Munich Re, XL-backed Slice launches 'game-changing' automated claims settlement
US-based insurtech Slice Labs, which offers cloud-based on-demand insurance, has launched an automated claims settlement solution that it believes will be a "game-changer" in fully digitising the insurance claims journey for customers and carriers while significantly reducing their claims management costs.
Headquartered in New York City, Slice is backed by global investors from the insurance and technology sectors, including Horizons Ventures, XL Innovate, Sompo, Munich Re and Tusk Ventures, among others.
The company claims that its new feature will provide an improved experience for customers and greater efficiencies for insurers by reducing the volume of manual claims handling and associated costs, increasing consistency and improving accuracy.
Customers will experience a digital first notice of loss (FNOL) journey that includes automated loss evaluation and settlement offer along with immediate digital payment all within one session.
The feature has been developed leveraging technologies in natural language processing (NLP), document and receipt scanning, multilingual audio and video transcription and machine learning models for loss classification and depreciation. Furthermore, Slice said its team used an ethics-first approach to ensure that potential bias would be mitigated.
The Slice Mind team of data scientists and developers worked in partnership with Duuo, a digital insurance distributor created by The Co-operators, on this cutting-edge technology. The company plans to deploy the feature initially in Duuo’s Rent-My-Stuff Insurance product, followed by their remaining on-demand insurance products.
Tim Attia, CEO of Slice Labs, said: “This feature is a game-changer in insurance claims for customers and carriers. Customers are faced with a complex, cumbersome, and often very time-consuming claim process. Insurers deal with costly claims management. Automating the claims process through settlement provides a customer-centric experience in a digital age, and drastically reduces claims management costs for insurers.”
Luc Lamadeleine, director of claims at Duuo, commented: “We are extremely pleased to be launching this new feature, which we believe is the first completely touchless claims process in Canadian P&C insurance. This new feature was carefully built by applying both sound and effective claims practices, as well as the latest digital tools and technology. We are confident that this innovative claims process will enable us to respond even more quickly to our clients in their time of need.”
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