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NEW TECHNOLOGY PLATFORM REDUCES CLAIMS PROCESS FROM WEEKS TO MINUTES

CLAIMS

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.”

 

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MARQETA CONTINUES EUROPEAN GROWTH, SIGNING THREE NEW DIGITAL BANKING CUSTOMERS

Marqeta is supporting the development and launch of three new digital banks across the UK and Europe

 

Marqeta, the global modern card issuing platform, announced today that it has won three new digital banking clients in the UK and Europe, with all expected to go live with Marqeta in 2021. Its European Digital Banking solution has been adopted by Dozens, P.F.C. and Novus to power payments, instantly issue cards and drive innovation.

 

Dozens, which takes people on a journey from spender to saver to investor with a current account, budgeting and saving tools and access to investment products, and P.F.C., a Swedish neobank, are making the switch to Marqeta from incumbent providers. Novus, a sustainable digital bank, plans to launch its programme in 2021.

 

Marqeta’s European Digital Banking Solution helps banks and fintechs to build, test and continuously refine card programmes. The flexible platform enables Marqeta’s customers to innovate at speed, allowing them to develop new features and programmes that integrate with existing systems and software. The platform provides instant virtual card issuing capabilities and offers advanced spend controls to engage users and grow card use. Marqeta’s feature-rich APIs are highly configurable and scalable, allowing banks and fintechs to access actionable, real-time transaction data to drive program improvements.

 

“Dozens’ mission is to help our customers manage, save and grow their money. As our business evolves and we add new services to provide our customers with more choice, it was key for us to partner with a new payment processor that would enable us to become more agile,” Aritra Chakravarty, Founder and CEO of Dozens. “Marqeta is that perfect partner – its API-led approach gives us the control we need to customise our new Visa debit card product, while also helping us to create a new offering for our B2B brand Pi1. So, in addition to Dozens customers enjoying their new cards, Pi1 clients taking our Visa cards with Marqeta processing can now enjoy additional out-of-the box features like merchant reconciliation, metadata from Google Maps and Places APIs, access to our fraud systems and more, making it a cutting-edge combination of card issuing and processing.”

 

“Our ability to offer a highly personalised and transparent personal finance experience has been very well received, allowing us to become one of the fastest growing challengers in Sweden’s competitive fintech market. But in order to build on this, we needed a payment platform that was flexible and scalable, allowing us to seamlessly develop new services that will improve the experience for our users,” said Kevin Albrecht, CEO of P.F.C. (Personal Finance Co.). “We partnered with Marqeta because their platform will allow us to rapidly build and launch new payments features, as well as help support us with our future international expansion plans.”

 

“Marqeta will be a vital partner for us as we get ready to launch next year, helping us to speed up time to market while also empowering us to customise features and scale quickly our impact- and sustainability-driven proposition,” comments Hristian Nedyalkov, Co-Founder and CEO of Novus.

 

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STOCARD BUILDS ON SUCCESS AS IT EXPANDS STOCARD PAY TO FOUR MORE EUROPEAN COUNTRIES

  • Stocard, the leading European mobile wallet with over 50 million users, launches its payment functionality, Stocard Pay, in Germany, France, Italy and the Netherlands
  • The payment feature is the first financial service launched by Stocard and is the first in a series of new major features planned in the upcoming months

 

 Stocard, the leading European mobile wallet, today launches its payment feature Stocard Pay in four European countries: Italy, France, Germany and the Netherlands having launched in the UK in June this year. This latest announcement from Fintech company Stocard is the first of a series of features as it sets its sights on becoming the leading on-the-go financial services provider.

 

Stocard Pay is the latest feature from the Stocard app as it looks to expand its mobile financial services across the continent having already seen huge success with its original offering that allowed shoppers to manage all their loyalty cards in one app launched in 2012. The fintech company now has over 50 million customers and 1.7 billion POS-transactions per year and is now looking to expand its offering to provide a holistic approach to consumer financial services.

The new feature was developed to complement the end-to-end shopping experience that the existing Stocard app offers by adding multiple bank cards to the app. Stocard Pay allows users to create a virtual credit card  hosted in the app. Registration is seamless taking just one minute and without the need for paper documents. Users currently can top up Stocard Pay using Mastercard and Visa and allows users to save on foreign currency fees when purchasing items abroad.

 

Android users have access to the virtual card directly in the Stocard app. For iOS devices, Stocard supports Apple Pay, which brings the Stocard payment card to Apple Wallet. Users simply transfer money to their Stocard account from their bank account or by using their debit and credit cards. Thanks to the auto-top-up function, users don’t have to reload their account manually, instead the Stocard account can be refunded automatically once the balance drops below a certain threshold.

 

Björn Goß, CEO and co-founder of Stocard, comments: “The launch of Stocard Pay in four more European markets is a major step for us to bring the future of banking to our users. The digital wallet is becoming the central hub in our lives for everything around money, shopping, and banking.

 

“We see the future of banking as purely mobile and working in conjunction with other financial services in one easily accessible place. Stocard Pay is the first major feature with several more planned over the next months as we create this future of shopping and banking through Europe’s leading mobile wallet for everyone.”

 

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