February 15, 2023
Late reporting places a significant additional cost on motor insurance claims. On average, a fault claim will cost more than double if reported 2-weeks after the incident and can easily quadruple if left 3-weeks or longer; than if reported within 24-hours. This is because delayed reporting results in a loss or degradation of evidence, making it more difficult to establish the cause and extent of damages. Similarly, the longer a claim remains open, the more resources will be required to process and resolve it. These factors represent a sizeable challenge for insurers considering that only around 10% of policy holders provide FNOL at the scene of the incident.
The partnership between Flare and Agile provides a full service to gather instant FNOL and all the supporting claims data.
Flare automatically detects incidents by using the existing sensors within any device or connected vehicle. Incident telemetry, time and location data can then populate instant FNOL to begin the claims process.
Agile Claim will then collect all the relevant claims data as well as using in-app vehicle damage assessment to identify if a vehicle is repairable or a total loss. Immediate collection of third-party details, passengers, injuries, images of damage and validation of contact details equips the insurer to make faster decisions and quickly manage third party claims and mitigate losses.
About Agile Developments Group
Agile Developments works with Insurers, MGA’s, Brokers, Claims Management, Fleet, Telematics, Lease & Rental companies to develop innovative digital and transformational solutions using AI, Machine Learning & Data Analytics. Our goal is to improve the customer experience, engagement and outcomes, while helping companies reduce operating costs and resource to improve efficiency. Agile Claim App is an integrated motor insurance claims management solution designed to help reduce claims management costs, processing time and resources, combat potential fraudulent claims, mitigate losses, while improving the customer journey and experience.