RightIndem: The online insurance claim solution that puts customers at the heart of their claim
RightIndem, named after the need to deliver the ‘right indemnity’ for the customer, was founded in January 2016 as a solution to improve the customer journey during an insurance claim. It is a web-based, self-service insurance claims platform for multiple insurance verticals. RightIndem delivers benefits for insurers and policyholders. For insurers, claims cost and customer churn are both reduced. For the customer, the transparent service helps them understand their cover, then quickly, fairly and effectively manage their claim whilst repairing or replacing their damaged or stolen item. The customer-centric approach allows insurance customers to interact with their claim in their own time, the web app removes the insurance jargon and thus drastically improves claim cycle times and customer satisfaction.
The platform’s backend service reduces the administration support needed to process a claim. It helps claims handlers focus more on higher value jobs and brokers spend more time on new deals, minimizing the time spent on explanation processes and negotiation with applicants. This increases the productivity of handlers up to four times per day, and gives management good visibility of claims handling metrics – potentially saving an insurer £500 per claim. Evidence thus far is encouraging: their average total loss claims duration currently stands at 2 days 2 hours (vs. a 20-30 day industry norm). Complaints are significantly reduced and customer churn resulting from the claims process is down 50%
Based in Nottingham, Bedford and London, RightIndem have had a strong first year. The company has completed pilots with UK and European motor insurers with further trials agreed also in the USA and Africa. Longer term, the company is looking to expand beyond motor insurance and they are already working with clients in other product lines. RightIndem is shortlisted for the insurance start-up of the year award by the Insurance Times.
Customer at the heart of the claim
The company currently offers 7 product modules, from electronic notification of loss (“ENOL”) to repairs and settlement. Putting the customer at the heart of the claim, has been central to the company’s design philosophy, allowing the claimant to control the pace of the process and channel of engagement, eliminating wasted time on the phone. Insurers retain control over the customer experience with the ability to tailor the software to their own branding and informational needs. And to reduce fraud!
The RightIndem self-service platform is based on the premise that customers can handle it efficiently. The portal is not restricted to office hours, enabling customers to interact with the claim at their leisure. The result is significantly higher customer retention rates and substantially reduced costs of claims handling for the insurance company along with enhanced brand loyalty. Some of the other key benefits include: improved claims handler productivity, lowers loss ratio via more accurate vehicle valuations and increased customer retention.
Why we selected RightIndem for DIA Amsterdam
There’s no doubt that niche technologies like RightIndem will play a role in helping insurers tackle claims more efficiently and move their customer experiences forward, helping customers get their lives back on track as quickly as possible.
Ultimately, RightIndem’s self-service model can reinvent the claims function through enabling data, documents and multimedia transfer seamlessly between policy holders and the insurer’s online claims infrastructure.
Who are RightIndem?
Founded in January 2016 by David Stubbs, a motor insurance claims specialist, and Graham Blaney, an IT and outsourcing expert. Graham is the founder of Buying Butler (an online assisted buying platform for cars) and David is the founder of EtWB and Carandus.com. They met to discuss used car valuation software and suddenly had a eureka moment. They are backed by a great team of investors and advisors who have senior insurance, banking, enterprise software and e-commerce experience.
Being part of the first Startup boot camp Insurtech cohort they have gone through a fast-paced and intensive program that got quite a few insurers interested in their business. They were recently awarded the Best Insurtech Start-up Pitch at the recent Insurance Times Innovation and Disruption.
“RightIndem addresses the two key issues with vehicle total loss claims: a poor customer experience and the claims process is inefficient for insurers”. David Stubbs, founder, RightIndem
Presenter: Graham Blaney
Presenter: David Stubbs