IoT and decision-making: Transforming property insurance
Our client is a British multinational general insurance company headquartered in London, United Kingdom and holds a strong position in the underwriting realm.
A plethora of physical verification is vital for the insurance companies to process claims and it’s a tedious and time-consuming task. As a result, the verification process is delayed and it leads to increased customer dissatisfaction. It is also often difficult for the insurance company to identify issues and the claims process mostly deviates from facts or evidence. Our client faced a similar issue and approached Cubet for addressing his business pain points and suggesting a solution.
Current applications do not have an option for tracking and analyzing evidence and hence most of the process is manual though everything is digitally stored. Also, implementing sensors to detect smoke, fire, leakages would call for additional space.
Cubet partnered with a manufacturer to develop sensors that could be occupied within a premise and utilizes less space. Cubet designed and developed a smart, secure & scalable solution that helps clients remotely verify the information by leveraging IoT enabled devices to gather data from smoke alarms, leak detectors, door and analyze raw unstructured data into actionable insights and notifications to both policyholders and insurer real-time by using the prowess of AI. The platform would also use data analytics to contact policyholders and support underwriting decisions and assess risk.
The processing time for settling the claims reduced by 70 %. The monotonous manual process becomes things of the past for the client. It further helps the client to fix the major drain of revenue by detecting fraudulent practices in real-time.