Award Applications

PROBLEM STATEMENT

The traditional property insurance claim process has remained relatively unchanged for 150 years. Historically the process has been divided into many parts, handled by multiple disconnected people and platforms – leading to chaos, delays and a complete lack of transparency.

For customers:
At their greatest time of need, the customer is forced to deal with 10 or more disconnected participants during their property claim. It is frustrating, confusing and slow – often causing them to switch insurers after the claim.

For insurers:
The model is outdated, expensive to manage, produces no meaningful continuous improvement and was never designed with the customer in mind – costs are difficult to control, timelines are extended and there is a complete lack of transparency – leading to poor outcomes and customer experience.

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THE SOLUTION

ClaimLogik is a cloud-based claims management platform that connects everyone in a property claim from first report all the way to completion.

It’s the only platform globally that offers both STAKEHOLDER MANAGEMENT and CLAIM MANAGEMENT capabilities (more on this below).

Based on the concept of “one claim, one platform”, all claim processes and participants are tied together within ClaimLogik - enabling clear line of sight to the activities and status of the claim. There is no question about who has responsibility for various parts of the process, the activities that need to be performed and the outcome expected – resulting in faster claims, lower claim costs and a superior customer experience.

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WHY IS CLAIMLOGIK A GAME CHANGER?

Unless you have complete transparency across EVERY stakeholder (Stakeholder Management), during EVERY step of the claim (Claim Management), how can you POSSIBLY deliver superior service, analyze your claim performance and drive improvement for better claim outcomes?

ClaimLogik has ‘cracked the code’ by creating a complete property claims management ecosystem for adjusting, restoration and repair.

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WHAT DOES CLAIMLOGIK DO?

ClaimLogik allows insurers to set up and connect everyone in a claim, and then manage the claim from start to finish. It provides intelligence and analytics that help insurers drive continual improvement and better claim outcomes.

1. STAKEHOLDER MANAGEMENT
ClaimLogik connects EVERY stakeholder in a claim with real-time access, to complete tasks and manage activities at the right time, in the right order and with complete transparency. Insurers can also set up and manage their supplier networks with digital contracts across both BAU and CAT events to tightly manage SLA’s and claim costs. ClaimLogik connects:
· Customers
· Insurers
· Brokers/Agents
· Adjusters
· Assessors/Inspectors
· Contractors
· Suppliers

2. CLAIM MANAGEMENT
ClaimLogik automates every step of a property insurance claim from first report to completion, utilizing smart tasks and intelligent workflows. It offers insurers the flexibility to configure workflows and business rules that support company-specific products, geographies and customer expectations. Insurers can manage every step of a claim:
· FNOL
· Triage
· Emergency response & mitigation
· Restoration
· Damage assessment
· Estimating & reserving
· Contents fulfilment
· Competitive bidding
· Reserving & payment

3. BUSINESS INTELLIGENCE & ANALYTICS
ClaimLogik captures performance data at every key stage of a claim across thousands of data points – providing unprecedented claims intelligence to drive optimal decision making and continued improvement.

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KEY FEATURES
See attached presentation document for a complete features list.

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CORE BENEFITS
ClaimLogik drives continuous improvement across the three key drivers common to all insurers:

1. LOWER COSTS
ClaimLogik reduces average claim costs by up to 28% by creating four levels of downward cost pressure. Key contributors:
· Supplier network set-up of pre-defines rates and margins using digital contracts for both CAT and BAU
· Competitive sourcing on every claim allows market forces to determine the real and actual price of repair
· Video collaboration (using our LiveLogik mobile app) helps to prevent further property damage and escalating costs
· Desktop and field assessment capability provides flexibility to manage claim resources and cost
· Digital document, video and photo libraries improve accuracy and reduce variations

2. FASTER CLAIMS
ClaimLogik reduces average claim lifecycles by 35% on claims $0-5k. Key contributors:
· Pre-established workflows and automation eliminate manual tasks and duplication
· Video collaboration speeds up claim decisions using both desktop and field adjusting (LiveLogik app)
· Claim activity dashboards, automated claim watches and smart tasks ensure stakeholders meet KPIs
· CAT management tools proactively plan for an event before it hits using storm geofencing, while automating the claim reporting process
· Smart scheduling and mapping of adjuster/inspector routes ensures the most efficient use of resources
· Performance-based supplier sourcing motivates suppliers to meet SLAs

3. BETTER CUSTOMER EXPERIENCE
ClaimLogik has contributed to average Net Promoter Scores of 8.8/10 for our insurer clients. Key contributors:
· Automated customer sentiment monitoring at 14 key gateways throughout the claim
· Auto-generated performance scorecarding of trades and suppliers monitors response times and customer feedback
· Performance-based job sourcing based on scorecarding drives better behavior by trades and builders
· Smart tasks and claim dashboards drive staff behaviour to meet KPIs

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ANCILLARY BENEFITS
· Greater transparency and control with real-time line of sight
· Build trust with customers and suppliers through easier communication
· Higher customer retention rates through better experiences
· Drive ongoing improvement utilising data and insights
· Accurate reserving, risk management and lower loss costs using the powerful analytics engine
· Lower-risk underwriting using live video collaboration

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MARKET IMPACTS
Key high level market impacts:

Cost:
28% average claim cost reduction
15-20% lower average price of repair using competitive sourcing

Lifecycle:
35% average lifecycle reduction on all claims $0-5k
38% increase in desk adjusted claims
31% reduction in report submission lifecycle (using LiveLogik)
50% increase in assessments completed per day (using LiveLogik)
4-9 days average time saving from lodgement to claim decision (using LiveLogik)

Customer Experience:
8.8/10 average Net Promoter Score
94% average customer satisfaction score during assessment (using LiveLogik)

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TO LEARN MORE
2-minute “ClaimLogik Overview” video: https://youtu.be/LA51Id99Hdc
4-minute “Understanding the Problem” video: https://youtu.be/uDv4YKO7GJc
Website: https://www.claimlogik.com/