AFSL Granted

Insurx Pty Ltd has been granted an AFSL to provide claims handling and settling services for both retail and wholesale clients.

In early February Claim Central Consolidated Pty Ltd’s Third Party Administration services provider, Insurx Pty Ltd (Insurx), submitted an application to ASIC to provide claims handling and settling services under an Australian Financial Services License (AFSL).

We are pleased to confirm that Insurx has been granted an AFSL to provide claims handling and settling services. The licenced entity is Insurx Pty Ltd ABN 85 628 930 334, AFSL 528534. Insurx is also a member of the Australian Financial Complaints Authority (AFCA).

Our property repair services provider, Claim Central Pty Ltd (ABN 61 102 685 343) and our motor repair services provider, Hello Claims Pty Ltd (ABN 15 601 752 078) are Corporate Authorised Representatives of Insurx.

We are proud to be one of the first organisations in Australia to be successful in receiving authorisation from ASIC to provide claims handling and settling services. The issuing of the AFSL by ASIC is reflective of the program of work being undertaken by the Claim Central Consolidated group to meet the industry’s new compliance obligations.

We are committed to upholding our obligations under our AFSL and to providing claims handling and settling services honestly, efficiently and fairly.

If you have any questions regarding our obligations under our AFSL please reach out to our General Counsel & Company Secretary, Freya Smith. 

fsmith@claimcentral.com.au




Martin Maguire named as an Insurance Business Young Gun for 2021

A massive congratulations to Martin Maguire, Head of Property for Claim Central Consolidated, for being named as an Insurance Business Young Gun for 2021.

If the 2021 Insurance Business Young Guns are anything to go by, the insurance sector is in great hands. 

The many detailed submissions IB received made it clear that these young practitioners are not simply consummate professionals with impeccable technical expertise. They go above and beyond in every sense. In an increasingly complex and competitive sector, they have managed to lead, innovate, mentor their colleagues, build relationships, develop professionally, place their clients’ needs front and centre, contribute to the wider industry and give back to the community.  

On the whole, this year’s Young Guns possess many ‘soft’ skills that have translated into rock-solid performance: great communication, emotional intelligence and the ability to walk in the client’s shoes. Together, these allow for the management of complex claims and the building of strong, collaborative relationships with clients and colleagues. 
Another common denominator for these stellar performers is what one nomination described as “bringing an inquiring mind to every claim” and leaving no stone unturned in finding a solution. 

To view the full list of winners: click here

About Martin
Martin’s role of Head of Operations Australia & New Zealand comes well equipped with a team of 132 internal staff and 750 external trades across both geographies. Martin and his team manage 20,000 – 22,000 property and restoration claims per year, across 14 clients including insurers, underwriters and brokers (brokerages/agencies). Within this team Martin oversees several divisions including the 24/7 Emergency Service Division, Customer Service Division, Property & Assessing Division and Supply Chain Division.

Over the course of the last 12 months, Claim Central Consolidated’s Property division has achieved several performance lead recognitions through Martin’s leadership and processing over 22,000 claims across Australia and New Zealand.

Through Martin’s strategies and process improvements, Claim Central was able to deliver average claims cost and average claim lifecycles reductions over the last 12 months, which has put Claim Central in a strong position. Ultimately, resulting in increased allocations from clients.

To learn more about Martin and his teams achievements in the past year visit: Click here

Claim Central Consolidated founder “really, really excited” for what’s ahead

In three weeks’ time, Claim Central Consolidated (CCC) founder and global chief executive Brian Siemsen (pictured) will be passing on the baton to his successor, Eben le Roux, to take on a fresh key post at the insurance claims solutions group. Here, the soon-to-be executive director talks about what he is looking forward to as CCC charges ahead in terms of growth and value creation.

“My remit in this new role is really clear; it’s anything related to strategic partnerships,” Siemsen, who has led CCC since its formation in 2000, told Insurance Business. “That encompasses our investors, investees, key customers, and geography partners, and really understanding how we take this tightly integrated general insurance model to market both from a technology perspective and a services perspective.”

The long-time boss continued: “That’s the really cool strategic stuff that’s about to unfold, and we spent five years laying the foundation of what we’ve got today. We’ve got some work to dial in from an optimisation perspective, and that’ll be Eben’s core focus in his role as CEO.

“And I’ll be working with those customers and strategic partners – current strategic partners and new ones that don’t even know about us just yet – in making sure that we’re taking this new operating model to market in a way that can really benefit some of these insurance carriers and partners. So, [I’m] really, really excited.”

For the solution-orientated leader, he’s the best person to be out there with partners, sharing the CCC narrative with them. After all, the business is arguably his life’s work.

“It’s something I’m really passionate about,” said Siemsen, pointing to the task of making sure that the opportunity to partner with CCC is well understood. “It helps me bring to life the story of what we’ve built. And there are some incredible progressive partners out there that are really looking to partner more deeply. I want to be on the forefront of that, in talking to them and working with them over the next few years.”

Lifting the lid on his replacement’s appointment, Siemsen revealed that le Roux’s arrival last year was all part of the leadership roadmap at CCC, which is headquartered in Sydney and also operates in New Zealand, South Africa, and the United States. The promoted executive came onboard in April 2020 as chief commercial officer before taking on the chief operating officer position, as well as the role of managing director for all geographies except the US, last September.

To view the original article visit: https://www.insurancebusinessmag.com/au/news/technology/claim-central-consolidated-founder-really-really-excited-for-whats-ahead-257315.aspx

Gateway to Claims Transformation by Robin Roberson

Summary:
Claims management is a perfect use case for just how critical platforms and ecosystems can be in achieving transformation.

The words “platform” and “ecosystem” are trending and in danger of becoming overused and losing their true meaning, but when used in the proper context they are powerful and highly relevant. The insurance claims management process is a perfect use case for just how critical these structures can be in achieving transformation. And my latest endeavor with Claim Central Consolidated is an excellent example of a platform and ecosystem that enables carriers to make that happen.  

The property claims process has historically been stubbornly long, complex and more costly than necessary. The factors contributing to these conditions include a disjointed overall workflow, which is a result of the many manual tasks, different staff and third-party skills required and the disparate, non-integrated systems needed to fully adjudicate and resolve the claim.

In simple terms, a platform is a group of technologies that are used as a base upon which other applications, processes or technologies are developed. The word “ecosystem” derives from the Greek words oikos meaning “home,” and systema, or “system.” In the early 1990s (go, class of 1990), James F. Moore originated the strategic planning concept of a business ecosystem, now widely adopted in the insurtech community.

Using biological ecology as a metaphor, Moore revealed how today’s business environment parallels the natural world and how, just like organisms in nature, companies must coexist and coevolve within their own business ecosystems. He identified radically new cooperative and competitive relationships and provided a comprehensive framework that businesses can use to enhance their own collaborations with their customers, suppliers, investors and communities. Who knew we would be applying this type of thinking to technology?

Platforms and Ecosystems for Insurance Claims

Powerful and exciting insurance industry ecosystems have emerged – made possible by digitization – and continue to evolve like living organisms, as connected sets and cluster ecosystems within the larger and broader ecosystem of services in a single integrated experience. Platforms enable and support ecosystems in that they connect offerings from cross-industry and inter-industry players in P&C, Life, Health and Accident.

Platforms and the ecosystems they support will increasingly enable insurers to turn strategic visions into realities. Today, insurers succeed by offering products. In the future, insurers will win by providing access to risk prevention and assistance services—and by offering the right product to the right customer at the right time.

Claim Central Consolidated

Many people have asked what I’ve been working on since exiting WeGoLook.  I am thrilled to be spearheading the perfect example of the power and potential of a platform-based ecosystem within Claim Central Consolidated, a global leader in property and auto insurance claims technology, services, data and insights, and pioneers of digital claims fulfilment. Our market-leading technology solutions are completely transparent, simplifying the claims process and significantly improving policyholder service satisfaction on behalf of leading insurers across the globe.

Developed and proven in Australia, Claim Central recently expanded to the U.S. market, initially focusing on the property claims market with the successful rollout of TradesPlus – a network of over 40 trade types which are easily accessed within our Exchange. The Claim Central platform comprises three basic components offering a number of solutions and choices within many evolving cluster ecosystems embedded in our broader platform:

ClaimLogik Plus end-to-end claims lifecycle management platform, built with the vision of providing a single platform that connects all parties involved in resolving a claim, available in three purpose-built versions;

  • Growth Edition – best suited to smaller businesses such as 1099’s
  • Business Edition – best suited to SME scale insurers, IA firms or TPA’s.
  • Enterprise Edition – best suited to higher volume claims handling such as larger TPAs or carriers

TradesPlus+ Managed Repair

  • cloud-based platform connecting insurers directly with a pre-screened, on-demand marketplace of suppliers to carry out claim-related services and property repairs.
  • Insurers have direct access to suppliers including:
    • Contractors
    • Emergency Services
    • Inspectors
    • Adjusters
    • Experts
    • Housing

Virtual Inspections as a Service (VIaaS)

  • connects remote desktop assessors directly with policyholders to inspect and assess their claims using our live video streaming and collaboration platform LiveLogik
  • enables insurers to secure inspections and damage assessments without the risk, cost and time associated with deploying traditional field adjusting resources during the COVID-19 crisis.

The Power and Potential of Ecosystems

McKinsey research found that ecosystems will generate $60 trillion by 2025 which will constitute 30 percent of global sales in that year. Consequently, many insurance executives are looking beyond industry borders to understand the growing opportunities and threats that come from new partners and competitors in the ecosystems relevant to them, from mobility to healthcare and beyond.

Platform businesses are the most efficient value creators, compared to other types of businesses, because they harness the power of distributed supply and network effects. The network effect is a phenomenon whereby increased numbers of people or participants improve the value of a product or service.

Purpose-Built Insurance Ecosystems

The P&C insurance industry has already developed ecosystems to support specific business functions and continues to do so. Some of the earlier examples date back to 1980 when information providers developed platforms linking auto insurers to collision repair facilities for the purpose of streamlining the accident repair process. These ecosystems quickly expanded to include independent appraisers and adjusters, auto glass and car rental vendors, salvage pool and towing operators, parts providers and others. Today they are beginning to include telematics service providers and auto manufacturers and dealers.

New property claims ecosystems such as Claim Central have emerged to include a full suite of segment specific cluster ecosystems including contractors, inspection technology, digital payments and other service providers which enable insurers to resolve claims in hours instead of days or weeks. According to Paul Carroll, editor-in-chief of Insurance Thought Leadership, “Innovation will focus less on bells and whistles and more on improvements across entire processes and organizations. But incumbents must start preparing.”

Ecosystems: Not if but When

Look no further for a brilliant and powerful new ecosystem extension than the recent announcement that Credit Karma, a unit of Intuit, has partnered with Progressive Insurance to offer usage-based auto insurance to Credit Karma’s millions of financial service smartphone app members using its integration with DMVs to obtain instant driver and vehicle information.

“It is not a matter of if, but when the insurance industry will have to adopt an ecosystem approach. The industry is not immune to the changing demands of the market” – Dr. Geoffrey Parker, Professor of Engineering at Dartmouth College and a visiting scholar and Fellow at the MIT Initiative on the Digital Economy.

I feel blessed and excited to be a tiny part of it!

To read the original article visit: https://www.insurancethoughtleadership.com/gateway-to-claims-transformation/

The article was written by Managing Director of Claim Central North America, Robin Roberson.