vekiarides is the Chief Executive Officer & co-founder of Attestiv. He has spent the past 20+ years in enterprise IT and cloud, as a CEO & entrepreneur, bringing innovative new technologies to market. His previous startup, TwinStrata, an innovative cloud storage company where he pioneered cloud-integrated storage for the enterprise, was acquired by EMC in 2014. Before that, he brought to market the industry’s first storage virtualization appliance for StorageApps, a company later acquired by HP.

Nicos holds 6 technology patents in storage, networking and cloud technology and has published numerous articles on new technologies. Nicos is a partner at Mentors Fund, an early-stage venture fund, a mentor at Founder Institute Boston, where he coaches first-time entrepreneurs, and an advisor to several companies. Nicos holds degrees from MIT and Carnegie Mellon University.

Mark Morley

Mark Morley

Mark Morley is the Chief Operating Officer of Attestiv.

He received his formative Data Integrity training at Deloitte. Served as the CFO of Iomega (NYSE), the international manufacturer of Zip storage devices, at the time,  the second fastest-growing public company in the U.S.. He served as the CFO of Encore Computer (NASDAQ) as it grew from Revenue of $2 million to over $200 million. During “Desert Storm”, Mark was required to hold the highest U.S. and NATO clearances.

Mark authored a seminal article on Data Integrity, that was published in the online Wall Street Journal. Additionally, he served as EVP, General Counsel and CFO at Digital Guardian, a high-growth cybersecurity company.

Earlier in his career, he worked at an independent insurance agency, Amica Mutual Insurance Company as a claims representative, and later, was the CEO of the Bermuda captive insurance subsidiary of a NYSE company. Also, he was the president of WorldPath Health, an international healthcare company.