Jim Parsons, chief executive of ParaCode, discusses why the software firm should win the Excellence in Technology - Claims category at the 2022 Insurance Times Awards  

Explain briefly about your entry in the Excellence in Technology - Claims category.

Our claims handling solution creates substantial benefits for MGAs and insurers - the Insurance Times Awards is a great platform to raise awareness of these plus points to the wider insurance market.

The key problem we saw with existing claims handling solutions was that they were limited in what they could receive from the policy administration system, meaning that key information was lost. This led to less well informed decisions, errors and wasted time.

Jim Parsons Paracode

Jim Parsons, ParaCode

To solve this problem, we enabled our claims handling system to receive full policy details, marrying the sections of cover with the claimable elements of the policy in the claim entry process.

This means that when a claim is made against a policy, all relevant information is accessible to the claims handler automatically.

This has substantial benefits for our customers, allowing claims handlers to more accurately process a greater volume of claims.

What do you think makes your entry stand out or different from your competition?

What makes us stand out is that our solution is already bringing these benefits to MGAs, insurers and claims handlers and is helping improve the financial performance of our customers.

What would winning this award mean to you and your firm?

Winning this award would be incredible for us as we are a new player and are working hard to bring the benefits of our platform to the market.