Chief operations officer, John Price believes customers are left disappointed with the claims process because of false advertising
SchemeServe is moving into the claims space and has created a new tool for delegated authority claims.
Speaking exclusively to Insurance Times, chief operations officer, John Price said that he wants insurers to “provide the claims service they advertise,” and that SchemeServe can help.
He said: “You see a trend of customers moving to new insurance providers after making a claim because they advertise it to be a certain way, and it is never really that way.
“It would be great if insurers handled claims the way they say they will, but they just don’t. And when they have built up an expectation within customers thanks to their fancy advertising campaigns, it is a bit of a recipe for disaster.
“We just want to help insurers provide the service they say they will provide.”
The service provider has already found success in its current products, providing cloud software to almost 300 companies in the sale process. Now, it wants to expand that to the claims side.
“So we already focus on the customer journey at the front end, the sales part, and that has been very successful,” Price continued. “We want to do that for the claims process as well now.”
The new product aims to automate claims and speed up the process by half the time.
The new claims tool enables the exchange of claims information in real time throughout the delegated claims lifecycle, from logging claims and providing a portal for customers to upload supporting images directly.
It ensures the operation of delegated claims is efficient with minimal touch points, whilst providing the right data first time to insurers, managing agents and delegated authorities.
SchemeServe is also looking at introducing further possible developments to the claims tool in future releases, including a nationwide crowdsourced or ‘Uber’ style approach to claims validation.
Price said: “We have already disrupted the sales and underwriting process, speeding it up and making it more affordable for intermediaries of any size with delegated authority schemes to compete on a level playing field. Claims is one area which is still ripe for disruption from insurtech and so I’m very excited to be launching our new claims tool.
“Brokers’ and insurers’ innovation efforts and budgets will matter even more as Brexit uncertainty and the impending economic slowdown, sparks budget cuts at many insurance firms this year.
“Management will tire of innovation with no ROI, so as an industry we’ll see fewer digital vanity projects, random start-up investments and buzz words like ‘omnichannel experience’, and more focus on innovation like this that delivers sound operational efficiency.”
The tool will be made widely available for brokers, and is already in testing with some MGAs and brokers including Bennett Christmas and Nationwide. Price believes the new product will be ready to launch “sometime in April”.