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.

Ageas Insurance

What key achievement did your entry highlight?

The AI supports our claims handlers and customers by accelerating how quickly a decision on repairability is made. By submitting photos via a link sent to their smartphone, customers can receive decisions on the next steps during the initial call. This tool has become even more valuable in light of the Covid restrictions this year enabling us to act swiftly for our customers in challenging times.

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

Adrien Cohen, co-founder at Tractable, says that: “Ageas using Tractable’s AI to generate estimates is a breakthrough for the insurance sector worldwide. By harnessing AI at the beginning of the claims process to assess damage and generate estimates, we accelerate every part of it, creating efficiencies for the insurer and greater clarity for the policy holder. It’s making a positive difference for people in the real world, by helping them recover from accidents faster.”

What sets your firm apart from the other shortlisted contenders?

Ageas believes it’s use of Tractable’s AI technology is a global first for a major UK insurer. This ground-breaking industry first steps the claims process into the digital age. Whilst this initiative was created before the Covid 19 pandemic, it has become a welcome addition to the Ageas repertoire, enabling us to complete claims faster and in a socially distanced way.

How will you celebrate if you are the victor?

Ageas and Tractable are extremely proud of our successful partnership. Winning this award would be testament to both our teams hard work and dedication. We would celebrate by sending our thanks to our people for their continued commitment to making insurance easy and improving the customer experience.

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

Our innovation strategy is prioritised, based on 3 very simple operating principles:

1. Reduce our clients’ claim spend – we have successfully reduced claim cost by >£1.3m.
2. Settle claims faster – Average claim timeline have reduced by 75%.
3. Delight the policyholder – Our NPS score has increased to >86.

Our Self-service Claim-bot has exceeded all targets set, delighting both client and customer.

What sets your firm apart from the other shortlisted contenders?

SBS have become a driving force of positive digital disruption within the market place, coupling together claims costs savings and increasing customer satisfaction.

Our Claim-bot has been warmly received by customers wanting more control over how and when they interact. This has led to an increase in delighted customers and, no doubt, policyholder retention.

We anticipate that our Claim-bot will become the primary interaction channel with our customers in the long-term; therefore this is another exciting part of our innovation strategy and continued digital evolution.

How will you celebrate if you are the victor?

This year, we (SBS) celebrate our 20th birthday! Winning an Insurance Times Award would be a fantastic achievement in a very significant year – and compliment the hat-trick of award wins at the Insurance Times Tech & Innovation Awards 2020 !!

Our celebrations would be very much team based, so in these very different socially distancing times, I can see lots of e-Champagne corks being popped!!