In the third quarter of 2019 Mckenzie Intelligence Services (MIS), with the assistance of the world’s largest re/insurance market Lloyd’s of London, built a new claims process prototype.
Following work carried out over Q3 this year, in conjunction with the Future at Lloyds Data and Claims teams, MIS has developed a prototype demonstration which has been used to bring to life the Next Generation Claims Workstream of the ambitious Future at Lloyd's transformation project.
The link to the demo can be found here.
The aim of the project is to prove Lloyd’s bold aspiration of paying a claim before a policyholder is even aware of any possible loss. MIS was selected by the Corporation as its partner for this project because of its high quality inhouse data and analytics capabilities and supporting satellite imagery.
It is crucial that insurers can have the utmost confidence that claims are valid and that any automated elements of the claims process can be relied upon implicitly.
The Next Generation Claims workstream aims to deliver a digital solution for claims handling with customer service at its heart, upgrading current technology to underpin streamlined processes for triage, segmentation and settlement.
Attaining access to improved usable data and analytics as well as ensuring lower operating costs – as set out in the Future At Lloyd’s Blueprint One - are the main objectives behind this project.
Commenting on the feedback from the market, CEO Forbes McKenzie said: “So far, the demo has had a transformative effect on the market, having been widely shown throughout the autumn conference season and on screen at Lloyd's.”
MIS have been working with Lloyd's since 2016, offering deep and unique insight into the power of geospatial data and imagery and how it can be harnessed to provide a world leading claims service.
As well as delivering intelligence via their award-winning portal against over 30 events during 2019, MIS is also currently investing in new partnerships and technology to continue to bring cutting edge space data and technology to the Lloyd's market, helping to make the Future at Lloyd's vision a reality.
Notes to editors
McKenzie Intelligence Services (MIS) is an imagery and geospatial intelligence consultancy firm, servicing clients globally.
We provide intelligence processing and data and information collection services for the global re/insurance industry. This includes the ability to look anywhere on Earth in near real time via the medium of cloud penetrating satellite images and ground sensed internet of things devices.
Our intelligence is available to the re/insurance industry across a number of areas and specialisms, including: claims and loss adjusting; exposure management and modelling; business interruption; agriculture; reinsurance and specialty adjusting; power stations, ports and harbours, energy pipelines, municipal buildings and solar panels.
MIS empowers teams to make important reserving and coverage decisions more quickly, helps to reduce reliance on loss adjusting, enables proactive service to policyholders, and early insight into exposure at portfolio level.
Our intelligence is derived from multiple sources, as well our inhouse re/insurance expertise:
- The Internet of Things
- Military grade analysts
MIS have been the Lloyd’s market geospatial imagery and intelligence providers since 2016, providing the Corporation, all Lloyd’s managing agents, TPAs and partners access to the award winning MIS-Intel portal, delivering best in class imagery and analysis, enabling them to utilise technology to better service their policyholders and make claims and exposure management processes more efficient.
For more information
MIS Contact Vicky Mills, Chief Product Officer, McKenzie Intelligence Services Tel: 07904 395734 Email:email@example.com
PR Contact Sophie Roberts, SR Media Services Ltd Tel: +447789953001 Email: firstname.lastname@example.org
Published on December 18, 2019 11:19