Duuo introduces automated claims assessment for rental equipment insurance

Duuo introduces automated claims assessment for rental equipment insurance | Insurance Business Canada

Duuo introduces automated claims assessment for rental equipment insurance

On-demand insurance distributor Duuo is now implementing an automatic claims assessment feature for customers of its Rent-my-Stuff Insurance.

Duuo’s Rent-my-Stuff Insurance, launched in 2019, offers protection for Canadians renting their equipment through peer-to-peer platforms such as Travelling Munchkin and Rentbridge.

The new feature will automatically assess claims made by Rent-my-Stuff customers, with the potential for an immediate settlement offer – all without the need for a claims adjuster to be involved. It does this by leveraging technologies in natural language processing (NLP), through document and receipt scanning, multilingual audio and video transcription, as well as machine learning models for loss classification and depreciation.

The automated claims assessment feature was designed through a partnership between Duuo and Slice Labs, a provider of on-demand insurance platforms. It was developed with an “ethics-first” approach, the company said, to mitigate any potential bias. Only pertinent claims information is asked of users, and continuous assessment will ensure that the automated system meets Duuo’s high claims-handling standards.

“Our ongoing collaboration with Slice Labs helps ensure we’re continuously developing cutting edge products and improving the Duuo customer journey,” said Duuo founder Peter Primdahl. “We are proud to be the first company in Canada to offer an automated claims process and look forward to developing more products and client experiences that help streamline insurance for busy Canadians.”

“This feature is a game-changer in insurance claims. Customers are faced with a complex, cumbersome and often very time-consuming claim process,” added Slice Labs CEO Tim Attia. “Automating the claims process through settlement provides a customer-centric experience in a digital age.”

Duuo also announced that it will continue to develop and roll out the automated claims settlement feature across its other products in the months to come.