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Sep 15, 20212 min read

Como Auth: Improving Insurance Companies’ Efficiency and User Security Instantly



Comotion offers a module approach to building life insurance applications. Our digital business offerings assist ambitious life insurance companies in innovating their business models. For example, using Comotion's platform, financial institutions can reduce the time to market and make information processing more efficient and straightforward. Comotion allows insurance companies to select their pre-built modules and connect them to form their unique 'plug-in' application, which uses a business's custom logic and processes.

The Problem


Financial institutions have access to more solutions than ever before due to the rise of cloud computing and SaaS (Software as a Service) applications. While this is positive for growth, the increase of use brings the proliferation of threats to data security. As a result, company data is not always safe!


Not all threats are technical; in fact, most threats surround users' management and multiple profiles. A complexity that increases with every new system a company uses.


The Solution


Comotion's component solution to the life insurance industry offers "Como Auth". Como Auth is a single sign-on and authentication component. It allows life insurance companies access to the fleet of SaaS applications that they use. This means companies can offer their products and services while keeping user control centrally. In addition, Como-Auth can be used on its own and integrated into any existing company software.


In the imaginary circumstance that an employee is leaving the business, usually, the company takes responsibility for removing access across all applications. But using Como Auth means that a company can remove access centrally and retain access.


Como Auth comes built-in with security features such as multi-factor authentication, blocking brute force attacks and more!


What happens if you don’t control centrally?


Imagine the same scenery but without single sign-on functionality. Further, still, imagine forgetting to revoke access on one of the applications the company uses? Technically, this is classified as a data breach!


More complications arise when employees are forced to memorise countless usernames and passwords. Surely this will increase the complexity and stress for your company?

View of Success


Como Auth, as part of our digital business offering, offers companies can centrally manage access to Comotion's life solution and reduce the risk of data breaches. This means no more multiple logins and forgotten passwords. As a result, user efficiencies are sure to increase steadily!


Financial institutions that can promise complete data protection and user security to their clients and employees is invaluable.


Comotion Business Solutions specialises in helping companies reinvent vital aspects of their business models using solutions like Como Auth. Get in touch with us about unlocking the Comotion LIfe approach's benefits to your business.


Aug 30, 20213 min read

Making Sense of COVID-19 | Dash and Actuarial Society of South Africa




Comotion Dash is a product that helps the market deal with data visualization, management, and cloud storage. This enables businesses to make better decisions based on the data their company generates, but it also offers this solution to their clients – providing businesses with a stronger product offering.


A significant feature of Comotion Dash is that it can work with large amounts of data from various sources. This makes it a handy tool for anyone who needs to collect, organize and provide conclusions from large data sets.




The Actuarial Society of South Africa (ASSA) has found that COVID-19 provided them with more information than usual that they needed to dissect and interpret. The death rate in South Africa increased significantly from March 2020, and it remained high during 2021. As a result, the number of life insurance policy claims has increased. Underwritten policies are awarded to individuals found to have no significant comorbidities after undergoing comprehensive health and lifestyle assessment. These individuals tend to maintain better health, as they have access to better health care.


Comotion Dash was able to assist the ASSA with sorting this data. The data pool was collected from five different life insurance companies, notably the largest companies in this sector in South Africa. This data pool represents about 90% of the South African individual life insurance premiums. In the 15 months between March 2020 and May 2021, there were 15 343 deaths.


The actuaries from ASSA were able to use Comotion Dash to analyse and present this data. The information is presented in dashboards that automatically refresh when the information sources send new data. This enabled ASSA to take a look at what was happening with the increase in death claims. The system has cloud storage, so they didn’t need to set up a data warehouse to be able to pull this information together, saving investments into their infrastructure for this project.


The platform enables easy sorting of the information so that different sets of data can be easily compared and analyzed, so that conclusions can be made. ASSA was able to discern that there was a larger increase in the death rate from what was expected. The insured sector saw more than 4 times greater deaths than what was expected at the peak of the second wave. It was interesting to note that this increase was higher compared to the excess deaths experienced by the population. The data also showed that only 15% of deaths associated with these claims were reported as COVID-19 deaths. In total, there was an increase of 65% in deaths above the average that was seen for 2018 and 2019. They did note that some of the other deaths reported could be COVID-19 related, but had been reported as cases of pneumonia, natural causes, and organ failure. The data and research have shown that between 85 and 95% of the unattributed natural causes of death could well be COVID-19 related.



The ability to dissect this information easily after collection gives the ASSA decision-making power going forward. Using this information, actuaries in South Africa can determine accurate premiums that should be asked for life insurance policies to help make sure that there are sufficient capital reserves available for these claims. This is an important aspect of consideration for the life insurance industry so that they can keep their offering in line with the times, and service their clients when they need to claim.


ASSA continues to use Comotion Dash on this project as the COVID-19 pandemic continues, so that they can publish up-to-date information so sorely needed by the industry.


Anja Kuys from the ASSA had this to say about her experience with Comotion Dash:


“Comodash is the innovative tool we used to publish the COVID-19 dashboard to the South African life insurance industry. The ease at which we can now combine monthly data from the various insurers and derive insights at an industry level is commendable. The insurers that contributed data can rest assured that their data is safe and protected. It was a pleasure working with the team at Comotion, they were as committed as us to the end result, their work ethic is second-to-none and great to work with.”


For more information on how Comotion Dash can work for your business needs, request a demo from our website.


References:



Aug 17, 20213 min read

How Digital Trends are Transforming The Global Insurance Industry



The insurance industry has operated under traditional business models for a long time but is currently facing tremendous technological advancements on a global scale.


A rapidly changing world of technology has seen various social and business trends met with digital solutions in innovative platforms. These platforms have made it possible for traditional insurers to reinvent themselves and new businesses to operate smoothly.


We will identify the most current market trends in the insurance industry and how technological and software solutions drive change and create opportunities on a global scale.


Digital Solutions Revolution


Technological advancements in the current 4th industrial revolution are breaking through physical, digital and biological barriers, creating a radical shift in people’s way of life.


Following 2020, with the COVID-19 pandemic, there has been an even greater reliance on technology and working online in people’s lives. As a result, businesses have had to adapt to the innovation age of mobile and data as the hottest commodities. The global insurance industry is no different!


Due to the long term nature of contracts, the insurance industry is typically slower moving than other industries. Nonetheless, digital solutions are reframing models - previously clear and linear industry value chains need to become multidimensional cross-industry ecosystems. Technological and software platforms have emerged to give the insurance industry access to these ecosystem components practically and simplified. Availability of increasingly specialised software platforms – from distribution to claims – mean that companies need to embrace an ecosystem approach.

These platforms find new ways to track, control and measure risks, engage with customers and improve productivity.

The Modern Insurance Customer


The life insurance industry is behind other industries when it comes to reaching a digital customer audience. This falling behind is because of a lack of customer touchpoints and tech advancements. Digital solution platforms have switched the focus to customer’s needs and are improving transparency and engagement between insurers and insureds. The new-age customer expects ease of engagement, multi-platform accessibility, individualised offerings, instant gratification and absolute transparency.


The Most Valuable Global Commodity: Data


Collecting customer data has played a pivotal role in the digital transformation of the insurance industry. Insurers can use data shared by customers for several business improvements such as accuracy of risk assessments, the power to impact policy pricing, and the ability to understand clients’ needs. In addition, data-analysing software assists insurers in deciding rates and preventing losses.


One of Comotion’s customers – Elevate Life – is moving to revolutionise how insurance is sold by leveraging other healthcare data sources on an opt-in basis from the client. They have focussed on integrating different data sources with customer and intermediary journeys to offer a step-change in experience from what incumbents can offer.


We expect to see more of these start-ups challenge the industry to be more customer-centric in their technology approach.


Furthermore, we have witnessed an uptick in demand for Comotion’s Dash platform from insurers who want to understand their customer base in more detail.


Global Insurance Industry Management Platforms


New technologies have lead given insurance businesses access to customisable solutions from which they can launch a new business. One example of this technology is Comotion's fleet of Como life modules. These modules essentially allow insurers to develop 'plug and play' functionality into their business operations to suit their specific needs.


This module approach has reinvented operations in the insurance industry, allowing business owners and managers an efficient and cost-effective management system. In addition, these tools analyse market potential, enable customised services and keep insurance companies a step ahead!

To conclude, technological solutions have completely transformed and improved how the global insurance industry operates, analyses data, calculates risks, and engages with customers. Digital components such as Comotion’s Como life modules have enabled insurers to reinvent their companies and assisted new insurance start-ups. Thus it is no doubt that the digital solutions introduced have successfully kept up with the tech-savvy trends.


Contact Comotion today to take your insurance company to the next level and ensure you stay on top of the growing digital trends!


References:


Comotion Whitepaper






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