9 months ago


Q4 2017

Q4 2017 Industry Theme The Sobering of InsurTech: Adapting Business Models for Incumbents Claims Management – Selected Companies Claims Management (US$ in millions) # Company Total Funding 19 BrightClaim (Genpact) Investor(s) – • Genpact 20 ControlExpert – • General Atlantic 21 Enservio (Solera) – • Solera Holdings 22 Livegenic – • Ben Franklin Partners • Plug & Play Accel. 23 eCOIDA – • Barclays Accelerator 24 Spex (J.S. Held) – • J.S. Held (majority) • Management 25 TensorFlight – • Boost VC • Hemi Ventures Description • Catastrophe and liability claims manager and TPA • Acquired by Genpact (NYSE:G), a BPO provider, in May 2017 • Germany based automotive industry service provider that develops products and services to digitize manual claims and maintenance processes for insurers, fleet operators, leasing firms, repair shops, car dealers, auto manufacturers and motor vehicle experts • Technology-enabled claims management platform • Acquired by Solera Holdings in July 2016 • Mobile first platform offering simplified claims handling services • South Africa based claims management platform • Digital property inspection & reporting platform for managing disaster-related claims with collaborative interface enabling mobile devices in the field to interact with desktop software • Professional inspectors are primary users; clients include P&C carriers, agencies, TPAs, claims adjusters, restoration firms, PSP’s, contractor networks, residential and commercial contractors, FEMA, NFIP, government, structural engineers and hazmat specialists • Acquired by J.S. Held, a construction consulting portfolio company of Lovell Minnick, in May 2017 • Analyzes satellite, aerial, drone, and street view imagery in order to automate manual in-person property inspections • Assists property insurers with underwriting, reinsurance, risk and claims 35

Q4 2017 Industry Theme The Sobering of InsurTech: Adapting Business Models for Incumbents Claims Management Example – RightIndem Claims Management The Claims Management Problem London based software firm RightIndem was founded in January 2016 by CEO Dave Stubbs and COO Graham Blaney as a solution to improve the insurance claim customer experience. A well chronicled pain point in the insurance industry, the claims experience, which represents a customer’s most meaningful interaction with their insurer and occurs following a significant financial and potentially emotional loss, is often a call center managed process that leaves customers frustrated and confused. Industry executives estimate that a customer who experiences a personal auto claim could be up to 40% less likely to renew their policy, regardless of the outcome. RightIndem suggests that according to industry research, approximately 50% of claims management call center calls are just for a status update, while 80% are wholly unproductive in terms of moving the claim forward. Taken together, these statistics indicate that traditional claims management processes are leaving customers generally dissatisfied, reducing retention rates for insurers, even as the same insurers overpay for call center claims management services, getting only 20 cents of value for every dollar spent on call centers. Simple Intuitive Customer Journey The Digital Third Party Administrator Enabling Customer Managed Claims RightIndem, armed with more than £2.5 million of capital, including £786,000 of seed funding and a €2 million Series A convertible note from private angel investors from the insurance and banking industries in the UK, Germany, Switzerland and U.S., is attempting to facilitate a seismic shift in the insurance industry from “Insurer Administrated” to “Customer Managed” claims, improving customer satisfaction while delivering right and fair indemnity. RightIndem provides a white-label SaaS claims solution which improves customer engagement in the claims process with purpose-built, intuitive software that enables insureds to manage their own claims quickly and easily, from first notice of loss (FNOL) to claim settlement. The platform simplifies communication between carriers, insureds and repair providers by allowing insureds to report a claim, document circumstances of the incident and loss suffered, provide scans and photos of required documents and engage with the insurer to agree upon the most appropriate indemnity course. Multiple communication modes are available, including text and video phone conversations, reducing the need for phone calls between the different parties. Results have been impressive to date. The RightIndem solution is reducing claims cycle times, handling claims up to 21x faster than the UK average, with reduced leakage accomplished via accurate and transparent market valuations, increasing customer satisfaction while improving retention and reducing claims expenses for insurers. With personal and commercial lines proof of concept completed in collaboration with insurers in the UK, U.S. and Germany, RightIndem now has more than 15 active engagements underway and a robust future pipeline of more than 40 potential engagements from P&C and L&H focused insurers in several countries. A Q&A with RightIndem co-founders David Stubbs and Graham Blaney with more information on RightIndem’s business and strategic plans begins on the next page. Quarterly InsurTech Briefing Q4 2017 36

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