SchemeServe, a leading cloud based provider of insurance software, has created a new claims tool for delegated authority claims, which automates claims and speeds up the process by half the time. The tool will be made widely available for brokers, and is already in testing with some MGAs and brokers including Bennett Christmas and Nationwide.
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, to rules based standard data provision and automatic claims settlement. 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.
Making the claims process more efficient will positively impact an insurers’ bottom line, reduce costly administration time for brokers and make immediate claims settlement for consumers possible.
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.
John Price, COO SchemeServe, comments: “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.”
SchemeServe operates more than 200 schemes and £150m of gross written premium via its cloud based platform. It works with brokers, MGAs and insurers of all shapes and sizes and is the platform of choice for those operating delegated authority schemes because it allows them to get schemes up and running in a matter of days and make any updates (rate changes, changes from regulatory demands, or launch new products, for example) quickly and securely.