The winners will be revealed at a free virtual ceremony on 27 May 2021, but delegates need to register in advance
Here we feature SBS’s entry into the Claims Product Solution of the Year – Claims Management category.
SBS entered its self-service claims bot solution into this category – to see more fantastic Q&As from finalists, click here
What key achievement did your entry highlight?
The cornerstone of our success has been the continuous optimisation of our operating model through the use of technology. Our self-service claim bot is targeted at policyholders making mobile phone and ‘gadget’ claims. Today’s digital consumers value convenience and speed; they want to interact with insurers in their own time.
The self-service claim bot offers a complete claim process, from initial first-notice-of loss (FNOL) questioning, product validation, excess collection, collection for repair and/or replacement product supply or e-voucher.
During this recent period of social distancing and lockdown, customer uptake of our claim bot has exceeded 86% of gadget claims.
Can you share data or testimonials to back up your bid to win?
Our innovation strategy is prioritised, based on three very simple operating principles:
- Reduce our clients’ claim spend – we have successfully reduced claim cost by up to £2.2m
- Settle claims faster – the average claim timeline has reduced by 75%
- 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 has 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 happy 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 isanother exciting part of our innovation strategy and continued digital evolution.
How will you celebrate if you are the victor?
Winning the Claims Product Solution of the Year would validate all the hard work carried out within the SBS team and definitely drive us all forward to strive for even better results for our clients.SBS is moving into new premises in June; winning this award would be a fantastic achievement and take pride of place in the new offices.
The celebrations would reverberate through all the close knit team.
Revealed: Claims Excellence Awards finalists 2021
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Claims Excellence Awards finalist 2021 Q&A: SBS’ self-service bot reduces average claim timeline by 75%