New platform has potential to cut fraudulent claims by almost half Decrease claims costs by as much as two thirds
Pact Global, an insurtech business, has launched an Artificially Intelligent (AI) Claims as a Service (CaaS) platform to help the General Insurance market significantly reduce fraud exposure, accelerate the claims process, enhance customer insight and significantly reduce the overall cost of handling a claim by up to 66%.
Mark Seddon, Founder and CEO of Pact, says what currently takes days or weeks to complete, can now be managed in minutes: “Our platform is better for the customer, as it makes the claims process much faster and easier, and also much better for the insurer, as it automates the whole process and minimises the time spent on claims management, a significant cost to the business.”
Focussing currently on travel, motor and property insurance, all Pact’s offerings use more than 50 separate data points during the claim validation process to verify the customer’s contact details and investigate their claims history.
Verification is supported by the use of AI, behavioural analytics, assisted intelligence and a purpose-built, face and voice recognition program. Employed at the First Notification of Loss (via a white labelled customer mobile and web app), it confirms the customer’s identity and detects whether expressions/behaviours or variations in speech might give cause for concern.
Pact enables the collation of all policies and schedule information for easy customer access, importantly allowing the platform to verify the claim against the policy for the insurer. Relevant limits and schedule information are then known to be correct before the claim progresses.
For travel insurance claims specifically, the platform cross-references claims like cancellations and delay, to transport information (e.g. Flights). Across all insurance types, checking weather patterns increases the likelihood of detecting fraud and helps insurers predict possible surges in claims:
“The platform is so intelligent that it can detect whether any images or videos, invoices, warranties and receipts uploaded have been used anywhere else in the world,” Mark continues, “and it’s all done within a matter of minutes.”
Alongside this, Pact has automated and simplified the process of dealing with third parties to obtain quotes, instruct workers, update claims status and verify job progress prior to invoicing, all accessible to both customer and claims handler through the app.
The platform can integrate into existing networks or be used to find local tradespeople or garages, supporting local communities. The open communication between worker, claim handler and customer reduces complications and allows the customer and/or claims handler to easily flag and resolve potential issues.
To further improve customer service, the mobile app features a Machine Learning Chat Bot called Ollie, which is designed to advise, assist and simplify the user experience. It delivers real time notifications, keeping claimants informed of their claim’s status improving customer service by 65%. It stores all policy information and T&Cs and can identify policy cover and limits. This increases customer awareness and creates upsell opportunities for insurers, buying or renewing with a single click.
Mark says that Pact has been built to deliver customer transparency and improve the experience with their insurer, ultimately building and cementing trust: “It is designed to significantly reduce the time and cost of handling claims for insurers, delivering real savings to the bottom line. It’s win-win for company and customer.”
TRIO OF NEW REGIONAL DIRECTORS HEAD UP TIGERWIT’S GLOBAL EXPANSION
Following the release of their record revenue for the last financial year, award-winning online trading platform, TigerWit, has strengthened their team for global expansion with three additions to the Business Development team. Covering the areas of Africa, MENA and Latin America respectively, James Blackwood Murray, Hazim Ismail and Mario Saudino are the latest high-profile names to join the TigerWit BDM team that service clients via their global website www.tigerwit.com.
James Blackwood Murray’s move to TigerWit has garnered attention from trade media outlets due to his standing and experience within the industry. As part of his appointment as Regional Director of Africa, James will be responsible for the management of strategic growth within the area, based on over 15 years of sales experience in financial markets along with extensive knowledge of the African target market. Speaking about his appointment, James Blackwood Murray said “I am very excited to be leading the strategic development of growth in this frontier market. TigerWit has witnessed significant growth over the past few years in other regions and I am seeking to build on this within Africa and educate our clients as to the benefits of trading with the transparency of blockchain”.
Hazim Ismail has been appointed Regional Director of the MENA markets and will be responsible for the expansion and development of TigerWit strategic solutions within the region. Hazim has previously worked in London and Dubai, heading the operational and commercial business units of financial institutions with strong market share goals. With 10 years of experience working in financial markets and extensive knowledge of the Middle Eastern financial landscape, Hazim Ismail was quoted as saying “Our unique solutions are a real asset to serve the retail and business partners in the region. We offer great partnership opportunities thanks to our innovative solutions and proactive adaptability to the local requirements”.
Appointed as Regional Director for the LATAM and Spanish speaking regions, Mario Saudino brings 10 years’ experience in financial markets sales and project management to TigerWit. Mario will be focused on the regional team management, customer relationships and sales strategy in order to achieve growth for TigerWit in these areas. Speaking about his role, Mario Saudino said “I’m delighted to join a company with such prestige as TigerWit and join an unparalleled, professional team. TigerWit’s trading technology provides its clients a superior alternative to the ‘saturated standard’ in the online trading arena”.
RETAILERS WHO OPEN THEIR DOORS WILL NEED EXTRA HELP
With thousands of retail stores given the green light to open in the next few weeks the government needs to think
of helpful tax breaks and further assistance, say leading tax and advisory for Blick Rothenberg.
“The problem is that many retailers are already on their knees having had no income for some three months now they will have to spend money that they don’t have on making sure that both staff and shoppers are safe when they re-open their doors,” said Richard Churchill a business advisory partner at the firm.
He added: The Government have already done a great deal for business and are encouraging shops to open to give that much needed kick start to the economy but for many it’s going to be another expense and they are going to have try and find the money for things like screens, protective equipment and extra security to police the measures they introduce.
“With the June rental payment looming it is clear the bounce back loan scheme may provide insufficient funding for all these additional costs.”
Richard said: “ The Government should consider a one-off grant or voucher system specifically for the purchase of equipment or modifications to shops designed to mitigate the risk of Covid-19 spreading and to observe social distancing guidance. “
He added:” Alternatively expenditure on such equipment could be subject to enhanced tax relief to give greater benefit for such expenditure and in a similar way to Research and Development expenditure consideration as to whether losses generated through this expenditure can be surrendered to HMRC for a cash receipt.”
“Also businesses that have overlooked CBILs in favour of Bounce Back loans and now require additional funding will be excluded from the CBILs scheme and consideration should be given to allowing such companies in receipt of a bounce back loan to also be eligible for a CBILs loan.”
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