Toronto, ON (Apr. 19, 2021) – The automated claims settlement feature is something that both insurance providers and their clients have been asking for. Automated systems have been implemented across many different service sectors and, especially during the pandemic, have greatly improved the businesses that have implemented them. Our automated claims settlement feature has improved Duuo on three fronts: efficiency, operating costs and our customer relationships. This feature was implemented on February 23rd, 2021.
It can take anywhere from a day to over two weeks for insurance providers to process a claim once it has been submitted depending on the type of insurance, if the damage needs to be surveyed, and the communication (or lack thereof) between all the necessary parties. With the automated claims settlement feature, clients no longer need to call our claims adjuster and begin the arduous process of manually processing a claim. In turn, reducing the volume of calls we receive from clients and the number of claims that require manual processing. Not only do our clients receive their settlement quicker, our adjusters can spend time handling the larger, more complicated claims and increase the overall number of claims processed per day.
Our new feature not only saves on people-hours but also cuts costs. Having an automated claims feature reduces the amount we spend on office supplies (e.g., paper, ink, etc.) as well as on our settlement payout, ensuring consistency in our claims evaluations. The automated claims system’s algorithm has been trained by Duuo’s team in conjunction with Slice to understand the documents and description of loss submitted by clients when making a claim and then classify the loss, depreciation value and any other factors before giving a settlement offer. It also uses machine learning models, combined with natural language processing and optical character recognition, to understand all information submitted by clients and any new or more up-to-date information from our databases. This means that the system’s algorithm is able to understand exactly what the client reports, regardless of how they word their claim, and adjust the claim without any outdated information, human-error or biases. Settlement offers from this automated service will appropriately indemnify clients, as is fair to them and Duuo.
Lastly, our innovative system has improved our relationship with our clients. By providing our clients with instant access to their settlement offer, we have given them peace of mind. Many people today rely on the gig economy or offering short-term rentals of their property, specialty equipment, or even their homes as their primary source of income. This trend has only increased since the start of the pandemic. Being able to trust that they are more than adequately covered in their rent-my-stuff activities, and that, if the need arose, they would be paid promptly for any claims they might file is exactly the type of on-demand service that our clients have come to expect from us. The automated claims system simplifies the over-complex and daunting steps required to file a claim. This removes all the guesswork or the possibility of the client misunderstanding what is being asked, and anxiety of filing a claim for clients who felt intimidated by the manual filing method.
We can expect that at least 33% of our first-party claims will be handled entirely through our new automation process. From this, claims settlements will be issued on the same business day as the claim is reported, as opposed to having to wait days or weeks for payment. This process will allow us to be more efficient with reserves, as those funds will no longer be set aside for the duration of the claim.
Through our work with Slice, we’ve developed consistent screening for indicators of fraudulent claims activity.
We expect our future Net Promoter Score to materially increase because of this new process. This process is new and easy, matching the needs of our fast-moving digital economy. By empowering clients in the claims process, we are allowing them to have more control over their coverage.
Slice Labs Inc. is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through the Slice Labs Insurance Cloud Services (ICS) platform, Slice Labs is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, usage based digital insurance products protecting the insured anytime and anywhere.
Slice Labs is headquartered in New York, with a launch studio in Toronto and a development office in Ottawa. For more information, visit www.slice.is.
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: automation, duuo, ICTA nomination, Slice