INDEPENDENT NEWS

IntentionDirect Reduces Car Insurance Losses.

Published: Tue 21 Dec 2010 11:07 AM
IntentionDirect Reduces Car Insurance Losses.
Press Release, VortexDNA, Christchurch, New Zealand
Tuesday, 21 December 2010
While the unsettled economy is having a major effect on claim costs for insurers, a new technology developed by VortexDNA has reduced claim frequency by 3.7% for a major auto insurer in just 21 days.
Claims remain the number one cost for personal lines insurers. For example, losses for a mid size US auto insurer such as Tower reached $230 million last year. A 3.7% of reduction in losses would save the company $8.5 a year, improve the driving experience for Tower customers and increase the company’s profitability by 14%.
“These improvements are the result of state-of-the-art technology that replicates the some of the processes of quantum computing where remote events can be influenced” says Branton Kenton-Dau, CEO VortexDNA. “For our clients it means a rapid improvement in loss ratios as claims fall.”
Use of the IntentionDirect technology comes at a time when the claim costs are rising for most insurers. “The economy is indeed putting significant pressure across virtually all lines of business,” says Brian Stoll, Towers Watson senior consultant in a report earlier this year. “Interestingly, responses related to claim frequency and severity from the economy were relatively consistent, regardless of carrier size and market segment,” added Mr. Stoll. “Clearly, the economy is affecting everyone.”
The remote nature of the IntentionDirect technology enables VortexDNA to deliver results without needing to interfere with the client’s existing operations. “IntentionDirect compliments insurers current claim cost containment measures,” says Mr. Kenton-Dau. “The technology provides significant improvement to key ratios in this challenging operating environment.”
VortexDNA is currently working with clients to improve customer retention for phone companies, reduce losses for insurers and improve fuel efficiency for aircraft.
ENDS

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