Insurance agency CRIF teams up with Crawford to improve and expedite insurance claim handling for UK businesses.
The insurance industry is set for a significant transformation, as CRIF, a leading provider of banking and financial solutions, partners with Crawford & Company, a global claims management firm. This strategic alliance aims to revolutionize the insurance claims process for UK businesses, offering faster, more accurate verification of claims and improved efficiency in claims management.
The partnership leverages Open Banking APIs, allowing businesses to securely connect their bank accounts during the claims process. This direct access to financial data enables real-time categorization and analysis, eliminating the need for manual document collection and verification. As a result, insurers can process claims more quickly and with greater confidence in the authenticity of the information presented.
This collaboration is expected to bring about a 30% reduction in the claims management process, significantly streamlining the process of business interruption claims. The new system is designed to reduce fraud, speed up claims assessment, and improve the overall customer experience within the insurance sector.
According to Angus Osborne-White, director of forensic accountancy services at Crawford, managing business interruption claims can be a lengthy and complex process that holds up businesses from receiving much-needed payouts. Osborne-White believes that the recent adoption of CRIF's Open Banking technology is crucial for businesses to receive their payouts more quickly.
Sara Costantini, CRIF's regional director for the UK & Ireland, echoes this sentiment. She believes that insurers would benefit from the adoption of new solutions to optimize their customer journey and streamline claims management.
The implementation of Open Banking technology is intended to improve the efficiency and accuracy of the insurance claims process in the UK. With this new system, businesses no longer have to worry about the claims management process taking hours or days, leading to cash flow issues, operational disruption, and debt. Instead, they can focus on recovering and rebuilding their operations.
Moreover, 87% of policyholders say the claims experience impacts their loyalty to insurers, according to data from EY. By offering a more automated and transparent claims process, the partnership between CRIF and Crawford is expected to help businesses save internal resources and improve their relationships with insurers.
This partnership is not limited to CRIF and Crawford. They have also partnered with Boodil to offer extended Open Banking services as part of their claims solutions. The future of the UK's insurance industry looks promising, with faster insurance claims and more accurate payouts on the horizon.
[1] For further reading on the CRIF and Ozone API partnership, please visit [link to further reading].
- The strategic alliance between CRIF and Crawford & Company, leveraging Open Banking APIs, aims to provide a more efficient way for businesses to submit insurance claims, especially business interruption claims, eliminating the need for manual document collection and verification, and potentially reducing the claims management process by 30%.
- With the implementation of Open Banking technology, insurers can process claims more quickly and with greater confidence in the authenticity of the information presented, and as a result, businesses can focus on recovering and rebuilding their operations instead of worrying about the claims management process taking hours or days and resulting in cash flow issues, operational disruption, and debt.
- The collaboration between CRIF, Crawford, and Boodil is not just focused on CRIF and Crawford; they offer extended Open Banking services as part of their claims solutions, which is expected to lead to faster insurance claims and more accurate payouts in the UK, and could have a significant impact on the future of the insurance industry.
