Fresh Insurance, part of Kingfisher UK Holdings, has today announced a partnership with Insurtech Inzura to deploy an innovative new policy document validation app across three of its motor brands: Autosaint, Ladybird and First Van. In trials the broker has already seen an app download rate of over 85% and as a result the entire validation process is now 80% faster.
The deployment is part of Kingfisher’s multi-million-pound digital transformation programme announced earlier this month. Autosaint offers competitive car insurance for young and newly-qualified drivers by installing telematics technology; Ladybird offers specialist car insurance and First Van is a specialist van insurance product. All three brands will use Inzura’s Validation app, InzuraGo, to automate the onboarding and policy document validation process transforming the customer journey and radically reducing onboarding costs. In a Covid-19 environment, the app has also enabled CRM and Administration staff to carry out the policy validation process whilst working from home.
Nick Reid, Group Director of Transformation at Kingfisher comments: We have invested heavily in technology as part of the group’s digital transformation, so far mainly centred around the customer experience. We have an in-house development team and now partner with a number of ‘best of breed’ technology suppliers, with Inzura at the forefront. The InzuraGo app has exceeded our expectations – we have smashed our targets. Post implementation reviews led by Amy Lewis, Kingfisher Project Manager, show average time to complete the entire validation process is now 80% faster at just 5.5 days.
“We’ve removed the time-consuming steps and hassle of sending documents via post or email, along with the worry of whether they have arrived or if they make it safely back. Not only this, future capabilities for the platform will also allow us, as we progress, to reward and gamify driver behaviour via telematics, in addition to integrating any available dashcam footage in order to monitor driving standards. Better yet, the tool can be adapted for other policies and insurance types and in time we’ll be looking to roll out the system across the business group.”
InzuraGo gives customers a fast, convenient and secure way of submitting policy validation documents, including no claims bonus, driving licence and driver license details. It uses photo analysis combined with AI, automating the entire process of collecting and verifying all policy documentation.
The app allows brokers to process higher customer numbers faster and at a lower cost, whilst detecting potential policy fraud at the point of sale, by cross matching uploaded images with customer declared information, delivering significant operational and underwriting cost savings. For example, the platform automatically checks image quality, the document type and performs optical character recognition (OCR) on the documents to verify customer details or identify inaccuracies. It checks vehicle condition, vehicle history and driver endorsements, whilst AI analysis of the document and photo metadata identifies fraud, all via the app.
Inzura Co-Founder and CEO Richard Jelbert, commented: “It is notable how quickly the industry is now moving due to Covid-19. The whole market is alive to the urgent need to modernise and implement customer focused digital insurance services that can be operated by CRM and administration staff even working from home. We are hugely excited to be partnering with one of the UK’s leading and biggest independent personal lines brokers and to see InzuraGo in action across multiple brands within Kingfisher. They are an innovative broker undergoing a huge digital transformation programme, and we’re delighted to be an integral part of that.”
The InzuraGo app is currently available for motor insurance policies but can also to applied to travel, life, health and home insurance. Importantly it can be integrated with any existing policy management back-office processes. Inzura now provides automated policy document validation, telematics, claims capture and FNOL apps to some of the leading motor brokers and insurers in the UK including MCE, Abbey Autoline, and Doddle Cover.