Property
insurance gets smart
King
Price itself is also moving to automated claims management systems,
particularly in property insurance. Claims can be logged
electronically, authorised instantly, and jobs automatically
scheduled with an approved service provider for immediate repair.
This allows for more effective claims cost control, shorter claims
cycles, and less incident reporting lag time.
The
company introduced the process in 2016 as part of a community
insurance offering for the sectional title market to address poor
insurance service delivery. Initially only available to managing
agents, this month sees it being launched through brokers as well.
The system integrates all approved suppliers, like electricians and
plumbers, into a management platform that allows for faster and
cheaper claims services.
“This
integration has resulted in profound changes in how we operate and
interact with the value chain,” says King Price community insurance
partner Ria Furriel. “Multiple stakeholders – owners, trustees,
brokers, managing agents and suppliers – can all connect to a
central system, interact with one another, and create and exchange
value. Everybody is on the same page, all the time.
“By
designing, creating and maintaining assets more efficiently, smarter
developments give insurers the ability to create more accurate risk
profiles – which often means lower premiums. They also enable
predictive maintenance, with connected systems able to detect
impending issues before they become problems.”
Once
all these tools are perfected, it will allow for fully automated
vehicle, property and life insurance at the click of a button. It
didn’t need a pandemic to get us there, but it is certainly
speeding up the journey.
- Arthur
Goldstuck is founder of World Wide Worx and editor-in-chief of
Gadget.co.za. Follow him on Twitter and Instagram on @art2gee
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