Leveraging technology to supercharge claims process
IN Partnership with
Innovation Group Australia is at the forefront of digital change in the claims process, enabling speed, transparency, accessibility and data-driven improvements in ESG initiatives – and a whole lot more
More
THE EFFECTIVE handling of claims remains an industry priority in the dynamic landscape of insurance and risk management, but the area is undergoing significant transformation on the back of a digital technology revolution and evolving consumer expectations.
It’s a crucial task for third-party administrators enabling firms such as independent accident claims management administrator Innovation Group Australia (IGA) to fulfil promises to its fleet and insurance clients while maintaining operational efficiency and financial stability.
“Insurers are all striving to leverage automation, artificial intelligence and data analytics to streamline claims handling, enhance accuracy and expedite resolution times,” says Drew Schnehage, IGA managing director.
Innovation Group Australia offers a comprehensive solution for fleet operators, brokers, underwriters and insurers, providing end-to-end accident and claims management, roadside assistance triage, driver behaviour training and risk management. Its digital app, Mentor by Solera eDriving, helps improve driver behaviour and reduce incidents. With real-time connectivity and data, clients can access a wide network of repairers and suppliers through an interactive online platform. Innovation Group helps clients identify cost savings, streamline processes and minimize operational downtime.
Find out more
Key features of EcoReport
Measures CO2 driving emissions
“The integration of ESG principles into operations is … a strategic necessity. As the world marches towards a greener future, fleet companies must embrace sustainability with urgency and foresight”
Drew Schnehage,
Innovation Group Australia
The future of digital platforms will allow policyholders to submit claims electronically, receive real-time updates and communicate seamlessly with claims adjusters. Furthermore, AI-driven algorithms will be able to analyse vast data sets to detect fraudulent claims, assess liability and predict claim outcomes with greater precision.
“Our new platform launching in June 2024 increases the ease of online lodgement with guided image capture that can read the damage from the image and calculate whether it’s repairable or a total loss, thus immediately directing the repair or replacement without obtaining a quote,” says Schnehage.
Application programming interfaces such as IGA’s direct link with an assessing and bodyshop platform help manage the repair process and monitor its progress.
“Clients, customers and stakeholders will be receiving real-time updates on the progress and cost of their vehicle repairs.”
With a windscreen claim, for example, a customer lodges a claim online and is immediately and directly linked with an IGA supplier so that a quote is provided and repair or replacement can commence.
“Our new online portal links customers directly with our car rental provider to manage the online booking, delivery and communications with the customer,” says Schnehage.
IGA already receives data at a granular level, allowing deeper understanding of and insight into details on parts, labour and paint pricing.
“This makes it possible for us to detect a spike in costs quicker and easier. It also allows us to prioritise transparency, accessibility and empathy throughout the claims journey. Real-time notifications, self-service portals and proactive claims management tools empower our clients to navigate the claims process efficiently while fostering trust and loyalty.”
Data-driven insights are reshaping how insurers assess risk, anticipate claims trends and allocate resources effectively. Advanced analytics techniques, including predictive modelling and machine learning algorithms, can empower insurers to identify patterns, mitigate risks and optimise claim outcomes. By analysing historical data, insurers can identify emerging risks, quantify loss exposures and implement proactive risk mitigation strategies to minimise claims frequency and severity.
In an era in which sustainability is no longer a mere buzzword but a pressing global imperative, fleet companies find themselves at the forefront of change.
“The integration of environmental, social and governance
The integration of Greater Than’s EcoDrive feature enables eDriving to extend Mentor’s value proposition beyond a comprehensive driver safety solution to a holistic driver safety and sustainability solution.
“With the addition of EcoReport, we are demonstrating our expertise in ESG management, delivering a truly end-to-end solution that helps organisations to measure, report on and reduce emissions,” says Schnehage.
It’s clear that the landscape of claims management is undergoing a paradigm shift driven by technological innovation, customer-centricity, regulatory imperatives and collaborative partnerships.
The industry must adapt to these evolving trends by embracing digital transformation, leveraging data analytics, prioritising customer experience, ensuring regulatory compliance, fostering collaborative ecosystems and enhancing resilience and catastrophe-management capabilities.
“By embracing innovation and adopting a proactive approach to claims management, Innovation Group Australia can deliver value-driven solutions that meet the evolving needs and expectations of our clients in an increasingly interconnected world,” says Schnehage.
Share
Data analytics and predictive modelling in claims
Regulatory compliance and governance
Published 25 Mar 2024
Share
“By leveraging external expertise and fostering synergistic relationships, we can enhance operational efficiency, accelerate digital transformation and drive sustainable growth in the claims domain”
Drew Schnehage,
Innovation Group Australia
Enables benchmarking, goal setting and progress reporting
Facilitates seamless reporting for fleets across Scope 1, 2 and 3
Source: Innovation Group Australia
Technology such as AI expected to transform insurance
Transformative
0%
Source: Moody’s Analytics Navigating the AI Landscape report 2023
10%
20%
30%
40%
Scale of impact insurers expect AI to have on risk and compliance
Major
Moderate
Minimal
None
principles into operations is not just a moral obligation but a strategic necessity,” says Schnehage.
“As the world marches towards a greener future, fleet companies must embrace sustainability with urgency and foresight.”
A key focus is the environmental aspect. Fleet companies are inherently tied to energy consumption and emissions, making them crucial players in the fight against climate change. Embracing alternative fuels, transitioning to electric or hybrid vehicles, and optimising routes for fuel efficiency are just some measures that can significantly reduce carbon footprint. Investing in technology for real-time monitoring of emissions and fuel consumption can also provide valuable insights for further optimisation.
IGA is pushing the envelope on such initiatives. It is the exclusive reseller in Australia and New Zealand of the Mentor product by eDriving Solera in partnership with Greater Than, a driving data analytics company that converts GPS data into crash probability and climate impact. Mentor is an award-winning digital app that helps fleet operators and owners improve driver behaviour, and reduces the number of road incidents.
The initiative involves the launch of a new sustainability reporting solution to help fleets globally manage Scope 1, 2 and 3 greenhouse gas emissions.
“EcoReport is the latest development in eDriving’s partnership with Greater Than, which has already seen the introduction of the EcoDrive feature in our award-winning digital driver safety app. The EcoDrive enhancement to Mentor empowers drivers to reduce carbon emissions and EV battery consumption by an average of 20% while ensuring their safe return home each day,” says Schnehage.
Using EcoReport, companies can quantify their driving-related CO2 emissions while showcasing the results of their climate-impact reduction efforts in a ready-made ESG reporting solution.
The evolving regulatory landscape imposes stringent requirements to ensure compliance with industry standards and consumer protection laws.
“Innovation Group Australia strives to attain and maintain enhanced transparency and rigorous documentation practices across the claim’s life cycle. We prioritise regulatory compliance, data privacy and ethical considerations to mitigate legal and reputational risks associated with claims management practices,” says Schnehage.
In an interconnected marketplace, IGA is embracing collaborative ecosystems and strategic partnerships to augment its claims capabilities and deliver holistic solutions to clients.
“Collaborations with insurtech start-ups, technology vendors and industry stakeholders facilitate knowledge exchange, innovation diffusion and access to cutting-edge tools and resources. By leveraging external expertise and fostering synergistic relationships, we can enhance operational efficiency, accelerate digital transformation and drive sustainable growth in the claims domain,” says Schnehage.
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
Copyright © 2024 KM Business Information Australia Pty Ltd
Contact Us
Specialty
Best in Insurance
Resources
Risk Management
TV
News
AU
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
Copyright © 2024 KM Business Information Australia Pty Ltd
Contact Us
Specialty
Best in Insurance
Resources
Risk Management
TV
News
AU
Copyright © 2024 KM Business Information Australia Pty Ltd
RSS
Sitemap
Contact us
About us
Conditions of Use
Privacy policy
Terms & conditions
People
Contact Us
Specialty
Best in Insurance
Resources
Risk Management
TV
News
AU