Excellence in Technology - Claims
This category seeks to recognise initiatives and solutions that improve internal and external operational and administrative claims processes and is open to all businesses operating in the UK general insurance market.
Judges were looking for tangible evidence that technology has improved operational efficiencies, claims processes, 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.
GOLD: Aqualytics UK
SILVER: Davies Group
BRONZE: VisionTrack
Collision Management Systems
Coplus
Blast PR, for Cover Genius
RightIndem
Coplus
What key achievement did your entry highlight?
Cobalt is a combined data and people solution that uses decision support technology within the triage process to correctly identify the best claims track. In 85% of cases this is done within call, the remaining 15% within an hour following a desk top engineering assessment. This provides better utilisation of alternative repair solutions such as mobile or midi sites. It leads to an increase in identification of total losses at point of claim and a shorter claims cycle with an improved customer journey and overall reduction in indemnity spend.
Can you share data or testimonials to back up your bid to win?
One of the key areas identified in our research is incorrect or delayed identification of total loss. We found as many as 20% of vehicles which go to a repair site are then declared a total loss following assessment. This adds approximately £311 to every total loss claim. Without engineering data upfront alternative repair solutions are underutilised. Mobile and midi repair tracks provide faster claims resolution and lower repair costs resulting in savings of £135 and £215 per claim respectively. Further savings are achieved as a result of a shorter cycle time for repairs in fixed site - £87 per claim.
What sets your firm apart from the other shortlisted contenders?
Cobalt is about combining several excellent technology solutions in a way that isn't done by other outsourced providers. The result is a fully integrate claim journey from FNOL to completed repair which gives MGAs and smaller insurers access to the sort of repair capability that big brand insurers aim to deliver. It gives the dual benefit of cost reduction and improved customer journey. Because Cobalt utilises machine learning to improve decision making this is a solution which will only get better over time. The more cases we manage the better our tools become and the greater savings for insurers we can achieve.
How will you celebrate if you are the victor?
We hosted a launch event for Cobalt recently so we've had a practice run. That involved blue cocktails and an ice bath filled with champagne. Perhaps we'll try and recreate that again if we are winners. Once the champagne corks have all popped and the headaches have cleared we'll be busy sharing the news with our customers and shouting it from the roof tops.
Blast PR, for Cover Genius
What key achievement did your entry highlight?
This entry highlighted Cover Genius' XClaim API, which is an internal API that provides instant claim functionality for all insurance policies distributed by Cover Genius' global insurance platform, XCover. It pays claims in a variety of methods instantly into 90+ currencies, store credits, digital wallets, virtual prepaid cards and more. XClaim's instant payments resulted in +65 NPS scores. Cover Genius launched XClaim to support the growth of dynamic, tech-based and customer-friendly insurance business models.
Can you share data or testimonials to back up your bid to win?
Cover Genius is one of the fastest-growing insurtechs and has generated over $1bn in GWP. Its API platforms, including XClaim, have resulted in revenue growth of over 500% YoY and an increase of 397% in policies sold YoY. Its international presence has grown with Cover Genius' UK market seeing 331% increase in sales and 227% growth in policies sold. XClaim has paid out over 5000 claims in 11 different currencies with claims totalling more than $2.7m.
What sets your firm apart from the other shortlisted contenders?
Cover Genius' XClaim API stands out from other shortlisted contenders because it uniquely offers a seamless process that's intuitive and takes only a few minutes to complete. The XClaim platform is fully integrated into XCover and available 24/7 so customers can make a claim whenever they need to, regardless of their timezone. Even getting paid is easier, with XClaim facilitating the instant payment of claims in a variety of ways. This instant payment facility significantly improves upon the industry standard of 22 days, giving customers an outstanding level of satisfaction.
How will you celebrate if you are the victor?
We will celebrate with the rest of the Cover Genius team, as it's every individual's hard work and dedication that has made XClaim an award-winning platform. We will also use this award as motivation to continue to drive excellence with XClaim, and to reach our goal of protecting all the customers of the world's largest online companies.
RightIndem
What key achievement did your entry highlight?
Our product allows customers to digitally register their claim at their convenience. We predicate information capture on voice and video, creating a curated journey for the customer that's typically completed in under 10 minutes. We take that unstructured data and our AI determines its routing, deception analysis and provides a route forward for the handler. Insurers are provided with a processing dashboard to move claims forward with confidence or move immediately to self-settle online. It's about making eFNOL simple for the customer while collecting rich data which can be used to create automated claims settlement.
Can you share data or testimonials to back up your bid to win?
"Together, Archipelago and RightIndem are collaborating to reinvent the claims experience. Bringing together our shared passion for great customer experience with our years of insurance experience and their agile technology. Launching within weeks of our initial scoping meeting, RightIndem is allowing our clients to interact with their claim at their own pace; with simple, clear language they understand; to resolve their problems quicker and easier than a traditional claims process." Richard Coleman, MD Archipelago Insurance.
"The link is very convenient, helpful and easy to use."
"I liked being able to deal with my claim in my own time."
"I liked how the portal took me through step by step. This was very easy to follow and made the whole process less confusing!"
"I'm impressed with your quick response times and the portal is very convenient."
"I preferred the portal to the phone, as I had everything in one place."
What sets your firm apart from the other shortlisted contenders?
We solve problems for the end customer and clients, we listen to what the needs & wants are and have designed an agile & flexible configurable, white labelled product that can be used in any line of business for capturing data from the customer including, videos and images.
How will you celebrate if you are the victor?
We will enjoy the awards and continue to work with the industry to ensure the claims journey is seamless engaging and pain-free for the customers, there shouldn't be any barriers to making a claim and at present there are too many resulting in poor customer experience, poor retention and frustrated customers. We want to drive positive experiences and outcomes, putting customers' needs first.
BRONZE: VisionTrack
What key achievement did your entry highlight?
We're a leading video telematics and computer vision company, with an innovative self-designed device-agnostic platform. In three years, we've connected more than 40,000 devices and offer our insurer partners reduction in claims, providing indisputable claims evidence through high quality footage and vehicle monitoring. This is improving insurers' processes by speeding up FNOL, eliminating third-party fraudulent and exaggerated cases and reducing the time to resolve claims. Our technology has increased road safety, prevented incidents and cut the number of claims, saving time and money and helping insurers reduce premiums to remain competitive.
Can you share data or testimonials to back up your bid to win?
DCL (Munich Re capacity) has seen a 24% reduction in frequency of claims and an 18% decrease in claims cost by using our systems. Our average incident reporting time is eight minutes, 24/7, 365 days a year, speeding up FNOL. We resolve claims within one week compared with three months, cut disputed claims to 0% in some cases and detect one exaggerated claim per month, on average. Steve Mynott, deputy chief executive, Collingwood Insurance Services, says: "Instant footage helps settle claims quicker … the quickest incident FNOL to date is 20 seconds and data has enabled us to repudiate false claims."
What sets your firm apart from the other shortlisted contenders?
We've aligned our solution with Usage Based Insurance. We believe we collect more video data than anyone else – 500,000 event videos and billions of data points per month. This gives our data scientists more live data to create leading algorithms to prevent incidents and give better insights to insurers by analysing conditions, weather and routes to calculate a driver's propensity to crash. This will lead to more accurate pricing for insurers.
How will you celebrate if you are the victor?
We'll be enjoying the awards ceremony with members of our team and our partners. Whatever the result on the night, we are so proud to have made the shortlist. If we do win, we're going to need a bigger trophy cabinet.