Thursday 3rd of March 2022 was an exciting time to be attending the first face-to-face Insurtech event for a very long while. Insurtech LIVE 2022 showcased members, partners and relatable stories, hosted by Insurtech Australia. 

The ever-exuberant Aurora Ross, CEO and Co-Founder of Zemble, led a thought-provoking discussion. Throughout the different topics of discussion and across panelists, there were shared passions and gratitude for the Insurtech landscape and the opportunity available to us to innovate and create here in Australia. We heard from global Insurtechs, such as QBE, Munich RE, Hollard, right through to startups here on Australian soil, including KOBA Insurance, Cover Genius and LifeBid.

I shared an in-depth conversation on ‘Customer Value in the Time of Digital Transformation’ with Jamie Smith, CIO of Hollard Insurance, Brett Wrigjt, CEO of LifeBid, Andrew Wong, CEO and Founder of KOBA Insurance, which was moderated by the delightful and ingenious Pam Moorhouse, CEO and Founder of My Life Capsule.

There’s no denying that digital transformation is front and center of most organizations today, along with customer-centricity and the need to find better ways to service our customers. Jamie initiated the idea of the insurance life cycle, and how you can disrupt the customer across any link in the chain of insurance. We agreed on the influence claims management can have on the overall customer retention, and how organizations need to focus on the bigger picture in the shoes of the customer, not just their area of responsibility.

I was able to share examples of tech-enabled offerings we provide as a B2B2C SaaS company, saving literally hours each week of human productivity and increased quality control by introducing optical character recognition (OCR) for insurers centrally processing incoming documents and information in all formats.

Andrew explored the concept of digital transformation and innovation simply being the way we do business now, rather than focusing on an ‘innovation’ or ‘revolution’. This flowed into the idea that partnerships are critical to any digital transformation while creating or maintaining customer value. We cannot be the experts of all things, and given that we are all in to solve the same or very similar challenges at the same time, the panel agreed that two heads are greater than one.

In 2021, the Australia Financial Complaints Authority (AFCA) reported that in Private Motor Insurance, two of the greatest pain points for customers were the time it took to manage a claim, and the communication (or lack thereof) throughout the handling of the claim. This sparked shared sentiment for organizations to force adaptation and to deliver great service across their customers’ channel of choice. We discussed a scenario where customers are familiar and most comfortable with the traditional methods of customer service, and their greatest loyalties focus on locality, empathy and genuine human connection, something which is incredibly challenging to digitize, although not impossible.

Arnie’s Insurtech digital transformation focus translates to freeing up people to work on the most complex service of claims handling, and automating with machine learning and artificial intelligence for those predictable scenarios and circumstances that can be automated and repeatable. This speeds up the claims handling process, creates transparency for the customer at the end of the line and develops space for the insurance industry to drive further innovation. Or just a more modern way of doing business.

Thank you Brett, Jamie, Andrew and Pam for welcoming me to share the stage with you at Insurtech LIVE 2022. It was a pleasure.

If you’d like to connect with me to discuss all things insurance, insurtech, automotive or technology, or how you can innovate and recreate your claims handling experience, please send me a message today.

Danni Robson

Head of Product, Arnie

Yarris Technologies

danni.robson@yarris.com

The future is here! Recently I explored the concept of ‘Digital Transformation’ and ‘Innovation’ with a panel of industry experts. The outcome for me that truly resonated was that this is simply just the way we do business now, rather than being a technology transformation or change.

We often do business in t-shirts on our mobile phones and tablets rather than behind a hard-wired computer desk in a white- or blue-collar shirt. Some workplaces do not have the luxury of being able to work from home or remotely full-time, and those industries include automotive assessing and repair.

Our insurers have a combination of both internal assessing teams and external assessing partners whose purpose is to provide expert knowledge and assessments of vehicles following an incident resulting in a potential claim. Assessors have been desktop assessing virtually for several years now, thanks to the rapid advancement prompted by the global pandemic and the need for socially distancing. This change was also supported by developments in technology which enable insurers and assessors to relinquish control, and trust the technology which enables them.

We’ve been working closely with insurers, assessors and repair experts who contributed to the planning and prioritization of our Arnie roadmap. Our roadmap heavily focuses on process automation to free up assessors and claims handlers to work on complex tasks. We also realize there’s a major shift in the way B2B solutions are expected to be user-friendly and aesthetically appealing, no different to a customer-facing digital solution.

With this in mind, we are incredibly proud and excited to announce the upcoming launch of Arnie’s mobile app. The first phase of the app offers our insurance assessors the following benefits:

• Cloud-based, mobile responsible web application which they can access on most devices and browsers, including iPhone, Android, Safari, iOS, and Microsoft Surface
• A configurable daily dashboard for users to view their allocated worklists and assessments for greater planning, productivity, and transparency
• Simple image and information capture on-site to reduce the amount of processing required when returning to the office, freeing up more time to complete assessments and less administration focus
• Optical character recognition to look up a claim by capturing an image of the registration plate, or transposing the registration number and or VIN to the claim, saving the hassle of incorrect claim details being captured
• The ability to directly call service providers and customers from the claim itself to avoid switching between platforms and devices, creating a the single-channel approach
• Location routing and navigation from the claim to organize your route to create the best use of your time on the road and at the assessment location

In future releases, we are excited to continue working on advanced features, including damage classification by image capture, and the consistent image capture and data quality supported by our latest mobile solutions. Our new creations are a stepping stone to continuously add value to our insurers, assessors, service providers and the end customers.

If you’re looking for ways to reduce the number of touchpoints your assessors need to complete to get the job done – check out our mobile assessor app today and ask us for a demo today!

By Danni Robson, Head of Product, Arnie – Yarris Technologies

If you’ve ever had to make a claim – a call to your insurer, repairer, assessor, or anyone else involved in the handling of your claim – then you’ll already realize the benefits of being able to track the status of your claim in the palm of your hand. Saving precious time being on hold, or on the phone bouncing around to different people seeking a simple update on how your claim is progressing (or not progressing). 

Arnie’s product roadmap aligns with the ‘efficient, honest and fairness’ of all things claims to provide the transparency insurance customers want and need. In 2020 the Australian Bureau of Statistics (ABS) reported that over a third of Australians reported feeling ‘Always’ or ‘Often’ rushed. We live in a greater need for simplicity, transparency and connectedness. Especially during times of added pressure, such as a claimable incident. 

With 95.9% of Australian internet users in 2021 owning a Smartphone [Source: DataReportal], it’s a no-brainer to enable self-service features for customers to track their claim status in the palm of their hand. Insurers, repairers and other service providers should expect to see less telephone enquiries and higher satisfaction rates. For those who are brushing their teeth while making sandwiches for the kids’ lunches and taking their first of many calls for the day, real-time updates informing the moments that matter can eliminate the ambiguity and need to enquire entirely. 

We’re excited to bring the Arnie Mobile App features to fruition and increase engagement and transparency when it comes to handling a claim through self-service capabilities and real-time updates. 

What does this mean for service providers?

Often repairers, assessors, suppliers and other service providers are caught in the middle without adequate information, authority or means to offer the customer the update they’re requesting. Repairers and assessors are excited to see the increased transparency for customers throughout the lifecycle of a motor vehicle claim, although they will be held accountable by the insurer and the customer with the estimates and completion dates they provide.

What does this mean for insurers? 

Insurers are actively seeking ways to inform the customer, not only at times they’re required to by ‘The Code’ and other legislative requirements, but to increase customer satisfaction and reduce the number of calls and emails to operations. It’s a win-win for insurers who see an increase in productivity, redirecting energy and expertise to tasks that inspire and excite staff. The challenge you might ask, is how to ensure the information they’re providing to the customer by means of a status update is both accurate and timely? It’s a challenge both insurers and repairers must navigate together for best effectiveness. Many insurers are systemizing these processes for their repairers and service providers to keep centralized systems up to date, without creating a backlog of administrative updates or double-handling in multiple systems. 

What does this mean for insurance customers?

I know I’d choose to insure my vehicle with an insurer who can offer an estimate of completion, real-time SMS and email updates, and even a link where I can check out how my claim is in the palm of my hand. 

The Australian Financial Complaints Authority (AFCA) reports year on year that the highest number of complaints for general insurance are related to the duration of claims handling and lack of communication or updates.

There’s an opportunity here for us as claims handlers to inform the customer at those moments that matter without spamming their inbox, while maintaining a human level of exceptional communication where it really counts.

Check out more of what’s on Arnie’s roadmap by reading our latest report on redefining the future of motor claims or on our website arniesoftware.com. 

By Danni Robson, Head of Product – Arnie

The global car park is a colloquial term some of us in the automotive insurance industry use to talk about the different makes and models that make up the different vehicles across the entire globe. We, at Arnie, have found it really interesting as we lifted the hood (forgive the pun) to understand the history behind the global car park for the last century, to gain an insight as to how this may change in the near future and beyond.

What does the global car park look like today?

The International Organization of Motor Vehicle Manufacturers (OICA) reported a 5% decline between 2019 and 2020 with 91.8 million vehicles produced worldwide. 28.1 million of those vehicles are passenger cars. Passenger cars of which are seeing more of a decline, of up to 11% since 2019 to today.

A press release was published by the OICA in April 2020 relating to the global pandemic, and the impact this was having on the world’s automotive industry: 

“Initial impacts began in January, with the shutdown of the largest part of the Chinese industry in general, thereby also creating parts and components shortages impacting the industry in every corner of the world. – OICA press release in 2020.“

It’s fair to say the industry is still experiencing these challenges towards the end of 2021 with the demand and delay for parts and exorbitant prices. In Australia, manufacturing came to a close in 2017 (touchy, emotional subject for many), and so heavily reliant on international trade, not only for vehicle parts but also for the vehicles in entirety. More on that later…

The European Automobile Manufacturers’ Association (ACEA) reported in 2017 that 29% of the world’s automotive vehicles were manufactured out of China, and 21% European. Other top manufacturers include; Japan, U.S., India and South Korea. However, since 2019 Europe has seen a decline of up to 23% and the U.S. a staggering 36%. Whereas, the most stable market of Asia-Oceanic, only saw a 7% decline. 

The demise of the Australian manufacturing industry

It’s wild to think back in the 1970s, Australia was one of those leading countries in vehicle manufacturing heading 10th in the world. After a decade of car production in Australia, it was announced through bleary eyes and heavy hearts that the country would build its last vehicles on Aussie land in 2017. 

In 2020, drive.com.au reported the highest growth in vehicle sales in Australia (all international of course) from MG (China), Kia (Korea), Ram (U.S) to Skoda (Czech) and others.

Where do we see the future of the global car park heading, and why should we care?

The ACEA expects modern European vehicles to have a lifespan on average of 11.5 years. Conservatively, the global is working on an average of a 8 year vehicle lifespan. It doesn’t take a rocket scientist to realize that by 2025, 8 years following the closure of AUstralia’s last car manufacturing factory, we would start to see the Australia car park become more of an Asia-Oceanic and European dominant car park. The industry must find a way to operate and maintain both automotive sales, repairs and maintenance through international trade. 

There are plenty of pros to the future and the evolution of the global car park. The OICA say it beautifully as they strive for ‘worldwide harmonization’. We call this benchmarking, or seeking a mutual understanding and agreement across the Auto Industry. Insurers are faced with a wide variety of different regulations in different states and different countries. Likewise with repairers, albeit less regulated in Australia and only just starting to see enforceable changes. Finding standardized, regulated change offers savings in technical resources, the production of better, cleaner, safer vehicles and ultimately aims to reduce complexity, unnecessary costs and greater trust and transparency. We are under no illusion that it is not always possible to apply a ‘cookie-cutter’ approach, however a calculated, scientific and data-driven approach would enable a practical, sensible and less subjective approach.

Building a strong mutual agreement between repairers and insurers for the longevity and sustainability of our shared industry is paramount as we see the future of the global car park become less-local. Together is the only way. You can read more about how Arnie uses extensive databases and industry standard sources of truth to power AI and data-driven processes and decision-making on our website.

By Danni Robson, Head of Product – Arnie

Artificial intelligence, machine learning, 3D modelling, process automation, digitalization, virtual claims handling and no-touch integrations all sound pretty exciting, right? Perhaps not for our assessors and repairers in the motor claims industries.

Will I still have a job? If I am still going to have a job, what will my job look like with the advancements of assessing? How can I prepare myself for the future as an assessor? Are the days of in-person vehicle assessments gone? 

These are all questions on the minds of industry experts. Particularly those who have invested most of their professional lives in repairs, assessing and other essential services when it comes to handling motor vehicle claims. 

We don’t expect that in-person vehicle assessments will be redundant any time soon. The capabilities of virtual assessments and the technology advancements we see rapidly increasing will most likely see a reduction of in-person assessments for those simpler claims and repair jobs. Claims which are under a threshold, type of damage or vehicle which are deemed the least complex and ultimately the least likely to uncover any surprises at the point of an in-person vehicle assessment. 

Prestige vehicles, veteran or vintage vehicles, advanced driver-assistance systems, electric and fuel cell electric vehicles are just a few of the scenarios where virtual assessments and AI are yet to evolve, learn and improve for both insurers and repairers to confidently rely on virtual assessment accuracy. 

Arnie’s cloud-based virtual assessment capabilities empower organizations to scale-up with fluctuating case loads, while balancing claim costs for insurers and strengthening trustworthy relationships with our repairers and suppliers. To read more about Arnie’s virtual assessments, check out our website: https://www.arniesoftware.com/features/virtual-assessments.

The future of vehicles is exciting and compelling. The industry is constantly evolving, and in the next few years, we expect to ramp up the use and maintenance of Electric Vehicles (EVs) exponentially in Australia. While the future is exciting and EVs bring extensive social and environmental benefits, they present potential issues and considerations for insurers, repairers and in-turn their owners.

Currently, less than 1% of Australian car sales in 2020 were EVs. A major consideration is the slew of benefits and features modern EVs provide when it comes to repairability and maintenance. In a technical sense, and very analogous to other computing devices, the more features and benefits a technological solution provides, the more complex and convoluted the repairs and maintenance process. This definitely holds true to EVs. 

The primary issue with EVs appears to be a lack of availability of suitable repairers , who now must be extremely knowledgeable about electric components many cars do not have. Cars currently employ ADAS Technology to a limited extent – but Electric Vehicles take that to the next level. EVs often have heightened levels of existing technology – crisp 360 degree cameras, parking sensors in every nook and corner, smarter lane alignment and departure systems – just to name a few. In existing cars, ADAS technology already increases cost of repairs and time of repairs. EVs would only exacerbate these issues, showcasing the ‘cost’ of modernization to be the current day’s repair process and timings – often referred to in other technology verticals as an ‘Early Adopter Tax’.

It is with this understanding, repairer, insurers and associate parties must adequately prepare and accommodate for these changes. Statistics have shown that within Australia, there are a handful of repairers who can currently accommodate and maintain EV’s (particularly Teslas, the most ubiquitous brand at present). Additionally, the biggest challenge EVs pose to the dealerships, is the significant downturn in revenue from lack of service cost. 

EVs challenge both the front-end of motor vehicle purchasing, and the back-end / insurance perspective, in maintaining and repairing said vehicles.

Visit https://www.arniesoftware.com/ to learn about all the exciting things we are doing on the forefront of the revolution in our motor world with EV’s.

By Hasib Ahadi, Arnie Account Manager

Picture this. You work in an insurance company and handle your insurance customer’s motor vehicle claims day-to-day. Their vehicle is repairable and their claim has been accepted. You’ve received three quotes for repairs from three different repairers. 

There’s an invoice for a tow company who transported the vehicle from the scene to the nearest repairer. There’s another invoice for a tow from the initial repairer to the chosen repairer. You also have an invoice from a hire car company to keep your customer moving whilst their vehicle is being repaired. 

Now you have to manually enter all of this information into your claim management system, and possibly even other systems in your ecosystem to progress the customer’s claim and have their vehicle repaired…. Not with Arnie’s OCR. 

Optical character recognition (OCR) is an AI technology that electronically reads characters in a document and converts them into machine text. For Arnie claims management software that means automating a large number of invoices in multiple file formats, from PDF to scanned documents, across hundreds of external companies. 

With insurance claims processing, invoices are generally sent from external companies to itemize and record a transaction between the buyer and the seller. In this case, the buyer is the insurance company and the seller is the repairer, parts provider or other sublet provider involved in the handling of a motor vehicle claim. 

OCR significantly reduces the amount of manual processing of not only invoices, but potentially all of the documents currently manually entered into the claim job. Insurers are seeing increased productivity, compliance, auditability, accuracy, and most importantly, speeding up the time to process a motor vehicle claim as a result of not having to manually process documents. 

Picture a world of no-touch, simple claims with automation, AI and happier insurance customers.

Natural disaster season, also known to the Insurance industry as the ‘CAT’ season, is here. A catastrophic event in the insurance industry is typically a natural or man-made disaster that is unusually severe. Defined by a predefined cost, a certain number of policyholders and the number of insurers affected by one event. The Insurance Council of Australia will deem an event to be a catastrophe in Australia.

A natural disaster also demands the attention and action of our Insurance companies to provide rapid response, support and action to support their members to safety and security in extraordinary circumstances. Their customers and members are often distressed, and it is the kind, caring, considerate and compassionate voices at the end of the line who offer that clarity and support when they most need it. A true hero in every sense of the word.

Motor claims management solutions, such as Arnie, are designed to redirect systems and processes to spread the load in times of need. Insurers are then able to expedite processes such as organising an assessment, by proactively having their repairers contact the customer to arrange an inspection. This opens the insurer to continue to manage incoming inquiries and claims lodgements without delaying the claims handling process for other customers. 

It is well and good to be able to predict claims, but there is still a need for us to react, such as natural disasters. By demonstrating empathy, care and compassion – alongside simple, smart software solutions – the general industry plays a pivotal role in the recovery of communities after a natural disaster or catastrophe.

It’s important to know that an event defined as a CAT event isn’t just the duration of the actual event. Insurance customers have up to six years to lodge a personal damages claim under their policy and still dispute the claim in court. Since 2020’s Halloween Hailstorm in Queensland 2020, 1.08 billion dollars worth of claims have been incurred in 12 months, made up of 44,000 claims. Insurers had received around 26,000 claims by the end of the first week from the day of the storm – that is less than 60% of the total number of claims lodged. Customers still have 5 years to lodge their claim as a result of 2020’s Halloween Hailstorm. 

Critically thinking about your CAT processes, both from the people and systems perspective can truly prepare you for not only the disaster but many years to come following the disaster.

You can read more about how Arnie claims management software can automate processes while maintaining quality control on our website www.arniesoftware.com.au.

In a world with a myriad of software and software as-a-service (SaaS) solutions for almost anything, often it can be challenging to identify what actually makes a strong and captivating product. Gone are the days of basic functionality, generic ‘out-of-the-box’ solutions and their fluffy product roadmaps. Customers and vendors expect a top-notch product with a dedicated team who understand their business challenges from the outset. Good software is focused on creating solutions for complex business problems.

So what actually makes a good product? 

Security: robust protocols and exceptional standards

In a world with data quickly becoming one of our most precious resources and assets, security is paramount. A security breach can be catastrophic for businesses and their end users, and creates serious questions about a product’s ability to adequately handle important data from each client. At Yarris Technologies, we are certified in SOC2 and ISO 27001 demonstrating our commitment to robust security frameworks. We prioritize and maintain security  processes and procedures to create confidence for our partners, clients and vendors. Good software is only as good as its ability to be secure.

Adaptability: a culture of continuous innovation, experimentation and improvement 

The world of software was a very different place just ten years ago. The advent of mobile phones for consumers and advanced software platforms for businesses hyper accelerated the digitization of almost every personal and business process. In response to these changes software has adapted and evolved alongside our hardware advances. This is also the case with the Anie claims management solution which simplifies the process of managing insurance claims and repairer management. With our focus on continuous improvement, Yarris Technologies challenges the status quo, and reinvents business processes using AI and machine learning technologies. These efforts enable us to deliver powerful solutions to our clients.

Research: no research without action and no action without research

At Yarris Technologies, we constantly examine, refine and explore trends arising in personal lines of insurance, particularly in claims handling. We help our clients with their business challenges and objectives, and understand the importance of continuously staying on top of trends, both business and consumer related, to ensure our clients and partners work alongside us to deliver powerful and meaningful outcomes. We love all things learning and welcome the idea of working with key players in the industry to form exciting insights!

Support: dedicated customer support methodology

We covered some important facets of successful software solutions, but none of them would be effective without listening to feedback from our clients and partners. We welcome all types of feedback, as we deliver better outcomes for all by being explorative and inquisitive, not traditionalist. 

We incorporate world-class customer support and communication methodologies into our product roadmaps, strategic goals and partnership strategies, enabling our partners and enterprise clients to reap the rewards of our continuous improvement. We’ve had a decade of experience in supporting our enterprise clients, delivering on average a 99.94% uptime over the last 10 years, and response windows within five seconds 99.85% of the time. Our continuous focus on support and client satisfaction has lead us to produce meaningful results with all our partners and our customers.

Want to learn more?
Head over to www.arniesoftware.com.au to learn all about the exciting things we get up to, and how we can work together to produce meaningful results.