Introducing FloowClaims: Built to Deliver the Future of Claims Management

Introducing FloowClaims: Built to Deliver the Future of Claims Management

Article written by Ash Sarwar, Senior Product Manager

For any policyholder, the true test of their insurance provider is when they need to make a claim, particularly if they have been involved in an accident.

The experience of the drivers through the entire claiming process - from the first notification of loss (FNOL) to resolution - can make or break their opinion of their insurer, and can affect their decision to renew or recommend the insurer.

As a result, managing a claim is a key moment in the lifecycle of any motor policy, and it is vital for the insurers to have the processes, procedures and systems in place to provide the fastest, easiest and most robust claims service to their customers.

Focusing on the future of claims management

At The Floow, we are very aware of the importance of claims to insurers, and policyholders, and that is why we have always worked towards the ultimate goal of a touchless claims management process. A process which provides the opportunity to compress claims resolution time from months to days, reduces the expenses associated with claims management, and enhances the end-user experience with quick cycle times and interventions.

Providing reliable and scalable claims solutions for our customers has always been a key part of our vision, and it has led to the development of FloowClaims; our claims service, launched at the end of 2020.

Photo by Charles Postiaux on Unsplash

Introducing FloowClaims

FloowClaims is our claims module which features a number of capabilities relating to crash detection and claims processing. It follows on from the launch of our robust smartphonebased crash detection algorithm in July 2020. The algorithm was developed by our data scientists who collated and then examined a large amount of data from crash tests and other related sources. They used these insights to build a solution designed to identify large incidents based on data from the smartphone. The algorithm has since analysed millions of journeys, and has been evidenced through testing against real-life claims from the books of multiple global insurance carriers.

Our FloowClaims solution can be added to any of our FloowDrive or FloowKit propositions, to create a fully rounded connected insurance product that uses the smartphone to track and condition driver behaviour behind the wheel, but also to detect road accidents.

Built utilising machine learned algorithms, our crash detection algorithm assesses, in near realtime, the factors and conditions of each journey, and evaluates if a high severity impact has taken place. A detailed crash notification can then be sent back to the insurer or dedicated contact centres either in near realtime, using an API push, or daily as aggregated CSV reports.

To make it easier for the insurers, we have also added the option to use instant email alerts, which contain information about a potential incident, and are sent to a designated insurer inbox when an impact event meets the configured crash alert threshold. This relates to the probability and severity thresholds which can be set by an insurer to define which impact events are communicated. For our FloowDrive clients, these email alerts also contain a link to view further information about the detected impact in the insurer portal.

By providing insurers with a variety of options, we want to allow them to choose the methods which best suit the requirements for the proposition they want to offer. For example, an insurer may want to use the data to provide roadside assistance and therefore they will require immediate crash notifications whenever an impact is detected. Alternatively, an insurer may only want to use the data as another factor in creating a clear and in-depth picture of a driver’s risk level. In this case, immediacy is not the requirement so our CSV reports which are sent daily may be all that the insurer requires for their particular insurance proposition.

Making improvements to current processes

The instant crash notifications, and the CSV report, allow for quick and effective claim handling including services such as early First Notice of Loss (FNOL) surveys. This can speed up the processing time of claims and significantly reduce the cost of claims, with less legal intervention, shorter replacement vehicle periods and faster fraud intervention.

The opportunity to be alerted immediately when a crash has occurred allows insurers to proactively respond by offering vehicle recovery and roadside assistance. This can help to save lives and add significant value to policyholders when it matters most. This is extremely important in a world where policyholders expect more from their insurers and where they are constantly on the lookout for the best, and most valuable service.

By correlating this data with other information, insurers can determine a driver’s risk profile based on their actual driver behaviour. As a result, drivers can be priced much more accurately, providing them with a fairer price for their insurance premium.

Continuing to focus on customer experience

FloowClaims was developed to provide insurers with visibility of high severity impacts which occur during the course of a driver’s journey and it does just that, but there is further to go on our journey towards touchless claims management. We need to ensure that the experience of the policyholder is as good, or even better, than the processes and procedures which are developed and put in place to manage and handle their claims.

This is only the beginning for FloowClaims as we continue to work hard to bring further developments to the service over the coming months, to ensure that it truly delivers for policyholders, as well as insurers, at the most important and testing time of any policy lifecycle.