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12. August 2019 in Blogposts

Creating moments of magic when it matters most by instantly settling legitimate claims

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FRISS is a network start-up founded in 2006 that develops software for risk and fraud detection for insurers worldwide. Together with the startup VMSolutions, they developed and launched the ClaimLine platform, based on Artificial Intelligence (AI). ClaimLine is an automatic platform that calculates repair costs and sends them to the insurance system in just 10 minutes.

The challenge that every insurer faces every day has been the same for hundreds of years: attracting and keeping the right customers. In the past, there was less choice and customers were more patient. They searched, compared, considered and made a choice. This process could take a while.

That is radically different now. Technology enables quick orientation and decision-making. This has caused customers to become impatient. They want to be informed very quickly and demand real-time decision making and service. According to WELT news, insurers in the DACH region seem to be caught by surprise when it comes to digitalization. The need to become e-commerce companies and part in this trend. There is hardly another option. And technology makes this all possible.

What does E-Commerce mean for insurers?
These new technologies offer insurers more freedom of action with their potential customers. E-commerce allows insurers to act and work faster with their customers because processes can be done online with virtually no delay. Especially at moments when it matters most, insurance companies can make the difference here.

Full pull on automating the claims process
By enabling fast-track claims, insurers can turn the sad experience leading to a claim into a relief when the customer sees a payment within minutes. There are solutions around today that help the insurer in the decision-making part. Especially from the point of view of claims automation.

Instant claim settlement
Automatic assessment of damages and real-time checks on fraud support the customer journey. What better experience then taking the mobile, entering the damage on a 3-D Model, make pictures of the damage, send them to the insurer and get a “yes we’ll settle”, without difficult questions and time-consuming checks.

Exactly for this challenge, together with a Münster-based start-up VMSolution, we as FRISS launched a solution for Instant Claim Settlement, based on data driven decisions. The AI powered fraud analytics solution of FRISS is linked with VMSolution’s vehicle-specific risk assessments and seamlessly links back to the core system of the insurer.

This way, car claims are accurately estimated and scanned for indications of fraud. The claims that are assessed as normal can follow a straight through process, realizing 60% of the claim volume to be touchless. Because the sincere damage claims go on this fast track, it realizes significant savings on the claim handling workload. Of course, often the question rises: “Can a machine accurately assess a damage”. The answer would be that hiring experts to do the same job might be slightly more accurate, but would not cover the savings in time that can be realized by leveraging AI.

Creating moments of magic with quick claim processing
ClaimLine is a service created by cooperation to assist consumers in identifying risks and fraud. This cooperation offers an enhanced platform that identifies positive factors in the case of a risk occurring or already occurring, so that customers can qualify for possible quick claims processing. ClaimLine combines today's technical tools for fully automatic loss calculation in a device-independent platform solution. It is unique because the process runs from start to finish without interruptions and is evaluated in detail by a company expert or loss adjuster.

The aim of this process is that the implementation of non-contact complaints should improve the customer experience and thus customer satisfaction

This collaboration between FRISS and VMSolutions is a perfect example of how technical innovation and cooperation between service providers can revolutionize end-to-end claim processing for insures.

The new technical processes enable insurers to face the challenges in a more targeted manner. This means that insurers can respond better to prevent negative impacts and achieve better results. This means that insurers can work much more future-oriented and support their customers individually and effectively in their concerns.

Mario Vierschilling

Mario Vierschilling is an IT specialist and IT business economist. Due to his many years of experience in service and software sales, he brings with him a high level of know-how in a wide variety of industries. He has been Sales Manager DACH at FRISS since the beginning of 2019. Over the last 12 years he has held various sales positions. In 2018 he was co-founder of VMSolution.

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