Claim Technology: Insurance Industry's First Claims-as-a-Service Platform

Michael Lewis, CEO, Claim TechnologyMichael Lewis, CEO
Many of us have waited for hours on calls with customer care representatives of insurance companies to process our claims, often to find that the claims procedure would require more than a phone call. Such scenarios show that the majority of insurance companies are behind the times, and reluctant to adopt digital methods to process insurance claims. These situations will soon be history with Claim Technology’s innovative and streamlined approach towards insurance processing. The company is revolutionizing the insurance sector with its first Claims-as-a- Service (CaaS) platform by delivering a digital experience to the users with its AI-powered bot, Robin. As a personal digital claims assistant, Robin automates the claims journey for customers. “We are working to create a touchless claim, which will make claims easier, faster and cheaper for customers, insurers, and their supply chain. We are using Robin to solve complex issues, such as how to resolve liability in real time or establish quantum in a non-contentious way with customers without human input. We are also tackling specific automation challenges such as including the right mechanisms to detect and prevent fraud,” says Michael Lewis, CEO at Claim Technology.

The company’s CaaS platform has three layers; the first is the customer front-end, the second is a marketplace for integrating other insurtech capabilities, and the third layer is the robotic process automation of business management. The company’s ability to integrate a myriad of insurtech capabilities with its CaaS platform proves significant to enhance the services offered to its users. For example, it enables clients to validate the insured individual’s identity by scanning a copy of their passport or driving license and by taking a selfie.

Although Claim Technology developed Robin on a chatbot framework to facilitate a touchless claim, the bot can operate entirely on a web browser. Designed to capture a broad set of insurance data, Robin can answer frequently asked questions pertaining to the claims process. Robin’s ability to integrate with the live-chat of insurance firms enables it to seamlessly transition interaction from a chatbot conversation to a human customer support gently constructing a journey for customers that manages their expectations and alleviates frustrations.

The most significant change that our bot brings to the insurance industry is the reduction of both indemnity and operating expenses whilst improving the quality and depth of the customer relationship using digital

The bot also supports an interactive voice response (IVR), integrating your digital platform with your call center.

With its ability to multi-task, Robin empowers staff by automating administrative tasks, providing a digital alternative to reduce call-center interactions, and supplementing their decision-making capabilities using AI. “As customers get used to the touchless claim, we expect to see their expectations change over time, moving from frustrating conversations with insurance handlers, to clear guidance and information provided by automation and AI,” continues Lewis, “Robin provides supporting rationale for a claims decision, and uses the right tone of voice for the situation at hand, providing a carefully constructed claims journey that improves historically difficult conversations for the customer.”

Robin can be embedded into a website where insured individuals can submit their insurance claim documents digitally. Robin can also integrate with Amazon’s digital voice assistant–– Alexa—for users to carry out their claims process through voice interactions.

Claim Technology enables its clients to design, develop, and deploy digital insurance claims for their customers. To further enhance its CaaS platform, Claim Technology is working towards increasing the number of insurtech integrations on its platform to augment both B2B and B2C capabilities. By partnering with some of the world’s leading fraud intelligence companies, Claim Technology will soon be including fraud detection and prevention functionality into its platform.

In the long run, Claim Technology envisions expanding to the UK, France, Germany, Italy, Canada, and the US, thereby cementing its stronghold in the digital claims space. In a nutshell, for the Claim Technology team, it’s all about using a market-leading platform to deliver innovation to insurance handlers while continuously championing the customers throughout.