Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


IntentionDirect Reduces Car Insurance Losses.

IntentionDirect Reduces Car Insurance Losses.

Press Release, VortexDNA, Christchurch, New Zealand
Tuesday, 21 December 2010

While the unsettled economy is having a major effect on claim costs for insurers, a new technology developed by VortexDNA has reduced claim frequency by 3.7% for a major auto insurer in just 21 days.

Claims remain the number one cost for personal lines insurers. For example, losses for a mid size US auto insurer such as Tower reached $230 million last year. A 3.7% of reduction in losses would save the company $8.5 a year, improve the driving experience for Tower customers and increase the company’s profitability by 14%.

“These improvements are the result of state-of-the-art technology that replicates the some of the processes of quantum computing where remote events can be influenced” says Branton Kenton-Dau, CEO VortexDNA. “For our clients it means a rapid improvement in loss ratios as claims fall.”

Use of the IntentionDirect technology comes at a time when the claim costs are rising for most insurers. “The economy is indeed putting significant pressure across virtually all lines of business,” says Brian Stoll, Towers Watson senior consultant in a report earlier this year. “Interestingly, responses related to claim frequency and severity from the economy were relatively consistent, regardless of carrier size and market segment,” added Mr. Stoll. “Clearly, the economy is affecting everyone.”

The remote nature of the IntentionDirect technology enables VortexDNA to deliver results without needing to interfere with the client’s existing operations. “IntentionDirect compliments insurers current claim cost containment measures,” says Mr. Kenton-Dau. “The technology provides significant improvement to key ratios in this challenging operating environment.”

VortexDNA is currently working with clients to improve customer retention for phone companies, reduce losses for insurers and improve fuel efficiency for aircraft.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>