Profitability and Reducing Risk in Insurance with Innovative Insurtech

As an insurer, one of your main goals is to improve your combined ratio by lowering expenses, reducing losses, and optimizing premiums for each exposure.  This is easier said than done. In this article, we’ll explore successful digital strategies that address how to boost profitability and reduce risk by utilizing innovative insurance technologies.
Insurtech button on virtual screen. Insurance technology internet digital iot insured family car property health.

Lower Expenses and Increase Risk Profitability through Automation

Today more than ever, new technology must improve customer experience by deploying smart, frictionless and zero-contact solutions for consumers. For insurers, automation of business processes via self-service models, like web/mobile apps, allow for the rapid capture and uploading of digital media (photos, videos, documents) via guided workflows for your customers. This information is sent directly to your systems for straight through processing (STP) of quotes, claims, inspections and scheduling, risk analysis, premium assignment, and issuance.   

A digital workflow alone does not always lead to automation or STP. Instead, features such as AI, media processing, and the efficient capturing of data are the key ingredients to achieve streamlining and cost efficiencies. At Attestiv, we have developed technical features that supercharge existing workflows and processes:


  • Guided information collection workflows – customizable workflows for quotes, claims and risk assessments, and personal property inspections, enabling optimized business processes.
  • Document and data extraction – read dec pages, registrations, receipts, etc. eliminating manual data entry and rekeying, decreasing transaction times.
  • Media processing – AI to provide object recognition, redaction, and tamper detection, dramatically speeding up or completely eliminating human review.
  • Condition assessment – for certain insurable items, assessing the condition pre-loss enables better underwriting decisions.

We have found that by gathering more data about an asset, a more comprehensive risk assessment can be performed resulting in optimal risk pricing, improving combined ratios.

Moreover, these features are wrapped around Attestiv’s digital media authentication solution. We improve digital transformation initiatives across the insurance ecosystem by ensuring you can trust the digital media you receive, and can safely share it between insureds, insurers, agencies or brokers, adjusters and others. What’s more, the media is virtually tamper-proof and can serve as evidence in court.

Reducing Losses

Losses within insurance can appear in a number of ways. For example, you know that providing insurance in poor environmental areas such as flood zones or where there is a possibility of falling trees is risky. Having the capability to assess environmental risk pre-issuance as well as the ability for cost-effective ongoing assessments is optimal for reducing losses.

Losses can also manifest itself through criminal fraud. This can include anything from the submission of fraudulent information like photos, submitting fraudulent claims, reporting fraudulent condition of assets and so on. The FBI estimates that the total cost of insurance fraud in P&C  to be more than $40 billion per year with insurance fraud costing the average U.S. family between $400 and $700 per year in the form of higher premiums ¹

It’s clear that fighting insurance fraud is important, and something many carriers invest in yet still face despite those efforts At Attestiv, we enable cost effective assurance of the authenticity of digital media and provide fraud prevention and detection through a variety of methods:

  • Secure self-service inspection via mobile/web apps or APIs
  • Fingerprinting of digital media (photos, videos, documents and data) and registration of fingerprints via blockchain, making them immutable
  • Real-time media tamper detection via AI
  • Media validation to detect fraudulent alterations 

Attestiv’s solutions can be consumed as a standalone product via web and mobile apps or integrated seamlessly with existing solutions via APIs.  For example, Attestiv used its API integration in partnering with Tech Mahindra to enhance its Sentinel Risk Management Solution. 

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Attestiv provides authenticity and validation for digital photos, videos and documents using patented tamper-proofing blockchain technology and AI analysis. 

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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 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 online (Wall Street Journal Online). 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 as a claims representative, and was the CEO of the captive insurance subsidiary of a NYSE company.

He obtained Bachelor (Economics) and Doctor of Law degrees from Boston College and is a graduate of Harvard Business School.