Member spotlight: RightIndem
What is the history of RightIndem?
Founded in 2016, RightIndem was one of the first members of the Startupbootcamp Accelerator cohort for insurtech. At the time, RightIndem was in the motor total loss market as a claims reporting tool. The company has now developed into a claims administration platform which is used by insurers to manage and automate FNOL (first notification of loss) processing for claims in property, motor and contents. The company operates in Europe, the USA and Asia. We are also about to launch in the Middle East.
You joined RightIndem in January 2019, what was your motivation for joining, and what does your role entail?
I have been active in the claims space throughout my career and wanted to be part of a business that improves the customer experience of claims. As the CEO, I spend my time with investors looking at the company’s future direction, specifically product development and platform scaling. I also manage the company’s strategic direction by analysing market growth opportunities, claims trends, and understanding prospective and existing client challenges.
How does RightIndem support insurers and their customers as part of the claims process?
RightIndem has made it easy for insurers to digitise the front-end of its notification system to facilitate the FNOL process. This increases the speed of the claims process but also puts the customer at the heart of the process. The platform is offered as a white-labelled solution which can be integrated into insurers’ existing communication channels, including WhatsApp for business, an insurer’s website and chat windows. RightIndem also acts as an integration partner for data validation, such as fraud detection at the FNOL stage. Third-party claims service providers directly integrate into the RightIndem platform at FNOL, reducing the integration complexity for insurers in their core systems.
How does RightIndem engage insurer clients?
Insurer clients are at different levels of digital maturity, some may have trialled a few digital solutions whilst others are still entirely call-centre led. RightIndem helps to digitise at the suitable level for insurer clients by giving them the flexibility to select integration partners, such as claims service providers, based on their current supply chain needs or those they want to test.
How is RightIndem analysing (un)structured data to enhance claims handler decision-making?
RightIndem analyses everything that is uploaded onto the platform and uses what the company calls our Referral Indicators to assist with the identification of exaggeration and fraud. This analysis is provided back to the insurers to enhance their existing fraud detection systems. RightIndem’s referral indicators interrogate the metadata of images and videos, then flag media for review based on criteria such as editing or unusual upload locations. Data that RightIndem validates for settlement is also flagged for straight-through processing.
What are some recent innovations to RightIndem’s product?
RightIndem has increased its capabilities using various cognitive services and computer vision solutions. The company’s cognitive services are used to transcribe speech to text in any language to make it easier for claims handlers to understand a customer’s claims submission.
How do you choose which tech providers to work with?
RightIndem works with core systems providers, systems integrators, supply chain service providers and data providers. The company chooses which tech provider to work with based on the needs of the use case for the insurer client. It is much easier to work with tech providers that have a flexible architecture.
What emerging technologies are driving innovation in claims?
RightIndem sees NLP (natural language processing) as a good way to make the interaction between claims handlers and customers seamless. Technologies such as computer vision and LiDAR also have the potential to ease the inefficiencies around information capture if their usability becomes more simplified. For example, LiDAR (Light detection and ranging) technology in phones has a small user uptake as it is unstable and unfamiliar. New technologies must engage all customers, so they don’t revert to analogue call centres.
Why did RightIndem join InsTech?
InsTech brings together the UK insurtech community and is leading innovation conversations. RightIndem is keen to be a part of this hive of activity which helps us to understand emerging technologies and trends in insurance.
For a demonstration of RightIndem’s platform please reach out to [email protected].