Best Use of AI
This category was open to UK insurers, brokers, MGAs and insurance partners adding value via artificial intelligence.
Entrants must be able to demonstrate positive results over the last 12 months [since January 2019] from an overall strategy that has successfully delivered a stand-out product or initiative.
Entrants were asked to demonstrate how artificial intelligence has been utilised in areas such as enhancing customer service, driving marketing initiatives, new product development and/or achieving improvements within their own organisation.
All of the finalists are listed below. Use the links to find out more from the entrants who have answered our series of Q&As.
WINNER: SBSCollision Management Systems
Digi2L (A Rightpath brand)
Digi2L (A Rightpath brand)
What key achievement did your entry highlight?
The successful delivery of a custom online claims management portal, based on Rightpath Insurance Solutions' unique and pioneering AI-driven ATICS system, enabling the automated assessment and validation of claims for a mass claims exercise, within just 7 days. Over 50% of all claims received passed strict criteria for straight-through processing to payment stage, reducing the overall claims lifecycle.
Can you share data or testimonials to back up your bid to win?
The ATICS-based custom portal, deployed in just seven days, saw over 60,000 claimants register their claim within the first 24 hours, at its peak the portal was capturing 200 claims per minute.
What sets your firm apart from the other shortlisted contenders?
What sets Digi2L apart as a service provider to insurers is its ability to combine a practical understanding of leading-edge technology with years of extensive in-depth experience in the complexities of claims management provided by parent company, Rightpath Insurance Solutions. Digi2L applies its insight to unite both subjects for the benefit of the customer and the insurer, redefining the claims process. This is further supported by a proven track record in the delivery of added value service features that extend beyond the standard claims management model.
How will you celebrate if you are the victor?
Digi2L are currently working on further innovative enhancements to challenge the standard online claims management model and to assist insurers with efficiency and cost-saving new features. If we are successful chosen as winners of the Insurance Times Tech and Innovation Awards ‘Best Use of AI’ category we will likely channel that considerable excitement back, as renewed energy, to deliver great results on our clients’ behalf.
WINNER: SBS
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 timelines 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.
Paul Fairbrass, Technical Director
What sets your firm apart from the other shortlisted 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!!