Excellence in Technology - Service Provider
This category seeks to recognise initiatives and solutions that improve internal and external operational and administrative processes and is open to service providers operating in the UK general insurance market.
From the use of artificial intelligence to the implementation of distributed ledgers, judges were looking for tangible evidence that technology has improved operational efficiencies, customer services, and/or business administration.
All the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
ActurisArbitrate
Automated Insurance Solutions and DAC Beachcroft
CDL
Digi2L (A Rightpath brand)
Keoghs, A Davies Business
Solera Audatex
Arbitrate
What key achievement did your entry highlight?
Typically, Basic Hire Rate evidence has either been cost prohibitive to source or inconsistent if produced in-house. Arbitrate has addressed this problem by providing standard and easy to use evidence at a price point that delivers savings against all claims, including the shorter rentals/smaller vehicles. This evidence also allows insurers to renegotiate or exit their CHO (Credit Hire Organisation) protocols, by providing appropriate, accurate and irrefutable rates evidence. Arbitrate saves insurers huge sums of money; for bigger insurers, into 7 figures per annum. Clients were receiving huge invoices from CHOs, unable to mount a strong defence; Arbitrate solves this.
Can you share data or testimonials to back up your bid to win?
With one insurer we saved a potential 76% against their incoming Credit Hire invoices (subject to final negotiation by the client). One recent example was a claim for £10,956, which we helped our client settle at £922, using Arbitrate evidence. Many clients have used Arbitrate to challenge a CHO protocol arrangement. One did so and is now saving well into 7 figures per annum against one provider. Gary Barker, Claims Director, AA, said at the I Love Claims conference in 2019 that Arbitrate was the most exciting innovation he had seen across the insurance industry in the last 12 months.
What sets your firm apart from the other shortlisted contenders?
The technology that we've built within Arbitrate is completely unique. We capture more data, from more rental providers, on a more frequent basis than anyone else. We deploy advanced automation technologies to capture and store the data, then use a mixture of automation and human intervention to extract the data from the system and present the response back to the client. We have a vast data store and have now designed a predictive analytics engine, with the ability to state what rental costs are likely to be in future, in certain postcodes, for certain vehicles, on certain days.
How will you celebrate if you are the victor?
Obviously very challenging to celebrate in this environment! I think the best that we can manage is to post a bottle of (affordable!) fizz to each team member’s house, then crack them open and do a virtual ‘cheers’ on a Zoom call.
CDL
What key achievement did your entry highlight?
CDL’s Hummingbird Syndicate gives insurance providers access to cloud technology to analyse millions of insurance quotations at sub-second speed, enabling members to identify suspicious patterns, at scale, and combat application fraud before it happens.
Collaborative in nature, the solution gives members a market-wide view of consumer activity by pooling huge volumes of quotation data. Sophisticated matching routines enable providers to identify changes being made to risk data in real-time and take protective action at point-of-quote. By sharing infrastructure, members also gain significant economies of scale, making it an extremely cost-efficient solution.
CDL Partnerships Director, Nick Jackson
Can you share data or testimonials to back up your bid to win?
Ray Westwick, Group COO at Freedom Services Group
“We’ve seen a 40% reduction in chase communications and are on track to reduce post-sale cost to service by 50%. There’s been a 7% reduction in cancellations by declining to quote people engaging in significant quote manipulation.”
Mark Hare, MD at Bedford Insurance Group
“Hummingbird Syndicate has given us the ability to decline toxic risk at point of quote and reduce our policy issue period considerably, bringing significant cost savings. It also provides our insurer partners with confidence that we’re investing in measures to prevent application fraud and generate higher quality business.”
What sets your firm apart from the other shortlisted contenders?
As a leading UK Insurtech, CDL is a service provider renowned for innovation. With a focus on research and development, we’ve consistently pioneered next generation solutions that have enabled the insurance sector to transform consumer experiences, while driving revenue and profitability, and reducing fraud.
As an independent company, we’ve retained our entrepreneurial, agile spirit, while growing to an expert workforce of over 600 people. In the past year, our pursuit of excellence has seen the firm listed in the Top 100 FinTech Disrupters and global InsurTech 100 rankings, as well as earning a place within the Government’s G-Cloud Digital Marketplace.
How will you celebrate if you are the victor?
Winning this award would be a great achievement for our team and Hummingbird Syndicate customers, who have been the driving force behind making the solution the success it is today. It's a real shame we won't be able to enjoy the awards night with our members this year, but we'll obviously be absolutely delighted if we're successful. Simply being shortlisted for an award such as this is recognition that we are delivering on our promise to help our customers win through technology and it has renewed our determination to keep on innovating to transform the industry. Watch this space.
Digi2L (A Rightpath brand)
What key achievement did your entry highlight?
The successful delivery of a bespoke online claims management portal, with automated assessment and validation of claims, for a mass claims exercise, within just 7 days. Over 50% of all claims received passed strict criteria for straight-through processing and fast-tracking to the payment stage, shortening the reimbursement wait time for eligible claimants through claim life-cycle reduction.
Can you share data or testimonials to back up your bid to win?
The new portal saw 60,000 claimants register their claim within the first 24 hours, capturing 200 claims per minute at its operational peak.
What sets your firm apart from the other shortlisted contenders?
What sets Digi2L apart as a unique service provider to insurers is its proven track record in combining a practical understanding of leading-edge technology with over a decade of in-depth experience in the complexities of claims management provided by parent company, Rightpath Insurance Solutions. Digi2L applies its insight to unite both fields of knowledge in the development of practical, beneficial, and flexible solutions designed to provide best-in-class support to insurers and their customers.
How will you celebrate if you are the victor?
Digi2L are currently working on further innovative enhancements to challenge the standard online claims management model and to assist insurers with efficiency and cost-saving new features. If we are successful chosen as winners of the Insurance Times Awards ‘Excellence in Technology - Service Provider’ category we will likely channel that considerable excitement back, as renewed energy, to deliver further great results on our clients’ behalf.