This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
1. THE BEGINNING
This innovation initially came to life when…
Brian Siemsen, the founder of Claim Central Consolidated (a leading claims management services business), became frustrated with the traditional property insurance claims process which has remained relatively unchanged for 150 years. Historically, the process was divided into many parts, handled by multiple disconnected people and platforms – leading to chaos, delays, cost blowouts and a complete lack of transparency for insurers and customers. Utilising our experience in managing thousands of property claims over the past 16 years, ClaimLogik developed a world-first digital platform to streamline and automate the entire claim process for better cost, lifecycle and customer experience outcomes.
2. WHAT & HOW
The purpose of this innovation is to…
…connect everyone in a property claim from first report all the way to completion, to minimise claim costs, reduce claim life cycles and provide a better customer experience and ultimately ensuring greater customer retention for the insurer.
It does this by…
…enabling clear line of sight to the activities and status of every claim. Based on the concept of one claim, one platform,” all claim processes and participants are connected online through ClaimLogik’s unique Claim Management and Stakeholder Management capabilities. There is no question about who has responsibility at each claim stage, the activities to complete and the outcome expected.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
Previously, it was impossible for insurers to gain complete transparency across EVERY stakeholder during EVERY stage of the claim, and impossible to deliver superior service, analyse claim performance and drive better claim outcomes. ClaimLogik has cracked the code by creating a complete property claims management ecosystem connecting everyone in a claim from first report all the way to completion.
Its various benefits to the customer/end-user include…
- Continuous improvement across three key drivers for insurers.
- Reduces average CLAIM COSTS by 28% through automated downward cost pressure.
- Reduces average CLAIM LIFE CYCLES by 35% on claims $0-$5k. Provides better
- CUSTOMER EXPERIENCE with average Net Promoter Scores of 8.8/10.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Multiple disconnected digital platforms that handled only part of the claim process, but could not connect EVERY stakeholder at EVERY stage from beginning to end. Customers were forced to deal with 10 or more disconnected parties during their claim and insurers had no way of tracking the claim with any transparency leading to chaos, delays and increased costs.
Symbility, EnData, Cordell, ConSol and Rightindem. However, there are no predecessors because ClaimLogik is the worldâ€™s first and only platform that connects everyone in a property claim from first report all the way to completion.
5. TARGET MARKET
It is made for…
- Insurers primarily, as well as Third Party Administrators (TPA’s) and Property Repairers.
- AUSTRALIA / NZ: Used by several of Australia and New Zealand’s leading challenger/progressive insurance brands, TPA’s and property repairers.
- GLOBAL: Recently onboarded our first USA insurer. We have also signed on our first clients in South Africa and Italy.
- Due to the product’s scalability, the global addressable market is significant. We are looking to expand in all regions mentioned above over the coming 12 months, plus the United Kingdom’s primarily targeting progressive insurers. The combined revenue potential of these markets is approximately AUD $1.2b.
It is available for sale through…
Direct to insurer – white-labelled and fully integrated with the insurer’s core business applications, to manage claims internally.
Our marketing strategy is to…
Educate insurers about the pain points of legacy systems and processes, and demonstrate how ClaimLogik creates superior cost, lifecycle and customer experience outcomes using proven data and results.
This is achieved in each region via thought leadership initiatives; social media and online channels; PR & marketing campaigns; video marketing; and sponsorship at industry events globally.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
Maven Judge Vote: ClaimLogik – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)