Hannover Re adds Melbourne's Invuite to innovation hub

Melbourne-based Invuite has been added to Hannover Re’s Equarium innovation platform.

Founded by CEO Martin Hoel, Invuite says it is working with a leading Australian insurer to help it manage Intellectual Property (IP) claims reconciliation, as well as with insurers in Australia and Singapore on information management, via strategy workshops, technical pilots and operational process mapping.

Invuite helps insurers manage sensitive information requests as part of the underwriting and claims process, and can communicate with the insured, a process frequently managed by underwriters manually.

“You can schedule workflow events to allow you to automatically communicate with the insured, eg where there may be exclusions on policies, allowing proactive interaction and reducing lapse rates,” it says.

It also offers managed outsourcing, saying insurers “frequently have limited/no visibility of work they outsource and pay others to do for them”. Invuite allows insurers to give organisations access to tasks while retaining control and having full transparency over all requests at all stages.

“This allows you to reduce your current spend by only outsourcing tasks you can’t do automatically,” it says. “Profile based access allows you to have various levels of access throughout a requests lifecycle while always maintaining control. You can change access levels at any time.”

It offers medical information retrieval for underwriting and claims, and is available in Australia, Singapore, Malaysia, Thailand, Hong Kong, the UK, the US and Canada. Invuite can also act as a starting point for the insured to lodge a first notice of loss.

Mr Hoel said he saw common problems at businesses in dealing with multiple types customers requiring varying levels of engagement.

“Data is the key to future growth, but data fragmentation and outdated systems keep holding organisations back. Invuite’s web application and services eliminate the complexity that large organisations face with data collection and management,” Invuite says.

Hannover Re says its Equarium platform, launched in 2019, is like a “dating service” to give insurers direct access to worldwide insurtechs. It offers more than 160 solutions in areas such as cyber, telematics and parametrics. Sydney-based SanctionsCheck.co is among other companies to join the hub.