The Symbility claims platform is used widely around the world as a result of the transparent middle ground it establishes between stakeholders and its assistance in reducing the average claims process cycle time from an industry average of 18.6 days to eight days.
Insurance Business spoke to Richard Deakin, solutions director for CoreLogic's insurance sector, who said the technology also integrates completely into an insurer’s existing claims systems.
He explained that if he had an earthquake-related claim and lodged it with an insurer, EQC could automatically be notified.
“Then, by using Symbility Video Connect, an adjuster can virtually visit my loss and I can remain fully up to date with the claims process through the use of the policyholder portal, LINK,” said Deakin.
“The insurer and EQC could then share the claim data to process and approve the claim while sharing relevant information with the repairer network.”
Deakin elaborated that the benefit of policyholders self-servicing their claims is more important than ever in view of the increasing number of catastrophic weather events combined with the insurance industry’s scarcity of assessors.
“The insured can now self-assess their damage using an app with inbuilt questionnaires and rule-based systems that can authorise and cash settle their claim based on insurer-defined business practices. This means a claim could potentially be lodged, assessed and paid out within a few minutes,” he said.
He pointed out that often the biggest cause of dissatisfaction among the stakeholders is not knowing “what is going on or what is going to happen next”.
Symbility LINK allows the policyholder to view the claim’s progress and the resolution timeline as well as upload photographs and documents. “Any changes to timescales create an alert for the policyholder,” said Deakin.
Another CoreLogic solution is Cordell Sum Sure, which speedily calculates a total rebuild cost estimate for a property. Westpac Bank’s insurance division is already using this product.
Deakin explained that CoreLogic also provides property-related analysis and insight. “We operate in all sectors including banking and finance, real estate, utility providers, and everyday house buyers and sellers,” he said.
He concluded by saying that in order for these technologies to be optimally beneficial to insurers in Australia and New Zealand, CoreLogic would require that insurers provide additional tools to customers when they take out policies.
“These technologies say they shorten settlement periods, which would be a win-win situation for all stakeholders involved,” said Insurance Council of New Zealand CEO, Tim Grafton.
“They could be great examples of the benefits of technology in the insurance industry.”
Matt McEneaney, motor underwriting manager at Zurich, concurs with Grafton, saying that the technologies bring significant benefits for customers and point in the direction in which the industry is going.
Already Zurich Insurance has introduced artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, according to its chairman Tom de Swaan.
“We recently introduced AI claims handling...and saved 40,000 work hours while speeding up the claim processing time to five seconds,” de Swan told Reuters.
“We absolutely plan to expand the use of this type of AI.”
CoreLogic solution for insurers
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