(Image source: Finovox homepage.)
Sunlight Solutions (Minneapolis), a provider of core policy administration technology and InsurTech services, has announced a new partnership with Finovox, a Paris-based software editor specializing in fake document detection.
“Sunlight Solutions and Finovox are partnering to provide Sunlight’s clients with a more comprehensive solution for insurers which addresses the critical issue of fraud detection,” comments Florence Lamour, CEO for Sunlight in France. “This collaboration will combine Finovox’s advanced solution with Sunlight’s comprehensive system, giving insurers a modern, secure tool for managing contracts and claims. Finovox’s solution was selected for its relevance to the insurance market and its ease of integration with Sunlight’s open system. The demands of our insurer clients and market pressure were crucial factors in the choice to find the right global fraud detection partner.”
Through the partnership, Finovox and Sunlight say they are taking steps to serve the insurance market by addressing the growing issue of document fraud, which saw a rise in reported cases from 11 percent to 20 percent in 2022, according to Finovox’s own data. Finovox’s solution combines algorithms to analyze 100 percent of digital documents, such as invoices, identity documents, proofs of address, and Certificates of Incorporation, instantly, regardless of original format or native language.
Sunlight offers a SaaS solution for automating the management of insurance business operations, including policy management, billing, claim management, customer relationship management (CRM), and forms. Sunlight says the partnership will give its customers direct access to Finovox’s software through integration with back-end systems, providing a turnkey offer that saves time and increases efficiency. The combination of the solutions will allow Sunlight insurance customers to perform key administrative tasks and document checks through a single interface.
“We are thrilled to partner with Sunlight Solutions’ dynamic and professional team to offer a unique, turnkey product to all insurers,” says Marc de Beaucorps, CEO, Finovox. “In today’s insurance industry, integrating technologies, such as blockchain and artificial intelligence, is crucial to providing high-performance products and services that meet policyholders’ demands, particularly for traditional players in the market. Joining forces with Sunlight Solutions is also a significant opportunity for Finovox, as it provides a gateway to the U.S. insurance market.”