(Image source: NominoData homepage.)
Two Sigma Insurance Quantified (TSIQ, New York), an underwriting technology company for the commercial property and casualty industry, has announced a partnership with NominoData (Incline Village, Nev.), a solutions company helping clients with worldwide identity, compliance and risk management. Through the partnership, NominoData’s OFACplus dataset will be available to customers of TSIQ’s underwriting workbench solution, SubmissionIQ. By incorporating this data directly into their workflows, firms will improve their ability to detect fraud and strengthen risk management earlier in their underwriting process, according to a joint statement from the companies.
The OFACplus dataset aggregates high-risk watch lists into a single, easily consumable data file to help manage risk and sanctions, according to the statement. Through an API integration with SubmissionIQ, underwriting teams can quickly and easily call the data to verify an individual or company identity, flagging any high-risk information, the statement adds. Use cases in TSIQ’s currently active industries include fraud detection in commercial transportation for firms to better verify company and driver identity, and professional liability programs to validate businesses and individuals within a practice.
“At TSIQ, we are committed to making sure underwriters have the data where and when they need it to make more informed and consistent decisions,” comments Jeff Tyler, Head of Product, Data Science, and Engineering, Two Sigma Insurance Quantified. “By integrating the OFACplus dataset with our SubmissionIQ platform, we’re further enhancing the underwriter’s experience and instilling confidence along the way. NominoData’s innovation and commitment to empowering better risk management complements our mission of applying a more systematic underwriting process to promote safer practices.”
Enhanced Transparency through Improved Access to Data
“We are excited to make OFACplus available to TSIQ’s client base and look forward to working together to further simplify fraud detection,” says Al Macdonald, CEO, NominoData. “Our partnership enables enhanced transparency through greater and easier access to data, true tenants of data-driven digital transformation that both our companies value.”
TSIQ notes that the incorporation of NominoData’s OFACplus dataset directly within SubmissionIQ as its latest partnership representing TSIQ’s best-of-breed approach at collaboration to drive better, more efficient underwriting decisions. In October, TSIQ announced its partnership with Central Analysis Bureau (CAB), a leading provider of risk assessment tools and data for the transportation insurance industry.