By FINTECH Books Contributor, Laimonas Stoncius
Claims sharing removes the need for phone calls, e-mails and tedious manual repetitive tasks. No more duplication of data entry in separate claims systems – automated exchange of claims data in one hub improves claim performance for customers, insurance services providers and claims professionals. Whilst underwriting and fraud prevention analysis requires evidence of current and precise claims data, customers experience requires simple and efficient claims reporting.
Claims sharing enables B2B apps and IoT technologies to build an accurate data bridge between insurers and customers.The costs and time involved in brokers’ manual tasks going back and forward between clients and insurers lead to inefficient and lengthy claims processing. With one place to monitor claims process, brokers can quickly access the information they need and concentrate on providing the ultimate guidance for customers.
Insurers need to have an independent Uber-like solution for prompt response to customers at the time of a loss. Independent claims surveyors and loss adjusters are based internationally and can be available 24/7 at a click of a button – a network of experts introduces a cost effective way for insurers to assess claims. B2B insurance risks assessment highly depends on reliable customers’ loss records, which often is not complete and transparent.
Blockchain-enabled Claims sharing secures claims data, identifies fraudulent claims and validates insurance loss records for underwriting purposes. Claims sharing introduction: brings claims data from various places into one B2B claims ecosystem by connecting customers, insurance service providers and claims professionals in open APIs and offers freemium SaaS portal for SMEs to maintain accurate claims records.
If you would like to learn more about InsurTech please look at our video courses at FINTECHCircleInstitute.com