In the insurance industry, insurance underwriters play a key role in determining whether or not the insurer should decline the risk of taking an insurance policy, if the changes in payout are too high. If the risk is assessed incorrectly, the premium charged would not be appropriate. A lower premium may affect the solvency of the fund. On the other hand, a decision to charge a premium higher than necessary would also not be fair.
In 2018, Veysel Sinan Geylani (Founder and CEO) founded Virtual i Technologies with an aim to transform the way the insurance industry carries out risk assessments and underwriting. Sinan developed the initial idea for the company while struggling to underwrite risk in Yemen from his previous office then. He was neither able to find the right resources to visit the risk nor could he locate any relevant and insightful information that was available for desktop review.
Virtual i Technologies’s first real-time risk assessments were carried out in Iraq and Turkey. While real-time telepresence was welcomed by the first customers, the company had to find a way to offer risk survey reports while continuing to eliminate the high number of hours required to write a report and other logistical costs.
The solution was to develop a digital platform for gathering survey information which would be linked to an automated reporting system. From these early beginnings, the offering has developed rapidly into an AI-driven intelligent platform, called [VRS]™ Virtual Risk Space.
Virtual i Technologies provides innovative and agile solutions to complex situations occurring in the insurance ecosystem. The company’s flagship product, [VRS]™ Virtual Risk Space, provides data-driven, dynamic and scientific risk assessment allowing accurate risk report generation for the entire P&C insurance ecosystem including the end-users. It also provides 100% real-time underwriting risk data visibility, which has been traditionally 5% in the industry. It also supports remote and on-site inspections wherever in the world business expansion, risk inspection, or risk engineering is needed.
[VRS]™ Virtual Risk Space is the first independent scientific risk scoring platform in the world, patented by Virtual i Technologies. The product provides an intelligent platform for risk assessment along with high-quality risk engineering services.
Towards the end of 2021, the [VRS]™ Virtual Risk Space took care of 856% more insurance inspections. Since its establishment, Virtual i Technologies have garnered excellent results and achieved drastic figures. For instance, the company has witnessed drastic impacts such as 60% reduction in underwriting timeframes, 12% decrease in loss ratio, 40% improvement in operational efficiency, and many more.
Additionally, it provides white label and customized data science solutions that are specifically designed according to the needs of its customers and their sizes. At Virtual i Technologies, solutions are designed for commercial P&C insurance lines of all stakeholders in the insurance industry. These include insurance and reinsurance companies, brokers, agents, end-users and many more. Currently, the company is working on a full digital transformation of the underwriting process of a global brokerage company. It has helped numerous other companies worldwide to achieve success with its flagship product.
Speaking of the company’s flagship product, the [VRS]™ Virtual Risk Space functions as a SaaS product, enabling transparent risk information transfer by saving time and cost-effectively for business growth and sustainability for all stakeholders in the insurance industry. Using the Virtual Risk Space, insurers can avoid bad risks completely, enhance their monitoring of accumulation, gather FNOL evidence instantaneously and ultimately improve their loss ratio.
With the help of the product, brokers and agents can offer their clients a hi-tech user-friendly way to present their assets to insurers and provide clients access to expertise from world-class risk engineers and loss adjusters. [VRS]™ Virtual Risk Space is backed by artificial intelligence, providing objective data-driven risk assessment. For brokers, the platform helps provide risk-management services to clients, save travel and paperwork costs, provides an easy and fast way of inspection for single or multi-location accounts, and many more. Using the tool, insurers can save 60% of their time, survey more locations at less cost and improve loss ratio while gathering 100% real-time data.
The company’s tool is unique in the ecosystem as it creates a fast, secure and affordable solution for insurance underwriting, risk management and claims management. Since it is simple to use and affordable with its subscription-based payment model, the [VRS]™ quickly gained popularity among the company’s customers from Asia to the US, Europe to MENA.
The team of Virtual i Technologies comprises experienced and expert members who are located all around the world. The team includes professionals who are experienced in insurance underwriting, risk assessment, technology, and many more, who hail from a variety of business backgrounds, cultures and expertise fields. The diversity of the team enables Virtual i Technologies to better understand and serve multinational clients with their specific requirements.
Additionally, its software development and data science team consist of individuals with various expertise and accomplishments in the fields of data collection, machine learning and artificial intelligence. Every senior risk engineer at the company’s Global Network of Risk Engineers holds decades of experience under their belts and has specialized knowledge in inspections, claims management as well as underwriting analysis.
Virtual i Technologies have undergone numerous challenges in the past to stand atop the ladder of success. Interestingly, one of the major challenges for the company is to maintain pace with its huge growth line.
Since its founding, Virtual i Technologies have been growing at a very fast pace. It supports the insurance industry by adopting agile working systems, which also helps the company serve its customers in a fast and solution-oriented way. The company receives positive feedback from its clients due to its hands-on, expert and caring as well as a collaborative way of doing business. Additionally, the major reason behind the success of Virtual i Technologies is its core element—the team.
“As a company with a 200% yearly growth rate, we are looking forward to supporting the overall industry to grow with us. We are happy to deepen our relationship with our customers in key regions such as Europe, UK, MENA, Singapore and the US and look forward to expanding our reach within these regions.
With our solutions, we enable data-driven accurate and faster decision making in the insurance industry, which means there will be more time for client relationship management both in acquisition and retention, more financial resources for improvements in customer satisfaction of our clients’ portfolio. In addition, we aim to close the Series-A investment round this year, which is already oversubscribed.” – Veysel Sinan Geylani, Founder and CEO of Virtual i Technologies