New open banking powered partnership simplifies insurance

16 April, London, UK

Businesses will now be able to make faster claims on their insurance and receive more accurate payouts thanks to a new innovative partnership between Europe’s leading provider of consumer and business credit information CRIF and claims management firm Crawford.

Gathering, analyzing and submitting the appropriate evidence and documentation can take businesses a matter of hours or even days. Furthermore, after making an insurance claim, businesses can face delays when waiting for an insurance payout. This can lead to a range of challenges including cash flow problems, operational disruptions and even increased debt.

Utilizing CRIF’s leading open banking technology, businesses who want to make a claim through Crawford can now securely connect their bank account as part of the process, enabling real-time, detailed categorization and analysis of income, expenditure, and other KPIs in a matter of seconds significantly reducing the claims management process by 30%.

Agreeing settlements quicker not only enables claims management companies like Crawford to simplify processes, increase efficiencies and lower costs, but for claimants, expediting the settlement means the sooner it can return to ‘business as usual’.

Enabling insurance companies to move forward with payouts more quickly also importantly improves customer satisfaction and retention, with data from EY finding that 87% of policyholders say the claims experience impacts their decisions to remain with insurers.

While open banking technology is well-established in the banking sector, it has yet to be fully integrated and utilized by insurers. The partnership between Crawford and CRIF is set to revolutionize the industry, providing a more accurate reflection of the business and their claims, while providing this via automatic reporting tools as opposed to having to manually sift through data and evidence, saving both time and money, and reducing the risk of mistakes.

Considering Crawford’s position as a market leader in the claims management sector, having celebrated its 80^th anniversary in 2021, and CRIF’s experience, having worked in the sector for 25 years with over 600 insurance companies, the partnership is helping to showcase the benefits that open banking technology can bring to the insurance sector.

Find out more at crif.co.uk!