Insurance companies are making use of advances in technologies to create business value, improve product offerings, and enhance value propositions to customers, while complying with regulatory requirements.
Insurance Business Review has launched the Best Technology Initiative in Insurance award to recognize major steps in insurance technologies.
Four players have been shortlisted for the award, and the winner will be announced shortly.
Enservio, Security First Insurance – ReStore Security First Insurance Prepaid MasterCard
The ReStore Security First Insurance Prepaid MasterCard, being offered by Florida-based Security First Insurance, streamlines the claim payment process. The prepaid card is designed to enable claimants to load their claim settlement funds to pay for additional living expenses in the event of loss to personal property such as homes.
Using the prepaid card, policyholders can have instant access to their funds, eliminating the traditional cheque clearance waiting period.
The card also allows users to make any purchase at merchants where MasterCard is accepted, thereby increasing the buying power of claim beneficiaries.
Xchanging – Xoom
Launched in the Australian market as a web-based mobile app for insurance, Xoom has been developed by Xchanging for intermediaries to carry out functions such as online transaction, opening of new policies, viewing existing ones from anywhere and any mobile device.
Xoom, in the first phase of release, has been made available to workers’ compensation insurance intermediaries in New South Wales (NSW) in 2013, and is planned to be extended to employers in the first half of 2014.
Available from the Apple App Store and Google Play for both iOS and Android operating systems, Xoom speeds up the claim process, and provides a Certificate of Currency functionality to prove that an employer is maintaining a current workers’ compensation insurance policy for its employees.
Although designed as a mobile app, Xoom can also be accessed through a web-based interface for use from a desktop or laptop.
Open GI – Open Client Check
Open GI’s Open Client Check is an automated solution for insurance brokers to enable quick screening of commercial and personal lines clients.
The solution is supported by identity check specialists IIL and GBGroup and can be used during the policy administration process, including point of sale, transaction creation and quote creation stages.
Fully integrated with Open GI’s core Back-Office and eBroker websites, Open Client Check allows brokers to carry out an ID check of their customers during a sales transaction.
Brokers can identify any undisclosed claims and quote an appropriate premium.
The solution enables brokers to have better financial control, reduce total policy administration time, lessen dispute or cancellation of policies, and better negotiate capacities for insurers.
Snapsheet – claim settlement app
Snapsheet mobile app allows users to take a picture of their damaged vehicle and use it for insurance claim settlement.
The app removes the process of taking the damaged vehicle to an expert for estimation of loss. It claims to help the insured get their claim paid in a day, and allows the insurance companies to cut personnel costs.
The system comes with a claim-centric interface, and provides an estimation of total loss.