| COMPANY PROFILE

Founded in 2008, Perfios is a global B2B SaaS company that helps financial institutions to take big leaps by shaping their origination, onboarding, decisioning, underwriting, and monitoring processes at scale and speed.

Perfios delivers 8.2 billion data points to banks and financial institutions every year to facilitate faster decisioning, and processes 1.7 billion transactions a year with an AUM of 3 trillion, significantly accelerating access to credit and financial services for their client’s customers

| PRODUCT/SOLUTION INTRODUCTION

Perfios PIVC

1. The Vietnamese government has mandated insurers to follow the New Insurance Business Law regarding the distribution and purchase of insurance products through bancassurance channels. Life insurers fear that the new law will hinder sales growth. Bancassurance is an important distribution channel, especially for the life segment, accounting for approximately 20% of total life insurance premiums and 14% of total non-life insurance revenue in 2022. – Link

On 2nd November 2023, On 2 November 2023, the Ministry of Finance of Vietnam (MOF) issued the New Circular No. 67/2023/TT-BTC (“Circular No. 67”) detailing a number of provisions of the new Law on Insurance Business 2022.

Circular No. 67 provides new guidelines in detail on insurance products and services via the internet, the requirement of audio recording insurance consultations, new caps on commissions, bonuses and incentives applicable to agencies, new requirement of having acknowledgement of policyholders in illustration materials, and for the sale of investment-linked products.

Perfios has a solution that enables recording insurance consultations – Perfios Pre-Issuance Verification Call (PIVC). This is a video-based solution that actually goes one step ahead of the curve when it comes to accurate customer onboarding and consultations. In the world of deepfake, faking an audio or using a voice modulator isn’t very difficult. How do insurers know that it is the actual customer who is on the other end of the call?

Insurers should think of staying ahead of regulation instead of playing catchup. Perfios PIVC has features that ensure 100% accurate customer verification, using intelligent OCR to detect fraudulent customer IDs and face match with liveness check to make sure a fraudster isn’t using a recorded video or photo to game the system.

Moreover, live recording of the sales consultation and recorded video consent from the customer gives zero room for doubt, miscommunication or misselling.

Already, life insurers are partnering with Perfios to comply with Circular 67’s mandates. Manulife is our first customer in Vietnam. They launched MPro, a solution built on PIVC. – Link

Our video-based solution lets users understand and provide their acknowledgement over recorded video in under 90 seconds. With PIVC, our clients can achieve more than 95% customer satisfaction and 99% customer trust in policy details.

Perfios Acclaim
Acclaim takes the human element out of claims processing. Here are the three steps needed to process a claim and how Perfios Acclaim does them:

1. 1. Data extraction: Acclaim uses OCR to extract data even from handwritten notes in poorly scanned documents. In fact, we go one step above OCR. No commercially available OCR technology provides a 100% accuracy rate on conversion. Acclaim reduces the manual effort for correcting the textual content by relying on advanced fuzzy matching algorithms and information search techniques to arrive at the correct interpretation of the uploaded document.
   2. Data categorization: After the data is extracted, Acclaim uses Machine Learning & NLP to categorize the data into treatments, procedures, and medications. It integrates with international treatment and disease classification systems like ICD, PCS, SNOMED, etc. to codify the data such that every single claim that comes to the insurer from any patient and any hospital gets standardized.
   3. Data analysis: Acclaim’s ML engine then analyses the data an matches it against its ever-increasing knowledge base to identify fraudulent patterns in claims including inflated bills, unnecessary treatments, excessive treatments and insufficient treatments that might require unnecessary followups.

Acclaim outputs the proportion of a claim that deserves to be paid out and the proportion that is ineligible.

Using this data, insurers can combat fraud and dispute fraudulent claims from network hospitals. They can also price policies cheaper because the risk of overpaying claims expenses is significantly reduced. What’s more, Acclaim enables insurers to track treatment and medication prices that helps them set policy premiums and develop new products more appropriately.

The end benefit trickles down to cheaper and more trustworthy policies for customers.