The household insurance market in South Africa would benefit from a solution that could automate the claims process through STP (Straight Through Processing). Straight through processing is simply a term that means from initiation right through to payment with ZERO human intervention needed.
This article looks at how the CoEnsure system helps an insurance company reduce manual intervention, enabling accurate and on-time payment to the service provider and homeowner.
CoEnsure is a holistic system designed specifically for the insurance and property management industries to provide accurate and efficient costing, a fully integrated calendar and a diary for service providers to accurately keep track of their appointments.
Allowing the Insurers to have an overview of each calendar to track job status, an online assessing app that can allow even a homeowner to perform their own claim. The CoEnsure automated insurance system also coordinates the necessary workflow for the specific service providers.
CoEnsure also uses the calendar and diary features to automatically communicate assessment and job times to the homeowner on behalf of the service providers to ensure everyone is constantly informed. This insurance system can also provide quotations based on pre-determined rates decided by the insurer.
On the homeowner’s household claim, CoEnsure can also provide an extensive insurance report that can be instantly submitted with the automatic quote before the assessor has even left the homeowner’s property. Super simple, super fast.
Let us compare the old insurance system with the insurance system of the future.
Home Insurance Automated System
The new way of processing household insurance claims is now hassle-free. The insurer will know exactly how far along a claim is, and be able to receive monthly, weekly or daily reports on previous claims that have been processed. These reports are custom and tailored to your specific needs.
Want to find out more about CoEnsure follow the link Or if you want to make contact with our team to set up a meeting.
How does this automated home insurance system help out the service provider?
Step 1.) The homeowner logs an insurance claim. A burst geyser for example.
Step 2.) The CoEnsure system connects that claim through an API to the relevant service providers, on the insurer’s panel that is situated in the area of the claim.
Step 3.) The service provider appoints an assessor through the CoEnsure system to assess the geyser damage.
Step 4.) The Assessor will do the full assessment on the CoEnsure system using the online app. This app has been designed to higher industry assessing standards to help guide an assessor through the following disciplines of an assessment – Building, Plumbing, Electrical and Flooring. This means it’s possible to only need one assessor on a claim.
With the help of A.I. The CoEnsure system guides the assessor through the different disciplines of the insurance claim. Once the claim details are all filled in, a complete and comprehensive report including pictures of the damage is compiled on-site to be sent instantly to the Service Providers relevant to the claim.
Step 5.) The claim report is received by the relevant service providers for the specific disciplines to audit the claim and edit where they see fit.
N.B all prices are pre-set by the insurer and are not adjustable by the service provider.
Whenever a quotation has been edited there is a historical timeline as to who edited it and what they had changed. This is for auditing purposes, you will have access to a full audit trail.
Step 6.) The quotations are all compiled into a single report and sent to the insurer for approval. Once approved the relevant service providers can order the parts and book installation times with the homeowner managed through the CoEnsure system.
Step 7.) Once the work is complete the homeowner will be able to rate the experience with the different service providers and if they are satisfied with the work the payments may be released.
The CoEnsure system provides reports based on the insurer’s service providers such as the highest rated service provider, what materials they mainly use – this is fully customisable for the insurer.
Benefits Of Property Insurance & Automation
Piece of mind knowing your assets are safe no matter what the circumstances. In those tough circumstances know that you are protected in a single quick and efficient process with CoEnsure.
Know exactly what place the claim process is at and how long it will take for the job to be complete. No matter what the circumstances are on the property insurance claim you will only need to deal with one assessor allowing for smooth and clean communications.
Knowing with CoEnsures homeowners module you as the homeowner can do your own insurance assessment no matter the time. The homeowner’s module guides you through every step of an insurance assessment and compiles it into a standard report for the insurer to approve.
For more information on CoEnsure’s homeowner insurance assessment module please follow the link.
Summarising The CoEnsure Insurance System Steps
Our automated insurance system can do a full assessment and provide a report with a quotation to order stock for the job based on the approved quotation all on the same day.
With complete claims, our system can provide vital custom data reports for the insurance broker to send through to the insurer such as discovery insurance group, Hippo insurance, Santam insurance, basically all insurance companies. This can be automated to a daily, weekly or monthly process.
Client satisfaction is of utmost importance, SMS notifications are sent through to the client reminding them of assessor appointments, clients are encouraged to rate service providers supplying key feedback information.
Homeowners are screened through the CoEnsure A.I. system for fraud detection and are flagged and given a rating out of 100% for the insurer to investigate before the claim process has even begun.
For more information on artificial intelligence, ethics follow this link.
With the CoEnsure assessor’s module, only a single assessor is required to assess the damage saving money on assessment fees and streamlining the process for the homeowner and insurer.
Concluding Household Insurance in South Africa
Dealing with hundreds of thousand claims a month requires a dedicated staff load and a large amount of capital. CoEnsure has designed an automated household insurance system to help the insurance industry cope with this great demand.
Through integrating our straight-through insurance processing with a built-in artificial intelligence structure we can assure 100% accurate insurance assessments done by the homeowner or assessor.
To help get your company up to speed our dedicated team has put together a simple training module designed for quick seamless integration with the CoEnsure system.
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