Q&A with Moshe Brown, Co-Founder at Socalytix
What does Socalytix do?
There are two areas that we cover, The first issue we cover is in the insurance existing customer base.
Insurance companies have enormous amounts of data on their customers, most of it is static data, their issue is that they do not have information about their recent life events (recent family status, work, education, etc.). Due to this reason insurance companies fail to manage their passive clients data base, tending to recruit new clients Vs cultivating existing clients. The painful fact is that recruiting new customers is much more expensive than selling to existing customers.
Socalytix provides advanced open web search engines and AI tools that help insurance companies maximize their income from their existing clients.
The second issue we cover is in the fraud area. Organizations lose 5 percent of their revenue to fraud each year, according to a report from the “Association of Certified Fraud Examiners” (Insurance, Mortgage, Online Identity, etc.).
We provide end-to-end service to the insurance company, from screening new customer claims with our Pathfinder, by categorizing them from “highly suspicious” to “legitimate”, and up to a thorough fraud investigation.
How did you come up with the idea?
We built Socalytix with the view of adding powerful tools to the personalized digital marketing world that is growing fast. When I introduced it to one of my relatives who is a senior executive in the Israeli insurance market, he was excited, and told me that this is exactly what the insurance companies need, we trusted him and came up with our solutions for the Insurance world.
Who are your clients?
Our customers in general are active in the insurance market, they are all kinds of Insurance companies (old fashion, and Digital), insurance agencies, and partnerships with companies who provide services to the insurance world, as, CRM solutions, underwriting, etc.
Before start using our system the insurance data analysts need to create the offered insurance products on our system, our system provides the tools to do it.
How does the process look like from the user point of view?
The insurance user that runs the system needs to input to our system only 3 parameters about the person they are searching, name, email, and phone. Our system uses open search engines that are looking for the person in social networks, forums, blogs, google, and other web open sources.
Once locating the person, our system creates a snapshot of the person based on the digital footprints of the person, which includes different types of information found, posts, pictures, likes, memberships in forums, etc. All this information is analyzed by our AI and machine learning engines that generate a digital foot print of the person, rated in 21 life categories that reflects the personality of the person. Another parallel process is searching for events in the person’s life that help finding immediate activities that are of interest to the insurance company.
How do you mining the data?
All the data that we use is taken from web open sources, we will never look for data that a person is hiding. The data is being used for an analysis, and is deleted once the analysis is completed.
How do you help preventing insurance frauds?
We help insurance fraud in two ways.
- The other use case is identifying fraudulent activity – in case there is a suspect , the insurance company provide the information and using our system one can get a snapshot of the person analysis and compare to the existing status, in case a major gap is found , it will requires engagement with the person.
What can be the benefits for insurance company? How does your product help saving money to the insurance company?
We help the insurance company find relevant up-to-date leads out of massive amount of non-relevant, sell more insurance products to their existing customers, reduce the insurance company’s cost on handling fraud on insurance claims, and help the insurance company prioritize the incoming leads by rating their importance.
How does your platform improve the insurance product?
What we do is actually providing an alert to the insurance company about an insurance need of their clients. There are many cases that clients are not aware of such an insurance need, and by taking it, they avoided a catastrophe. In such cases we improved the insurance company’s level of service to their client.
Do you work directly with private costumers also?
No, we are working in B2B2C (Business 2 Business 2 Consumer), we are planning to utilize our existing technology in the Business 2 Business world next year.
What investments were made in the company so far?
The investment up to now was several millions, divided between the founders and our Italian representatives / investors.
Tell me about your professional background and about other key figures in the company
I am in the High-tech world all of my professional life, I held senior sales and services management positions in large, international enterprises in Israel and USA. In the past 20 years I founded 3 start-up companies in the IP telephony and the AI world.
My co-founder Liran is s renowned expert in Cyber Data Mining, Machine Learning and Semantic Search technologies. He served in executive technological positions in leading Cyber Intelligence companies, and had major roles in two exits over the past 10 years.
Tell me about your work in Italy?
We have been working with 3 Insurance companies in Italy.
Unipol is an Italian insurance company with 10 Million customers. We received from them a purchase order to scan hundreds of thousands of clients, they use the data to detect fraud. Their next project will be to find specific insurance products they should offer their clients, for example, family health insurance, travel insurance, motorbike insurance, etc.
QUIXA is the Italian Digital Insurance subsidiary of AXA. Their first PO was to find in their existing clients base people who fit to a low cost tele-medical insurance for families with children. They already received our first batch of recommendations and will start offering this insurance to those clients.
Bene Insurance in Italy just completed its Socalytix system POC, they are planning to integrate Socalytix system with their CRM to automatically create digital footprints and recommendations for their clients.
