The global insurance industry is now embracing digitisation, to both reduce operating costs in a competitive market, but also to meet consumer expectation for mobile digital services. In an industry increasingly forced to compete on cost, digital technologies are the new methods of achieving competitive differentiation.
Prominent within this InsureTech disruption is RightIndem, a UK company automating claims processes for some of the World’s largest insurance organisations, to allow settlement of low to mid-value claims within hours – not days, weeks or even months!
Using smart software, RightIndem’s white labelled platform automates self-service ‘claim journeys’ to enable more consistent and accurate claims decisions, and deliver significantly better customer experiences, lower operational costs, and ultimately more accurate and fairer indemnity spend.
Customers enjoy a self-managed, ‘touchless’ (by human handler) claim journey, that captures and analyses enough information to enable a decision to decline, repair, replace, settle, or refer, in what appears to be a seamless step.
Unlike traditional claim experiences where customers are passed from call centre to call centre, being asked to re-identify and re-provide information, the same question is never asked twice. Data is made available to all parties in a secure way, with an easy to use process, getting to claim resolution fast, with minimal annoyance.
The introduction of video and image capture at the centre of the journey, results in a more efficient and richer capture of the necessary information – all in a single journey; with fewer questions asked of customers.
Boasting a highly impressive Management Team, RightIndem’s mission is to transform the experience and economics of insurance by making the claims process easy and quick for customers, through automation, while at the same time, safeguarding insurers against fraud.
RightIndem can reduce the insurer’s cost of administering a claim by up to 90% (typical current claim admin costs are c.£90 per claim – RightIndem charges c.£10 per claim.
With the initial R&D phase now complete, RightIndem is generating revenue and building a growing sales pipeline. It now needs to raise funds to scale this commercial momentum and take the company to institutional funding and ultimately, exit through acquisition.
With a Board that includes as its Chair, Amanda Blanc (ex-CEO of AXA and Zurich); Rob Wirszycz, Executive Vice-Chairman (background with over £500m of exits and £150m of fundraising); and CEO Oliver McGuinness (former Strategy Director for Innovation Group plc), RightIndem is changing the commercial landscape of low to mid-value insurance claims.
To learn more about this scaling InsureTech company, please click here.