Jun 28, 2021

Ping An to build Health Emergency Management Platform

PingAnInsurance
healthcare
Technology
AI
3 min
Ping An Insurance is to build a Health Emergency Management Platform in China after winning a bid for the project

Ping An Insurance, a Chinese insurance company has today announced that Ping An Smart City has won a bid to build a Health Emergency Management Platform in China. The project will be constructed in collaboration with Hubei Province and aims to give Ping An a solid foundation in public health systems management. 

The bid, won by Ping An, gave the company the right to construct the platform, officially named the Hubei Provincial Public Health Emergency Command System Project. 

What will Ping An’s Public Health Management Platform include?

Ping An and Hubei Province claim that functions of the platform will include smart monitoring, smart alerts, smart prediction, decision-making support, panoramic display of emergency management, and emergency command dispatch. It will also aim to “set a new standard for public health emergency management systems in China”, the companies said.

The smart healthcare team of Ping An Smart City utilises big data, cloud computing, artificial intelligence (AI), and other cutting-edge technologies to transform and upgrade urban public health management platforms so that city managers can track the epidemic conditions in the city in real-time, accurately assess epidemic development trends and improve tracking and deployment of emergency resources.

The challenges of public health emergency management 

Public health emergency management is currently facing three major challenges. The first of these is the fact that the early warning capability of current public health monitoring and alert systems is limited by insufficient channels to collect data of direct reports of any infectious diseases. Secondly, with insufficient data, the systems cannot support sophisticated prevention and control decisions or plan even after detecting the emergence of a new disease. The third challenge is to do with the idea that frontline medical institutions, especially those that receive initial patients, lack efficient screening tools, resulting in an inefficient collective response for prevention and control, epidemiological investigation, and other key disease control events.

Ping An's smart healthcare team has created solutions to improve public health emergency management. These are:

  1. A multi-point and multi-channel surveillance system for public health-related risk factors – It connects to four major channels including hospitals, disease control centres, emergency centres, and nucleic acid test centres.
  2. An AI-driven alert and prediction system – Real-time data obtained from multiple channels and simulations is used to predict the evolution of emergencies, such as epidemics. With enhanced data analysis and processing, it can identify possible inflection points in order to create emergency plans and support other decision-making.
  3. An AI-based medical system with grid management – It can quickly provide prevention and control guidelines for emerging infectious diseases and enhance the efficiency of the medical and public health system. It improves the city's ability to coordinate joint prevention and control efforts.

The Ping An Smart Healthcare team has developed more than 70 AI disease prediction models, 90 smart medical image models, 2,000 disease diagnosis models, 120 disease treatment models, 50 disease Q&A models, and two end-to-end management models, so that it is as prepared as possible to put the new platform into operation. A completion date for the construction of the project is yet to be announced.

 

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Jul 30, 2021

Anti-fraud technology firm FRISS raises US$65mn in funding

FRISS
fundingrounds
AI
insurancefraud
2 min
FRISS, an anti-fraud tech firm specialising in preventing insurance fraud, secures US$65mn in Series B funding to expand its business

FRISS, a technology firm specialising in anti-insurance fraud and provider of AI-focused insurance fraud prevention products, has today announced it has raised US$65mn in Series B funding to expand its business and develop new products. Led by private equity firm Accel-KKR, the round was endorsed by investor Aquiline and advised by FT partners.

The company, active in more than 40 countries worldwide, will aim to save insurers around US$2bn in capital obtained from fraudulent activity this year alone. “We’ve been around for 15 years and completed over 200 implementations,” said Jeroen Morrenhof, FRISS CEO and co-founder.  

“FRISS is ready to scale exponentially through our Series B, taking our mission of accelerating safe digital transformation throughout the policy lifecycle to the next level,” Morrenhof added.

How does FRISS’ anti-fraud technology work? 

The technology used by FRISS to detect fraudulent activity integrates artificial intelligence (AI) to help insurers reduce losses and increase operational efficiency. The company said it offers real-time end-to-end P/C insurance fraud analytics products and services covering the complete lifecycle of the policy, including automated underwriting risk assessment to fraud detection during claims and comprehensive case management. 

Alerts are displayed via integrations with core systems such as Guidewire, Duck Creek, Sapiens, and Keylane. In addition, the system can pull additional information from various available data points to create a “holistic view of the risks attached to each policy request, renewal, or claim,” the company said.

Insurance fraud and ghost broking 

Leading UK car insurance firm Aviva found more than 12,000 fraudulent claims were made in 2020, totalling more than £113mn. This amounts to 33 claims per day or one every hour. The company expects insurance fraud to increase due to the financial strain brought about by the coronavirus pandemic. It also found that more than 19,000 claims were under investigation for fraud whilst fraudulent policy applications and Ghost Broking grew by 34%. Ghost broking is a type of insurance fraud predominantly affecting the car insurance sector. It involves a fraudster or scammer targeting higher-risk individuals such as newly qualified drivers and elderly people, pretending to be either an insurer or someone who can purchase insurance on a driver’s behalf.

They tend to advertise their services on social media, university campuses, pubs, and students forums, promising cheaper insurance. After claiming to have purchased insurance successfully, they then cancel the insurance and leave the victim with no cover. They may also forge insurance documents or falisfy a driver’s details, invalidating the policy.



 

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