Responding to a claim is the moment of truth for insurers. It is the point in time when customers get value from the insurance policy they bought. And yet, this is where many insurers get it wrong. Having spent so much time and effort to acquire the customer in the first place, they fail to deliver when it matters most. This week, Rick Huckstep talks with Miles Tinsley, founder and CEO of Claimable, the InsurTech that puts the insurance customer first.
A couple of weeks ago, Insurance Day ran a story about Allianz Deutschland’s plans to invest €400m a year in their operations. The focus was on improving customer service and digitalization projects.
The line that drew my attention was;
“Half of all people who call us just want to know what the latest information is regarding their current claim,”
And Allianz receives 35,000 calls a day!
Which tells us several things.
First, it confirms the bleeding obvious, which is that customers want to know what’s happening with their claim.
Second, customers are prepared to wait in line and endure the call center experience. They simply can’t get the information they want any other way.
Third, there is a lot of a customer’s premium being spent on this!
Which leads me onto this week’s topic for InsurTech Weekly and the shift towards digitalization of the claims process. When this combines tech solutions, such as video and mobile, with new business practices, like self-service, the outcome is a Win-Win.
First and foremost, customers are delighted with a quicker, easier and satisfactory outcome. And insurers enjoy lower claims processing costs, lower payouts and reduced levels of fraud.
At the end of this post are links to previous InsurTech Weekly articles relevant to this subject. But for this piece, the focus is on international claims management software InsurTech, Claimable.
To coincide with the latest release of their cloud based, SaaS claims solution, I met with CEO, Miles Tinsley and Business Development Manager, Manraj Chhina at their offices just off the Silicon Roundabout in London.
The origins of Claimable
Miles is a software developer by trade. After having worked on legacy claims systems for several years he learnt that the traditional platforms had many shortcomings. He also realized that he could do something about it. So he built his own.
That was the start of Claimable.
Miles told me; “To me, legacy is anything more than 2 years old”.
“When I worked on those old claims systems, I realized they all had the same common faults that could be fixed by a tech solution. It was a challenge that I couldn’t resist!”
The result is a simple, easy to use platform that requires no training for the users and no implementation costs for IT.
This is best illustrated with a start-up business who can sign-up to Claimable without any commitment. As they experience their first claims, they simply route them through the platform and just pay £4 per claim.
Miles explained it to me; “The mission for Claimable is to expedite the claims process efficiently and effectively. We totally focused on the customer experience and how we could apply tech for a better customer engagement through the claims process.
“With the latest version we have included a claims tracking page with integrated SMS to deliver an overall better claims experience.”
The Claimable platform runs standalone from the insurers’ current IT systems. There is no expensive, multi-year implementation project for a new claims system. Instead there is a simple API based integration with the policy administration system and any specific customization required by the insurer.
And that’s it! A fully mobile claims solution.
At First Notification of Loss (FNOL) and using the mobile browsers on either IOS or Android, Claimable sends a text or email to the customer. Whatever the method of delivery, the message contains a unique link that takes the customer to their unique claims process on the Claimable platform.
Claimable is architected so that the link loads fast and the language is all plain words; no codes, no shorthand, no jargon. This is all supported by Live Chat and, of course, the phone, which will always be needed.
“We want to empower our customer’s customers to be better informed,” explained Miles. “It’s ok to encourage them to call the insurer if they want to know more, which means that the phone call is already qualified and more likely to be a call of value and worthwhile because the customer.”
To make this all work, requires an easy-to-use approach in the platform. Miles explained what they were thinking; “We focused a lot on the UI which is fundamentally a human design issue. We wanted complete consistency in the UI but it also had to be intuitive. We can take anyone off the street and they can process a claim it’s that easy to use. No training required!
“Another thing. I don’t like it when I’m forced to download an app and use it just once, which is why Claimable operates as a mobile web page rather than being app based.”
Claimable have made the whole customer interaction painless by removing all login and password steps from the process. They’ve also set the customer-tracking page up so that it contains no sensitive data. The upshot is that policyholders can get instant access to their claims workflow whenever they want and update and on any device.
10 Currencies, 11 Countries, 17 Languages
Claimable is a multi-currency, multi-language platform and is already being used in 11 countries around the world by small to medium sized insurance businesses.
One example is Primary Group, an insurance startup in Thailand trading as roojai.com who have built a quote and buy distribution platform. Claimable is plugged in at the backend to provide the claims management tool for the insurance startup.
Claimable have also been signed up by FlightCar.com which is a US-based car sharing business for air passengers to rent their cars whilst away rather than pay for airport parking.
In both cases, the Claimable platform makes it a doddle for the insurer. There’s no big drama about implementation and integration because everything connects through the API.
Miles explained; “We built a fantastic API. It’s a self discovering API which means that it follows modern conventions and is very intuitive for developers to use. Every single feature in our platform works through our API, we’ve not left anything out.
“Because of this feature, our platform is really agile and enables insurers great flexibility.”
Treating customers fairly
From interviewing over 100 InsurTech startups, I can say with some confidence that there is one fundamental different between the startups and the incumbents. Their focus on the customer!
Which is why the claims management process is getting so much attention from Insurtech.
In the InsurTech Weekly back catalogue, readers will find relevant articles about other new players who are all bringing digital tech to insurance claims management. These include;
Rightindem are fundamentally changing the customer engagement journey during the motor claims process.
VIS.io This Paris-based InsurTech has built a low cost and agile video tech solution for the claims management process.
360Globalnet, with their “disrupt without disruption” tagline, they offer a video tech platform and a crowdsourced UK network of assessors for quick response to a site visit.
Livegenic, winner in November of the 2015 Accord Insurance Innovator Challenge, Livegenic has developed a mobile app solution that uses live video streaming to stay connected with the customer from FNOL.
LiveMed, who have developed a video tech solution to verify identities, sign documents, explain policies and make claims.
Fluttrbox with their Drone service for the North American insurance market to support risk assessment and claims processing.
Roundcube, a wholly owned subsidiary of Dutch based insurance tech vendor CCS. Their insurance claim solution uses a mobile app to make it easy and immediate to collect data and evidence for the claims handler.