5 out of the ordinary claims experiences

Rodolphe Strauss
March 29, 2023
5 out of the ordinary claims experiences

60% of insurance company leaders agree that their customer experience strategy is not developed enough, resulting in loss of information, lack of fluidity in communication, inexact customer and policy information, and degraded relationships with their policyholders. This trend is particularly damaging in the event of a claim, while customers aspire to personalized, digital, and freedom-of-choice experiences, according to McKinsey.

To change the game, it is advisable to rely on technology. One that will create a value chain that benefits both customers and employees. Artificial intelligence (AI), data, blockchain... Here are some practical examples of technology for better claims management.

Carrot, the Korean champion of Pay-How-You-Drive auto insurance, focuses on mobile experience and automation

Korea’s next insurtech unicorn  focuses on mobile and lifestyle benefits to reinvent our relationship to insurance. The service banks on telematics and data generated by its mobile application on its policyholders' driving to offer them monetary benefits and access to services. Result: A 70% drop in the frequency rate of claims.

More recently, the neo-broker has partnered with Hanwa General Insurance and Notte Non-life Insurance to offer an automated claims process, entirely managed from its mobile application. The technology leverages AI that instantly evaluates damages and foresees the automated filling of claims, in addition to triggering of related services, such as the provision of a replacement vehicle. This is enhanced by an algorithm that automatically categorizes claims and automates payments.

Acko takes care of cyclists in minutes, without a claims adjuster

In India, Acko insurance company has developed a 100% digitalized customer journey dedicated to cyclists. Cyclists instantly answer a few questions, upload pictures of their bike, and benefit from a  refund guaranteed within 2 hours without ever contacting a claims adjuster, all from a mobile phone or web browser.

FloodFlash uses parametric insurance to benefit policyholders

British insurtech FloodFlash develops parametric insurance products to cover property owners - businesses and individual properties - in the event of a flood. FloodFlash installs an intelligent sensor that assesses the level of flooding. Depending on the flood rate, the exact compensation is instantly paid to policyholders without any documentation required. This is possible thanks to the parametric model, which does not require any field experts or claims management teams, allowing FloodFlash to impose lower commission fees and premiums on its policyholders. Claims are settled within a few hours at the earliest, and within 48 hours at the latest.

Ping An offers 100% automated and 95% reliable claim calculations

Chinese insurer Ping An has developed a system capable of calculating the amount of compensation to be paid to policyholders following an auto accident. In the event of an accident, Ping An's policyholders report their claim through the neo-insurer's mobile application, attaching one or more photos of the vehicle. This information is processed by AI and correlated with the policyholder's historical data - driving habits, possible traffic violations, previous claims, etc. - to establish a personalized score for each driver. This score allows Ping An to determine the amount of compensation to be paid to the policyholder. The calculation is 95% reliable and can lead, in some cases, to policyholders receiving their compensation within seconds.

Allianz accelerates cross-border claims payments thanks to blockchain

Going beyond "innovation washing," the German champion leverages blockchain to roll out a service that actually benefits its customers.

The goal? Streamline the cross-border claims handling process with a blockchain platform shared by 24 of the Group's European subsidiaries. If a customer insured by Allianz France is involved in a car accident in Germany, the claims handling is jointly managed by the French and German subsidiaries from the platform. Access to information is simplified and mutualized, and collaboration capabilities are strengthened.

Once the claim is reported and analyzed, the information is submitted to a payment module that instantly processes the transfer. The automatic processing replaces the exchange of thousands of emails and massive amounts of data files. Each process is transparent and can be tracked in real-time.

Do you also want to take control over the customer experience? Seyna supports you from ideation to action: with Seyna Claims, create and deploy human and personalized claims management experiences for your customers, whose employees are the heroes, in less than two weeks.

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