Verus Financial: Innovating the Life Insurance Industry

Description

Verus Financial is innovating the way insurance companies are measured to meet the expectations of their policies and, most importantly, their clients. Trust comes at a cost, and when you are purchasing life insurance, you want to be sure that the money you leave behind falls in the right hands.

Enter Verus Financial, who developed a sophisticated approach to ensure that a life insurance policy is paid appropriately, and that if no heir remains, the funds are paid back to the state where the policy is held. This approach, which began as a small grassroots effort, has ballooned into a profitable business model. Verus is now planning to partner with each state to ensure that taxes are being corrected accurately. Verus is creating a new business to measure businesses and individuals and audit taxation records to ensure each state is collecting taxes in an optimal fashion.

Transcription

Peter Lee, CTO/CIO of Verus Financial:

The name of the game for us is really to detect, identify, document and follow up all the compliance events so we’re sort of doing forensics work if you will. We actually analyze millions and millions of records. So the only way we can do that is using data analytics IBM has been the business enabler and the foundation for Verus Financial and that is not a…that’s really not a commercial statement. That’s the truth.

We use the IBM software to prepare the data, we run through the statistics, we analyze the data, we detect patterns, we detect abnormal situations or simply normal events or data and so all of those capabilities allow our analysts being able to do their job better and we also can do a much deeper analysis. Prolifics, really I can’t say enough good things because they’re very responsive, they deliver what they say they would and are very helpful. Really, we see them as an integral part of our business planning. For me for example, every technical purchase, every project we, do we involve them.