One in five household claims are not paid
Digital home insurance insurtech buzzvault has partnered with Davies Group to execute its new claims process.
The launch is planned for the second week in December.
It will be managed by customers and provide settlement services such as inspection, adjusting, restoration and repair or replacement.
The vault
Becky Downing, chief executive at buzzvault said that the claims process is the “critical component of our proposition.”
“Everything hinges on getting this part of the customer journey perfect and Davies Group has exactly the right credentials to entrust with the role of claims administration and support.”
She explained that the customer agrees with the insurtech what they need insured and at what value.
This is based on a secure digital inventory of their home stores on the buzzvault app in a “highly secure digital asset vault.”
Strategy
Darren Coombes, executive chairman at Davies Group said: “This is another great win for us at a time when we continue to invest in service, technology and new capabilities to help our clients grow their businesses.
“This latest win fits with our strategy of supporting tech enabled firms seeking to disrupt the market.”
Downing added: “Our business model not only vastly reduces the risk of underinsurance, it puts us in the envied position of being able to promise with certainty a smooth and swift claims experience. Unlike any other home insurance providers, we will know exactly what we are insuring.”
Buzzvault aims to bring the benefits of technology to removals and home insurance.
In October its managing director of insurance product Charlotte Halkett told Insurance Times that the smart app was gearing up to launch.
She highlighted the problem that one in five household claims are not even paid stressing that “insurance should be an enabler.”
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