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.

Claim Central are ready and able to assist with any flood or storm impacted properties.


Parts of Australia’s East Coast have seen almost one metre of rain, resulting in the flooding of hundreds of homes and damaging and cutting off roads. The floods have resulted in over 30,000 insurance claims and caused almost 30,000 people to evacuate their homes at the time of the disaster.

Claim Central has activated its catastrophe (CAT) response plan following the East Coast floods. We are well prepared to, and have already been, assisting the recovery of the damage caused by recent storm activity over Australia’s East Coast especially in the areas of Port Macquarie, Kempsey and Coffs Harbour.

Claim Central are ready and able to assist with any flood or storm impacted properties. Our team of frontline staff, property assessors, make safe trades, repair trades, restorers, and engineers have been deployed to the affected areas to attend to customers’ properties.

We have deployed additional resources in the most impacted areas to assist with the volume of claims, including our assessors from across the country. They are equipped with required technologies to ensure all information is captured immediately as we aim to bring normality back to people’s lives.

We hope that everyone affected is safe from the recent weather events in NSW.

As always, our emergency assistance team is also available 24/7 if there are any urgent requests.

If you require assistance, please contact us on 1300 743 673

Livegenic joins Majesco EcoExchange

Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced the expansion of two new partnerships and apps in the Majesco EcoExchange, a curated live, plug-n-play ecosystem and service hub of the Majesco Digital1st® Insurance platform. These new apps will provide innovative claims capabilities for insurers to accelerate their business transformation and address the increasing demand for digital claims, which has risen as a result of COVID.

“Majesco EcoExchange is a next-generation marketplace of partners apps designed to help the insurance industry meet the demands of today’s digital customer,” says Manish Shah, President and Chief Product Officer at Majesco. “Claims has risen in priority for digital transformation which Digital1st® and the partner marketplace can rapidly respond to. We’re proud to work with a growing list of partners to bring today’s most innovative apps to the Majesco EcoExchange and provide customers with access to the innovative technology that can transform their business and better serve customers and agents.”

Majesco’s EcoExchange has a variety of apps available to enable all aspects of the insurance value chain, ranging from a non-interactive service call to a comprehensive solution that can orchestrate multiple provider services. Majesco has recently executed partnership agreements with Livegenic.

Livegenic

Livegenic, a Claim Central Consolidated Company, is the industry-leading virtual collaboration platform for insurance. They provide carriers, TPAs, and other insurance organizations with a comprehensive suite of mobile and browser-based solutions that enable them to virtually inspect claims at any time, and in any environment. Livegenic’s mobile platform offers a wide variety of inspection tools, each designed to support specific workflows and usecases – including real-time video streaming, asynchronous customer self-service, and professional on-site inspection.

“We’re thrilled to join Majesco’s EcoExchange marketplace, it will enable our clients and partners to easily integrate the Majesco platform with the service suite provided by the Claim Central Ecosystem – including the full Livegenic mobile and web platform, the ClaimLogik Plus platform, and the TradesPlus network.” says Olek Shestakov, CEO of Livegenic. “We’re eager to help carriers across the globe deliver world-class solutions to their customers, clients and insureds.”

About Majesco

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

To view the full article, visit: https://au.news.yahoo.com/majesco-continues-expansion-majesco-ecoexchange-140000651.html

New technology achieving claim approvals from onsite in just one day

Over the past two months Claim Central has introduced a new digital scoping and quoting technology for our assessing team to submit reports and quotes from site. This means faster report submissions, increased quality and accuracy of reports, and most importantly faster commencement of repairs to customers’ properties.

Without this technology, report submission can take anywhere between 1-10 days (or more for complex claims). Since introducing the technology, we have assessments being completed, submitted and approved all in one day, onsite at the time of assessment.



Not only is this technology cutting down our claim lifecycles, it is also giving us the ability to put everything from report, scope and quotes in one central repository – making it is easy for our clients to digest claim details and make a decision on a claim.

Using this technology, we pushed a claim through the entire process – from assessment to final repairs and QA sign off – in just 12 days. The claim was valued at $4,000 and this great result was achieved through the optimisation of our proactive assessing procedure.

 The claim timeline:

  • Lodged – Feb 1st

  • Assessed – Feb 3rd
  • Report submitted – Feb 3rd
  • Client decision – Feb 3rd

  • SOW/excess received – Feb 5th

 

  • Trade allocated – Feb 8th

 

  • Repairs completed in eight days

 

  • Repairs finalised & QA’d – Feb 16th

How does Claim Central Property achieve a 9.42/10 customer service rating?

When Claim Central Property is allocated to handle your customer’s claim and property repair, we ensure that we provide best in class service. Over the past eight months we have implemented improvement initiatives that deliver exceptional customer experiences.

In July 2020, Claim Central had a score of 8.12/10 for our average service rating feedback submitted by customers. As a result of the initiatives impact, we have seen an improvement to 9.4/10 in January 2021, indicating our industry leading service.



We constantly and proactively update customers at every stage of the claim and provide a point of contact for each step. We set clear expectations with customers at the very beginning of the claim and manage those expectations successfully through to final QA.

We monitor the quality of the repairs through repair supervision, site presence and the ability to virtually connect with the customer to conduct a customer and trade sign off on the final repairs. This is to validate and ensure customers are satisfied with their property repair and their lives can get back to normal.

The significant increase in our service rating score indicates the impact of our improvement initiatives that cover cost, quality, lifecycle and above all customer satisfaction.

Claim Central cuts down claims life cycle to exceed a vulnerable customer’s expectation

Claim Central Property provides consistent and quality outcomes for our customers when a property claim transpires. Using our data & insights, speed of process and technology, we can deliver property repairs that exceed our customers’ expectations but most importantly get their lives back to normal as soon as possible.

Engadine NSW Claim – (October 2020)

The damage at this property was a result of storm activity in the south of Sydney. The damage had been caused by water entering through slipped roof tiles above the main bedroom ensuite during a period of heavy rainfall and strong winds.

Claim Central assigned its field assessor and attended the customer’s property one day after the event. The assessor attended site and submitted the report and quote within three days.

The repair was valued at approximately $5000 and three days later was approved and moved into repairs. We promptly allocated our trade partner to complete these works within five days.

The repairs were completed in just three days, resulting in a total lifecycle of 15 days and a very satisfied customer.

“I had just got out of hospital and to have this process completed very stress free, I am very impressed” – Engadine Homeowner.