Claims Excellence Awards finalist 2021 Q&A: Insurers using Aquarium’s claims platform pass savings to customers

Here we feature insurtech Aquarium Software’s entry into the Claims Service Solution of the Year – Technology Supplier category. 

Aquarium entered its claims platform into this category, to see more fantastic Q&As from finalists, click here

What key achievement did your entry highlight?

Aquarium’s claims platform enables insurers to fully automate claims management including complete self-service capability, vastly reducing manual intervention and enabling most claims to be settled in real-time. The platform deployed for pet health insurance services, auto and general’s pet insurance business, processes claims at up to 100 times faster than before without the need for paperwork or manual data input.

Insurers using the Aquarium claims management platform see a dramatic reduction in operational costs, resulting in lower premiums for pet insurance customers, ultimately driving customer loyalty in a competitive marketplace.

Can you share data or testimonials to back up your bid to win?

”We are incredibly impressed by many aspects of the project including: the core system functionality, the on-time delivery of the sprints, in accordance with the project plan, the agreed functionality being delivered within the agreed budget, the professionalism of your team, coupled with the team’s politeness. The way in which Aquarium has managed to deliver this project, within what was a tight time frame, is remarkable - particularly under the coronavirus restrictions, which resulted in the implementation being done remotely,” Patricia Kleinhans , general manager, Pet Health Insurance Services.

What sets your firm apart from the other shortlisted contenders?

The key difference is we focus solely on the global pet insurance market, which is particularly complicated by the large number of geographically dispersed (and usually independent) veterinary services. By automating claims processes, we can save insurers time and cost but also enable them to compare the cost and success rates of vets across a region or entire country.

There are huge business growth opportunities in the pet insurance sector. We feel that our ‘pet insurance in a box’ technology means that we are well positioned to support the business models and requirements of every pet insurer.

How will you celebrate if you are the victor?

Should we win, we will celebrate with the entire team where so many individuals invested in the rollout of this project and had tothink on their feet when we deployed this remotely; something which we had not done before. This will include a virtual celebration with our customers in Australia – where IT experts were critical in delivering the digital platform successfully.

While Aquarium Software is not a newcomer to this space, we are still a young, growing company. Gaining this industry award would be an incredible achievement for us all to feel very proud of.