Bankers Insurance has received an Impact Award from the Novarica Insurance Technology Research Council, a peer community of hundreds of insurance industry CIOs. Fifty CIO council members reviewed dozens of case studies to select the winners for the 8th annual awards.
“This initiative shows how emerging technologies can have real business impact at midsize insurers”
Bankers deployed the AI-enabled, SMS texting platform Hi Marley for claims handling and underwriting inspections. Having just completed their first year with the platform, it has reduced claim cycle times by over 50% and underwriting inspection timelines by over 40%. Claims closed within 30 days improved from 2% to 30%.
“This initiative shows how emerging technologies can have real business impact at midsize insurers,” says Matthew Josefowicz, President/CEO of Novarica and moderator of the Council.
“This award reflects Bankers’ ongoing commitment to enhance the overall insurance experience for our policyholders through technology. Hi Marley allows us to communicate directly with our customers, entirely through SMS text messaging, to deliver a seamless and streamlined underwriting and claims process. Bankers’ self-inspection program eliminates the archaic, inconvenient and time-consuming process of waiting for a third-party vendor, thus improving the customer experience. As validation, customers who opt for the underwriting self-inspection process provide an average customer satisfaction rating of 4.5 out of 5 stars,” said Stephen Messina, Senior Vice President of Insurance Operations at Bankers Insurance Group.
Bankers Insurance’s case study, along with case studies of seven other winners, and more than 25 additional cases considered for Impact Awards, was published this week in Novarica’s 8th Annual Best Practices Case Study Compendium. Novarica has published more than 200 case studies through this program since 2012.