Monitor businesses to better manage risk

Providers of business insurance are often out of touch with the actual performance of a business. For example, a business may have doubled its revenue and tripled its team size over a period of a few months (this actually happened to us recently), or conversely it may have lost 80% of its revenue (think COVID), and in the meantime the insurance underwriter is holding on to an out of date, incorrect risk assessment.

SILENTDATA enables insurance underwriters to understand the real time performance of a company using its bank account data, without having direct access to that data.

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Proof of income

Consistent income over 3 months of £1,500

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Account holder

AlphaCo Ltd


22/11/21, 19:12:49 GMT

Reduce your risk by ensuring that customers have sufficient income

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Current solutions

Ask questions when issuing the policy

Works well only at the start of the policy

Quickly becomes out of touch with the reality of the company

Use third party data

Likely to be less reliable and out of date

Access their bank account using Open Banking

Increases cyber risks by accessing, processing and storing sensitive banking data

Risk of being non-compliant with GDPR Data Minimisation principle

Our solution

Perform privacy-preserving bank account checks

Be alerted of any deviation from predefine company metrics (e.g. major increase or decrease in revenue)

Based on near real-time live data

Does not require the company to reveal any sensitive banking data

Protects and respects the data privacy of the company

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It’s free to try and only takes five minutes

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