Digital Insurance Agenda

ValueChecker: Automated product appraisals for true Straight-Through-Processing

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 14, 2022

One of the big challenges of an automated content claim process is determining the value of what was claimed, and getting it replaced at the best price and fast.

The valuation of product damages is often manually done by claim handlers and therefore labor intensive, slow, subjective and expensive. ValueChecker replaces all subjectivity with data-driven, rule- and machine learning-based, automatic valuations. By using objective product details, advanced product technology and live retail prices ValueChecker can correctly identify claimed products and their best replacements in a matter of seconds. 

ValueChecker’s product technology helps insurers automate their claims process. The ValueChecker solution identifies the claimed product and calculates the best replacement product and valuation in real-time. The solution is available in the EU, USA and Australia.

ValueChecker automates the process of product appraisal, reducing manual work, valuation errors and subjectivity. ValueChecker clients save over 20% in settlement costs, can automate over 80% of claims, and improve NPS scores by more than 20 percentage points.

ValueChecker works as it has been tested by multiple clients in production environments, and results and savings have been verified and proven. ValueChecker was developed from sister company alaTest’s 17 years of global product comparison technology. ValueChecker can automatically appraise a great percentage of product claims, at a low settlement cost and high customer satisfaction. 

The results

The solution is live with customers and partners in UK, Netherlands, Belgium, Germany and Nordics. Available in rest of the EU, USA, Australia/New Zealand. 

ValueChecker consistently delivers savings in excess of €100 on settlement amounts, 15 minutes in operational savings per claimed product, not including organizational efficiency gains.  For clients using the eFNOL solutions, savings have been proven while also increasing the NPS score by more than 20 percentage points.

ValueChecker insurance customers include: NL: NN Group (ING, OHRA, ABN Amro and NN), Univé, Achmea, ZLM,  large insurers, Sedgwick UK, in Norway with Frende, JBF and KLP

How does it work?

The solution identifies the exact items of loss from millions of products and finds the best best available ‘Like Kind and Quality’ replacement products. The Fair Replacement Cost Values are based on real-time prices of local ships. A claimant can download a claim summary report and advice on the best replacement products and shops.

Process-wise the automated claims process works like this:

  1. Identification of the claimed product using ValueCheckers’ extensive database, online data sources and customized Google search engines, and algorithms.
  2. Real-time market scanning of availability. Should the claimed product be out of stock/discontinued, ValueChecker automatically identifies the best Like-for-Like replacement product.
  3. Settlement valuation based on real-time pricing data to identify replacement cost, and automatically apply depreciation or excess rules for a final settlement calculation.
  4. Final settlement of the claim via repair partners, cash payment, voucher delivery or delivery in kind, directly from within ValueChecker.

Why did we select ValueChecker to present at DIA Munich 2022?

Claims handling will always be the moment of truth. Automation has proven to work well in terms of speeding up and simplifying the claims process. ValueChecker taps into this need and its solution adds to the full automation of claim handling and Straight Through Processing – beyond the eFNOL – using AI / Big Data / ML technologies.

At DIA Munich 2022, Arie Struik, Founder& CEO and Willem van der Hooft, Co-Founder & Business Development, will give a live demo of the Valuechecker solutions both in a “stand-alone / web” version and the one that is “eFNOL / integrated”. They will explain how fully automated product claims valuation works and how it enables true claims automation “STP” (no hands claim handling).

Who is ValueChecker?

ValueChecker was born out of the global product comparison company alaTest, founded in 2005 by Arie Struik. After friend-since-the-cradle Willem van der Hooft joined as an investor he suggested that alaTest could solve a major problem for the insurance industry, the process of fair product appraisals. This started the ValueChecker project in 2017.

The current team is around 20 and has its HQ in Stockholm and an office in The Gambia. Expansion to the USA is planned for 2023. Majority owner is the founder with a minority owned by the co-founder and angel investors. The company welcomes investment opportunities to accelerate international growth.

“ValueChecker was founded to create a global, independent and automated solution for fair product appraisals. The significant savings achieved for insurers should ultimately lead to cheaper insurance for everyone.”

Final Few Ticket(s)

DIA Munich 2022

00 Days
00 Hours
00 Minutes
00 Seconds
Secure your seat!
Purchase your Final Few Ticket(s) for DIA Munich 2022 here! Join Now