New feature provides improved experience for certain Duuo clients through automatic assessment of claims, resulting in a quick payout without ever needing to speak to a claims adjuster
Toronto, ON (Mar. 18, 2021) – As demand for digitized insurance products continues to evolve, Duuo, an on-demand insurance distributor, is providing easy-to-use, innovative solutions for Canadians participating in the ever-changing digital economy. Now, claims submitted by Rent-my-Stuff Insurance policyholders will be automatically assessed by the Duuo platform with the potential for an immediate settlement offer without any additional involvement from a claims adjuster.
Launched in 2019, Duuo’s Rent-My-Stuff Insurance provides protection and peace-of-mind for Canadians renting their equipment through peer-to-peer sharing platforms. The first product of its kind, Rent-My-Stuff Insurance was quickly adopted by multiple rental equipment websites and apps including Travelling Munchkin and Rentbridge. Recognizing the loss or damage of a piece of equipment shared through these platforms prevents the owner from taking new bookings, Duuo wanted to make the claims process as easy as possible.
Designed in partnership with Slice Labs Inc., the first on-demand insurance platform provider supporting tomorrow’s cloud-based, on-demand digital services ecosystems, the new claims feature leverages technologies in natural language processing (NLP), document and receipt scanning, multilingual audio and video transcription and machine learning models for loss classification and depreciation.
“Our ongoing collaboration with Slice Labs helps ensure we’re continuously developing cutting edge products and improving the Duuo customer journey,” says Peter Primdahl, Founder of Duuo. “We are proud to be the first company in Canada to offer an automated claims process and look forward to developing more products and client experiences that help streamline insurance for busy Canadians.”
The new automated claims settlement feature was developed with an ethics-first approach to help mitigate potential bias. Only information pertinent to the evaluation of a claim is asked of users and continuous assessment will help ensure the system is meeting Duuo’s high claims-handling standards.
“This feature is a game-changer in insurance claims. Customers are faced with a complex, cumbersome and often very time-consuming claim process,” says Tim Attia, CEO of Slice Labs. “Automating the claims process through settlement provides a customer-centric experience in a digital age.”
Duuo will continue to develop and rollout the automated claims settlement feature across its other products in 2021 and beyond.
Duuo was created by The Co-operators, a proudly Canadian insurance company founded in 1945 by a small group of farmers and social pioneers who felt traditional insurance didn’t meet their unique needs. Duuo is the 21st-century version of this mindset. Launched in late 2018, Duuo is committed to creating new, on-demand solutions to meet the ever-changing needs of Canadians living and working in a highly innovative and fast-paced digital economy. For more information, please visit duuo.ca.
SOURCE: DuuoTags: Automated Claims, automation, claims, claims solution, duuo, InsurTech, InsurTech Spotlight, launch