December 29, 2022
Introducing Autoclaim ™ – world’s first example of parametrics in mobile device and gadget insurance
Author: Glen Adam
At EIP we are passionate and laser focused upon making the claims experience for mobile device insurance quick and seamless for our customers. Now, more than ever, we’re managing our day-to-day lives through our mobile devices, be it for shopping, banking, maps or simply (and here’s a novel use!), to keep in contact.
The key moment of truth for all providers of insurance is when a customer needs to claim and the experience they receive. So, when a customer breaks their phone and needs to make a claim, the single most important need for that customer, is to get their phone repaired, and back with them as quickly as possible, with minimal effort and disruption to their lives.
EIP’s digital claims platform, widely deployed across Europe and used by some of the world’s leading brands, already enables customers to make a claim online and get a decision in under 90 seconds! Not bad, but we knew we could do better.
We know, from our years of experience in processing claims, that the risk of fraud, when a customer needs to claim for a broken mobile device screen, is low. Yet even with EIP’s entirely digital claims journey, we still put the onus on the customer to find their policy details, raise a claim and tell us when and where they dropped their device. So we thought, how can we use the technology, already within the customers’ mobile device to remove some of these steps and make the claims experience even more autonomous?
That’s why we developed Autoclaim™, the world’s first example of parametrics in the mobile device and gadget insurance industry (video below).
Configurable from the EIP ‘toolkit’, Autoclaim™ mines the gyroscope and accelerometer technology in the customers device to automatically detect when it has been dropped and potentially damaged. When the device is dropped, a trigger is automatically sent to EIP’s back-office system with the time and location of the event. Our software checks the customers policy history to ensure there’s no reason why a claim cannot be raised e.g. a recent claim. And, assuming no referral of the claim is required, within seconds the customer is sent a draft claim.
All the information needed about the incident has been captured, meaning all the customer needs to do is to confirm that they need to claim and the address for the pick-up of the damaged device. In less than 10 seconds and 2 button presses the claim is submitted, approved and a repair arranged. No paperwork, no call centres, no unnecessary questions, just a 100% automated claim. A massive customer win.
Autoclaim™ is just one example of EIP’s focus on developing ‘customer first’ experiences. And it’s not just the customer who wins by delivering these innovations, by leveraging technology and removing operational overheads, there are material improvements in the insurer’s programme profitability. The customer gets an exceptional experience and the insurer gets higher margins – a win/win.
See here for our EIP Autoclaim™ demonstration: