Instnt partners Munich Re to bolster ID fraud loss insurance coverage
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Instnt's first-of-its-kind solution combines AI-led verification and insurance-backed protection to provide a path to recovery, growth, and lasting resilience against fraud.
Fraud has long imposed a heavy burden on businesses, costing an estimated $485.6 billion globally in 2023 (Nasdaq, 2024). Instnt is changing that narrative with a first-of-its-kind solution that merges AI-driven identity verification and fraud detection with insurance-backed protection, helping businesses transfer fraud risk and recover quickly when losses occur.
Instnt's partnership with Munich Re, a global reinsurer and leader in insuring emerging technologies, underscores the credibility, strength, and innovation behind Instnt's groundbreaking offering. The collaboration deepens Instnt's relationship with leading insurance companies, which also includes Accredited and Howden, among others.
'Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognize fraud events. This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events,' said Michael von Gablenz, Head of Insure AI at Munich Re and HSB. 'My team utilizes experience and expertise from our aiSure™ AI insurance solution and acts as reinsurer behind Instnt's Fraud Loss Insurance.'
Redefining Fraud Risk Management
Instnt's Fraud Loss Insurance solution enables businesses to confidently onboard more legitimate customers while reducing exposure to financial losses resulting from identity fraud. Key features include:
• AI-Driven Customer Verification and Fraud Detection – Identify and onboard authentic customers in real time while blocking fraud attempts.
• Risk Transfer via Reinsurance – Offload potential losses to a trusted insurance infrastructure supported by Munich Re and others.
• Rapid Claims and Recovery – File claims online and receive payouts within 30 days.
• Capital Efficiency – Free up fraud reserve capital for growth and operations.
'Our mission is to make fraud a manageable, insurable risk, not a constant cost of doing business,' said Sunil Madhu, Founder and CEO of Instnt. 'With Munich Re's backing, we're delivering the robust underwriting, loss mitigation, and claims management capabilities needed to support this transformative protection.'
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2 hours ago
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Times letters: Tech-free ‘cloisters' can help young minds
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Jason Fletcher Headmaster, Heritage School Cambridge Sir, I fundamentally disagree with Niall Ferguson's response to the growing influence of AI in education. If more and more students are using ChatGPT to write their essays at the cost of eroding their own individual thinking and reasoning skills, then creating tech-free 'cloisters' in universities is not the answer. There is no uninventing AI, so education, like every other walk of life, is simply going to have to learn to adapt to it. The answer is to remove the essay as the primary measure of academic achievement and replace it with other means that are AI-immune, such as the old-fashioned interview panel, or viva voce. Bob Maddams Louth, Lincs Sir, Niall Ferguson rightly draws attention to the intellectual hollowing-out of student learning at universities due to generative AI. The urgency is even greater for learning at schools. 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