RightIndem is digitising and automating the motor claims process to provide customers with a better experience and insurers with better data and lower operating costs.
RightIndem is one of Startup Bootcamp’s 2016 graduates. It was founded in January 2016 by David Stubbs, a motor insurance claims specialist, and Graham Blaney, an IT and outsourcing expert.
The company currently offers 7 product modules, from electronic notification of loss (“ENOL”) to repairs and settlement. According to Graham, “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.
RightIndem have had a strong first year. The company has completed pilots with a number of UK and European motor insurers with further trials agreed. 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%. Longer term the company is looking to expand beyond motor insurance and they are already working with a number of clients in other product lines.
The Oxbow Partners view
The big strategic proof that RightIndem needs to demonstrate is that digitisation of claims can go mainstream. Many in the industry argue that claims are too complex to digitise to any great extent, whilst others suggest that the emotion of a claim means that consumers will always want human-to-human interaction.
Our experience is that most claims can be digitised. Apart from RightIndem’s data, we would point to Dutch insurer InShared’s claim to automate up to three quarters of claims and, perhaps, Lemonade’s recent claim to have paid (a very simple) claim in 3 minutes. Customers are getting increasingly happy to make large and complex transactions through digital means e.g. buying Tesla cars online without visiting a showroom, and digital propositions ever better
Oxbow Partners is currently working with a large UK insurer to reinvent their claims process. There’s no doubt that niche technologies like RightIndem will play a role in helping insurers move their customer experiences forward.
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