Four for the week – vol 16

Welcome to our sixteenth edition of Four For the Week (44TW)! To look through past editions, feel free to view our blog. This week we look at strategies for commercial claims, the Lemonade IPO, and using technology for business problems. We close it out with an article related to the safest cities to drive in. Enjoy!

1. The Journey Of Commercial Claims with AI

Strategy & Innovation

Claimatic Team

By now it’s old news that the insurance industry lags behind many others in the area of technology. However, insurers are quickly getting up to speed by changing to new technologies and partnering with insurtech companies. Retention of customers could still be a challenge in the coming months and years, but I believe that growth and retention will rest heavily on service-based strategies that improve the customer experience.

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2. Is Lemonade IPO the model for insurtech?

Technology & Preparedness

Claimatic Team

Investment in insurtech is big business. Just this month, investors warmly welcomed Lemonade’s IPO, boosting the company’s opening day stock price by 139%, resulting in a $3.8 billion valuation – all for a company yet to post a profit. And back in December 2019, Wefox, a Berlin-based InsurTech, closed the decade – and a second tranche of B-round funding – with a cool $110 million, bringing its total for the year to $225 million. This cash infusion capped off a remarkable quarter – and year – for insurtech at large, with industry watcher Willis Tower Watson reporting the quarter’s tally at nearly $2 billion and the year’s, spread across 300+ deals, at over $6 billion – both records

3. Using Technology to Solve Business Problems

Strategy & Innovation

Claimatic Team

During the pandemic, many businesses have turn to technology to drive their business. There has always been a drive for innovation like when we replaced railroads with trucks, or even when we switch from horses to cars. When solving for a new technology it is important to look at the gaps in the system and see where technology can fill those gaps and make things easier on the company and the industry

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4. Safest Driving Cities

Technology & Preparedness

Ven Shanmugam, President & COO

There is always a risk when you step in a vehicle, but some cities are less of a risk than others. These are the 15 safest driving cities in America. This means less accidents for the driver and less claims for the insurer, a win win. These results were standardized by Allstate on the number of people on the road and how populated the cities are.

Claimatic is the first dedicated decisioning solution for insurance claims routing and assignment for the enterprise. We believe we stand alone in offering the platform, and administrative tools to quickly configure, deploy and manage the routing and assignment of hundreds to hundreds of thousands of claims at once, while supporting the unique processes and rules for your business.

Customers choose us as a partner because we offer the only open, low TCO solution to meet their needs, regardless of Insurance Claims Management software platforms. We work across platforms and enterprise systems, information sources and software languages in use within the enterprise and across our customers’ partner networks. Our technology supports hundreds of factors involved in claim decisioning, thousands of entities involved in claims resolution, and millions of claims cases, all within a single deployment.

Customers who partner with Claimatic acquire significant advantages from working with a company that has focused exclusively on this set of challenges since day one – the product they need, and the results they want— the right resource, assigned to the right claim, at the right time.

Wes Bright, Product Leader