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Attensi creates world´s first ‘underwriter simulator’ to help tackle skills gap in insurance sector

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Attensi creates world´s first ‘underwriter simulator’ to help tackle skills gap in insurance sector

GAMIFIED simulation training provider Attensi has created the world’s first ‘underwriter simulator’ for specialist global insurer, Hiscox to help tackle a skills gap in risk management and insurance.

The new custom-built 3D simulation offers a risk-free way of helping underwriters to learn the key demands of the job by challenging them to compete in a number of realistic, gamified scenarios.

Des Bishop, Group Head of People Development at Hiscox, claims the simulation has proved to be a game-changer for Hiscox. His team can now train and mentor junior underwriters on best practice, bridge any existing skills gaps, and provide support for complex tasks, such as assessing risk.

He says one of the project’s biggest successes has been the way the simulation taps into players’ natural competitiveness – underwriters have carried on taking part long after their mandated completion to top the internal score leaderboards.

He said: “We know younger generations love competition, in fact millennials are often referred to as the ‘trophy generation’. We also know repetition makes good learning stick, and with the Attensi training, our underwriters can replay as much as they need to achieve their potential and compete with their peers. We see our people playing and repeating the simulation up to 30 times to ensure they get the highest scores and top the leaderboard.”

He added that one of the insurance sector’s challenges is a shortage of high-quality technical underwriters.

Des said: “Underwriting drives profit, so when it comes to skillsets, our business needs an exceptionally talented team of technical underwriters. This means that when a broker or a customer meets with an underwriter, not only can they talk to them about the product, but they can service that product to that broker or client. Underwriting is more complex than ever, and tomorrow’s underwriters need to be able to adapt to many challenges.

“Gamified simulations put an individual in very believable situations. Instead of just watching someone complete an analysis of how to deal with a certain situation, our simulation allows our team members to experience the results of their actions in a safe environment. It provides insights, and lessons that face-to-face and e-learning exercises can’t match. We can now provide ongoing learning with performance support and feedback as needed.”

The simulation was created with input from senior underwriters who discussed their real-world experiences with Attensi and shared what had helped them learn their trade.

Huw Newton-Hill, Attensi’s Strategy & Business Development Director, said: “It’s not every day that a senior underwriter gets involved in developing a game or simulation, but to be a success, any simulation training needs to resonate with its audience. In our case, that required diving deep into the key success factors and typical mistakes of a Hiscox underwriter.

“Our users need to be able to see themselves facing a particular challenge in their day-to-day role and so we had to understand the nuances of what makes an excellent discussion. How to frame conversations and interactions correctly was key to creating a super realistic simulation that would resonate with Hiscox staff.

“For us, it is always important to challenge people so they can build and expand on their technical skills. If the training scenarios were going through the motions, we would have quickly lost engagement. So, getting to that level of difficulty resulted in tangible learning, which we observed through how the team engaged with the simulation and the positive feedback we received.”

Following a survey of people at Hiscox, 85% of participants agreed the training had helped them understand how to undertake reviews and analysis to identify areas of improvement for account and portfolio analysis. And 85% agreed the training had helped them understand how to apply technical concepts across the underwriting cycle.

By the end of 2021, more than 90% of junior underwriters within the firm globally will have taken the training.

Source: https://www.fintechnews.org/attensi-creates-worlds-first-underwriter-simulator-to-help-tackle-skills-gap-in-insurance-sector/

Blockchain

How XRP Ledger Can Help Central Banks Create and Manage Digital Currencies

FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […]

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FinTech firm Ripple says that it is “piloting” a private version of the open-source public XRP Ledger (XRPL) to allow central banks to create and manage their own digital currencies. The XRP Ledger was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto, and XRP is the native currency of the XRP Ledger. […] Checkout PrimeXBT
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Source: https://www.cryptoglobe.com/latest/2021/03/how-xrp-ledger-can-help-central-banks-create-and-manage-digital-currencies/

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Blockchain

Indonesian Fintech Firm Payfazz Invests $30 Million in Xfers

Payfazz made a strategic investment in the Singapore-based firm to establish Fazz Financial Group.

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Blockchain

Revolut Expands Banking Services to 10 More European Countries

These are already available in Lithuania and Poland.

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Blockchain

Apple Pay Users Can Now Buy COTI Via Simplex

Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply. With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for […]

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Simplex has now added Apple Pay as a supported payment method, allowing its users to use the popular digital payment app to buy COTI more simply.

With 45% of Americans owning an iPhone and Apple dominating 11% of the world mobile market, Apple pay has become one of the most used apps for paying for goods and services straight from a user’s phone.

This integration will not only facilitate the purchasing of COTI and other cryptocurrencies in the SImplex platform but also improve security by not requiring users to provide their credit card information over the internet.

COTI also announced that it has continued its partnership with Simplex to launch the COTI debit cards and bank accounts in the future, with the design development being scheduled to start in the near future.

Facilitating Payment Trough Crypto

Coti announced back in December of 2020 that it would be launching its COTI Pay debit card and bank accounts in January of 2021.

However, the issuance of the products was delayed and no specific date has been set while the company continues to work in partnership with Simplex.

The team behind the project expects that the issuance of the physical and virtual debit card will significantly increase the adoption of the network by facilitating crypto payments both for users and merchants alike.

COTI debit cards will be available globally but originally launched in Europe, followed by the United States, Asia, Oceania, and other regions.

The bank account, on the other hand, will be immediately available globally and work as a gateway between fiat and cryptocurrencies not only by allowing users to store them in the COTI Pay app but also by facilitating the conversion between both types of currency.

COTI aims to provide features such as no maximum purchase limits, 1-click transactions with various partners, 1-time know your customer (KYC) process, and a variety of payment and transfer options.

COTI and Simplex: A Long Time Partnership

COTI and Simplex originally announced their partnership on June 18 of 2019, with the aim to optimize crypto payment processing by using state-of-the-art fraud prevention solutions, AI technology, and Cryptocurrencies.

At the time, Simplex was already working with both Binance and Kucoin, some of the biggest cryptocurrency exchanges in the world, to increase digital currency adoption.

Nimrod Lehavi, co-founder and CEO of Simplex, referred to the importance of this partnership by stating:

“Easy and fast credit card payments for mainstream users is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with COTI and together enable a much better, fast and easy payment experience.”

Cryptocurrencies have gained increasing popularity as payment methods as exchanges like Binance, Crypto.com, and Coinbase have started launching their debit and credit cards, but there is still a long road ahead before they are available o the general public.

Partnerships such as the one between Simplex and COTI could pave the way for enterprises to take advantage of the benefits of crypto on their daily operations, increasing trust in crypto and incentivizing merchants to facilitate the transition from fiat.

COTI: Facilitating Global Payments

COTI is an enterprise-grade fintech platform built using distributed ledger technology that aims to meet the challenges of traditional finance by making use of new technologies and infrastructure.

The acronym COTI stands for “Currency of the Internet”, which summarizes the vision behind the project.

The company has partnerships with companies like Ernst & Young, Blackedge Capita, Lacanstar Group, Wave financial, and Base 15, which operate as both investors and advisors on the development of the platform.

The platform makes use of a Directed Acrylic Graph (DAG) instead of a blockchain-based storage solution, as well as a trust scoring system, meditation system, and currency exchange to achieve scalability, simplicity, cost-effectiveness, security, instantaneity, and price stability.

The platform uses the native token COTI, which has rapidly increase its value during the first 3 months of 2021 reaching an all-time high of $0.22 after starting the year at $0.04.

The post Apple Pay Users Can Now Buy COTI Via Simplex appeared first on Blockonomi.

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Source: https://blockonomi.com/apple-pay-coti-simplex/

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