Innovation in Claims Management, Processing and Operations

The insurance industry is on the brink of a technological transformation. Ninety percent of insurance companies believe digital transformation is a key component of strategic plans, with insurtech solutions leading the charge as a game-changer in the insurance landscape. From first notice of loss (FNOL) through to claims completion, policyholders want to know that their most valuable assets are protected, especially when disaster strikes.

As the industry grapples with continued use of legacy systems and hesitancy of technology adoption, insurtech solutions are emerging to streamline claims management, processing and operations. They offer a multifaceted solution, addressing multiple pain points for insurance carriers and policyholders alike. With the integration of cutting-edge technologies – such as artificial intelligence, data analytics and automation –  insurtech will enhance efficiency, responsiveness and adaptability for claims and insurance operations as a whole.

Read on to learn about the significance of innovation and digital transformation in the insurance sector and how companies in the insurance industry can benefit from implementing advanced insurtech solutions.

The Digital Shift in Insurance

The use of legacy systems has often become a source of constraint, where outdated technologies struggle to keep pace with the rapidly changing demands of modern policyholders. This mismatch between the antiquated infrastructure and the dynamic expectations of consumers creates a pressing need for innovation. Moreover, the reluctance to embrace technological advancements in insurance has been a barrier to innovative progress, hampering the industry’s ability to evolve at the same rate as other sectors.

The demand for improved customer experiences and efficiency has propelled innovation to the forefront of the insurance industry. With the emergence of insurtech solutions, a dramatic shift is taking place in how insurance companies handle claims, process operations, and manage their overall systems. Insurtech is specifically designed to address the inefficiencies and bottlenecks that have persisted within the industry for years, offering powerful solutions that address the industry’s challenges.

One such innovation that can enhance claims management, processing and operations is Hubvia, Brush Claims’ innovative suite of insurtech solutions designed to streamline the insurance claims process and deliver an exceptional customer experience. Whether you’re an insurance carrier looking to optimize specific aspects of your claims operation or seeking a comprehensive solution, insurtech solutions like Hubvia have the potential to enhance the way insurance professionals and policyholders handle claims. 

Introducing Hubvia: Innovative Insurtech Solution for Claims Efficiency

Hubvia’s journey began in 2017 as a proprietary software solution. After four years of development, the initial build was completed in 2021 and demonstrated to clients by Brush Claims. The product’s success was reflected in the overwhelmingly positive feedback received. This momentum grew when Brush Claims was chosen as one of the participants in the seventh cohort of Lloyd’s Lab, a program dedicated to discovering and fostering potential talents in insurtech. Despite a highly competitive field of over 170 applicants, Brush Claims secured its place among the 11 selected. This opportunity allowed Brush Claims to work closely with insurers in the Lloyd’s market during a 10-week program. This experience provided valuable insights into the challenges of the complex marketplace. Leveraging the mentorship and resources obtained from this program, Brush Claims returned to refine and redevelop their platform solutions for market launch.

In October 2022, Brush Claims took its commitment to excellence a step further by partnering with McKenzie Intelligence Services (MIS), a London-based geospatial data and imagery analysis intelligence leader. With the ability to expedite incident and claims response following catastrophic events, MIS offers real-time analysis of global perils, including storms, wildfires and flooding. This data, harnessed through their AI-powered platform, Global Events Observer (GEO), is integrated with Hubvia, allowing insurance carriers to assess damages swiftly and even predict severity of weather events in a specific region. This is especially beneficial in situations where physical access to the risk location may be limited following a natural catastrophe.

Hubvia’s comprehensive suite of insurtech solutions consists of three core components:

HubContact: Streamline your claims process and foster customer assurance during challenging times. The platform enables claims departments to proactively engage with their customers before and after catastrophic events, offering much-needed peace of mind. With a simple click, policyholders can submit their claims effortlessly, ensuring a seamless and hassle-free claims experience.

HubOnsite: Experience real-time insights, instant reserving, and immediate documentation during inspections. Unlock the potential  to resolve claims within mere hours of site investigations. Our insurtech platform boasts a highly automated backend  for reporting and estimation, all designed to align with your specific guidelines and compliance measures. With HubOnsite, accelerate your claims processing while enhancing your strategic decision-making.

HubInsight: Today’s policyholders demand speed, transparency and accessibility. HubInsight addresses these expectations by providing transparency in the claims process, fostering policyholder engagement and building trust. It allows policyholders to participate in the claims process and aligns their expectations with the claims handling procedure.

Anticipated to launch its beta version in early 2024, Hubvia will offer numerous advantages for both insurance carriers and policyholders. Through its integrated suite designed to streamline the entire claims process, the need for manual work is reduced, errors are minimized and operations will be more efficient. 

With existing systems, processes and workflows, just 8 percent of an adjuster’s time is typically spent on policyholder interactions. This limitation, partly driven by incoming complaints or escalations, propels our commitment to harnessing technology, automation and AI to tackle the ‘busy work.’ Our approach involves crafting solutions that enhance efficiency for employees and elevate the policyholder experience, like that of Hubvia. The more time adjusters can dedicate to direct consumer interactions, the better the overall experience, reinforcing policyholder loyalty and brand reputation. Moreover, by integrating intelligent business logic into our workflows, we empower our employees to seize ownership of interactions in a proactive and productive manner, ensuring that meaningful engagement takes center stage.

Innovation and digital transformation are the keys to ensuring that companies in the industry keep up with policyholder demands and future challenges. As insurers increasingly recognize the need to embrace these transformative tools, the potential for the insurance sector to move past legacy challenges and regain its competitive edge is more tangible than ever. This fundamental transition will bring insurtech solutions to the forefront, ensuring a brighter, more promising future for the insurance industry.

Stay tuned for Hubvia’s official launch and be sure to visit our LinkedIn, Facebook, Twitter and Instagram channels for more information and insurtech industry insights.