In response to the current global situation, InsureTech disrupter RightIndem has dropped its pre-money valuation from £9m to £7m.
Combined with this being the last week to capitalise on EIS benefits for the current tax year, management is hopeful investors will see this as an excellent opportunity to become a part of what is essentially a “pandemic-proof” business.
RightIndem automates claims processes for some of the World’s largest insurance organisations, to allow settlement of low to mid-value claims within hours.
In the current climate, the positioning and solution the business is delivering is highly relevant. The last two weeks has seen an increased use by existing customers and a spike in interest from the marketplace, predicated upon the prevailing circumstances around Covid-19.
Disaster Recovery and Business Continuity Plans will now need to be enhanced as we enter a new normal, post the pandemic. Solutions like RightIndem’s platform complement this “new normal” perfectly.
Using smart software, RightIndem’s white labelled platform automates self-service ‘claim journeys’, resulting in more consistent and accurate claims decisions, to deliver significantly better customer experience, 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.
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.
In fact, 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.
A notable recent success has been in the multi-regional deployment of the company’s tech solution for a blue-chip insurer in Belgium and the Netherlands – other global insurance groups are in early contract negotiations.
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.