There are just two days to go until the winners for Insurance Times’s Tech & Innovation Awards 2020 will be revealed at a virtual ceremony on 17 September

Here we feature SBS’s entry into Best Use of AI

SBS entered its digital flooring claims solution

What key achievement did your entry highlight?

As part of a drive towards digitisation of Contents Claims, we have re-engineered settlement of flooring claims to a digital solution, based on a low-touch, automated process.

SBS offer the only digital claims handling service for flooring - cutting down the average length of a claim, reducing customer inconvenience of waiting in for visits, reduces overall claims costs (no assessor callout costs) and offers a safer socially distance approach whilst retaining validation accuracy.

During 2019 – 65% of all flooring claims were fulfilled through a digital process, with no site-visits and often facilitating same-day or next-day claims settlements.

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 >£2.2m

2. Settle claims faster – Average claim time lines have reduced by 80%

3. Delight the policyholder – Our NPS score has increased to >80

Our flooring AI technology exceeded all targets set, delighting both client and customer.

What sets your firm apart from the other short-listed contenders?

Our innovation strategy sets us apart in the marketplace. SBS have become a driving force of digital claims innovation, coupling together claims costs savings and increasing customer satisfaction.

Our approach has been warmly received by customers, with uptake during Covid-19 exceeding 86% of all our flooring claims.

The world changed in 2020 and Digital, innovative (socially distant) claims handling is no longer an interesting concept, it is now a business imperative.

The ‘new normal’ was already ‘normal’ at SBS and we intend to keep things that way!

How will you celebrate if you are the victor?

This year, we (SBS) celebrate our 20th birthday! Winning an Insurance Times Tech & Innovation Award would be a fantastic achievement in a very significant year. The flooring claims team have worked incredibly hard to successfully bring digital change to a traditional market.

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.

Read more…Flooding data could help cut out insurers loss ratios says insurtech chief exec 

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Revealed: Technology & Innovation Awards finalists 2020