Member Spotlight: Claim Technology
Ali: What problem is Claim Technology solving?
Michael: Claim Technology provides insurers with the digital capability to instantly settle claims in the cloud without worrying about the lack of internal bandwidth, external integrations, ongoing support costs or lengthy procurement processes. Our no-code/low code tools and APIs connect customers with an ecosystem of 50+ technology vendor start-ups, scale-ups and automated technology providers. Technology buyers can then scale up selected solutions without the need to build and maintain lots of point-to-point integrations in-house.
Ali: Can you give an example of how an insurer may use Claim Technology?
Michael: We provide access to dozens of out of the box digital solutions that can be quickly deployed. One of the most popular is our eNOL (electronic notification of loss) solution, which can be embedded into an insurer’s call centre and website. As the customer self-serves, the solution is designed to automate real-time policy indemnity decisions, process real-time AI damage detection assessments, detect fraud or make instant payouts. Our products are supported by capabilities from the different insurtech vendors.
Ali: Michael, what is your background?
Michael: I studied Economics at the London School of Economics and worked for investment banks JP Morgan and Goldman Sachs before joining IBM’s insurance practice as a management consultant. Prior to being one of the co-founders at Claim Technology (my other co-founder started Wonga), I’d worked in the insurance sector for 15 years and have held CIO and COO roles in B2B and B2C businesses.
Ali: The words ‘ecosystem’ and ‘marketplace’ get used a lot in the insurtech world. What do they really mean?
Michael: An ecosystem is a community that works well together. A marketplace is where supply and demand come together in a single place to exchange. The Claim Technology marketplace is an example of this: a collection of plug and play solutions from insurtech vendors that can be purchased by anyone.
Ali: What areas other than claims does Claim Technology offer solutions for?
Michael: Claim Technology has been focused initially on claims, but through our sister brand Insurtech Platform, we’re helping insurers access digital transformation capability from quote and buy right through to claims. We’re particularly strong in personal lines such as home and motor, but we’re seeing more and more interest in speciality lines.
Ali: What are the benefits of using the cloud?
Michael: Consumers are increasingly focused on getting what they want, when they want it and as cheap as possible. That’s how I approach my lunchtimes; I want sushi one day, soup another day and who knows what the next. In insurance, by adding more and more things onto legacy systems, insurers are doing the equivalent of building their own fine-dining restaurant when all their customers want is a takeout from Deliveroo. Just like having a virtual (or ghost) kitchen, our cloud platform enables insurers to design and launch digital claims experiences that their customers or agents want, but without the cost and liability of in-house developed solutions.
Ali: What does Claim Technology look for when choosing partners?
Michael: The Claim Technology ecosystem includes not only insurtech vendors but also TPAs (third-party administrators). We’re looking for partners that share our values, have a unique selling point (USP) and think a little differently, like us. Services also need to be easily integrated via APIs. We’re particularly proud of the investment Claim Technology makes in helping other insurtech start-ups break into the market, both in terms of time and money.
Ali: What is the focus of Claim Technology’s innovation activities in 2022?
Michael: Having launched our insurtech marketplace of plug and play solutions last year, the focus for this year will be to further expand our no-code visual design tools that enable companies to design claims processes in the cloud.
Ali: Why has Claim Technology joined InsTech as a corporate member?
Michael: We partner with companies who have similar values to us, who think as we do and who speak a common language. Whether it’s a weekly email or podcast, I enjoy the work InsTech does. The in-person InsTech events offer excellent opportunities for networking.
Ali: What companies are you looking to connect with?
Michael: We’d like to connect with both tech buyers (such as insurers, MGAs, TPAs and brokers) and insurtech vendors, and help bridge the gap between the two.