Credit Clear develops digital claims system with insurer

ASX-listed Credit Clear has developed a digital third-party claims system in collaboration with a large Australian insurer.

Credit Clear – a finalist in the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIIF) industry awards – offers products based on AI models, automation and predictive analytics to clients, which range from insurers to luxury car dealerships, utilities and state health services.

It has now developed an at-fault third parties claims system for car insurers.

The automated digital self-service system asks whether customers accept fault and are insured, exchanges documentation and sets up payment arrangements. Collection of excess payments from the first party insured is also in development.

Chief Product Technology Officer Jason Serafino says the pure digital nature of the repayment platform is unique.

“We’ve got quite a footprint into insurance and we’ve customised our platform specifically for the insurance space,” Mr Serafino told insuranceNEWS.com.au today.

Credit Clear says it has partnered with one of the biggest insurers in Australia on the platform and expects two more insurers to adopt the platform in the very near future.

“We’ve started with the most difficult part, actually, of motor vehicle insurance – chasing the third party, who’s not even a customer of the insurer.

“To get them to engage is the most challenging part, and then we’re dealing both with insured and uninsured.

“We’re starting there. If we can prove success there, then we know it can apply to every kind of other aspect of insurance – more easily, actually,” Mr Serafino said.

He says claims go through without any human touch.

“That’s a process which would usually take months, and it’s quite a laborious, difficult process. The record we’ve got now is 13 days from lodgment for them to actually pay the outstanding amount with no human touch in that process. So it’s very much a game changer in a in a space where probably most insurers would think that would be basically impossible.”

Feedback is positive, praising the ease and convenience – and removal of “the embarrassing phone call”.

“We have proven that digital works well in that space but it’s been very surprising for insurers. We get 75% click through rate on the messages that we’re sending – very, very high engagement for completely cold contact,” Mr Serafino says.

Credit Clear says thousands of active payment plans have already been established via its platform. The business is also exploring expansion in the UK, South Africa, New Zealand and other markets.