UK protection and health insurer The Exeter, has today announced the launch of a new, purpose built system to assess claims.
UK protection and health insurer The Exeter, has today announced the launch of a new, purpose built system to assess claims. The system, used for claims, for the first time in the UK market, will streamline the income protection claims process and improve service efficiencies.
The engine will offer a more personalised claims experience to members by tailoring claims questions and cutting end-to-end turnaround times for payments. It also gives The Exeter greater capacity to offer instant decisions at the point of claim whilst aligning the provider even more closely with the Protection Distributor Group’s claims charter.
This is just one of a number of initiatives that The Exeter is undertaking in 2023 to enhance the overall customer service experience of its members and intermediary customers.
The Exeter is today launching the use of the engine for income protection claims, with coverage expanding to claims made on its Real Life policies in early 2024.
The UnderwriteMe backed system will support The Exeter’s expert claims assessors in gathering as much information as possible from an initial phone conversation with a claimant, generating a tailored set of questions based on the cause of the claim and the conversation.
The system also provides claims assessors with policy information, product features, exclusions, and adviser details on one platform for faster decisions. Whilst the system can recommend an outcome, the final claims decision will still rest with the claims assessor until The Exeter is ready to automate claim decisions.
Claire Hird, Customer Service Director, The Exeter comments:
“We are pleased to announce the launch of our new partnership with UnderwriteMe, which we believe will help deliver an even better experience for our member’s at the point of claim.
The system provides our claims assessors with a more complete view of the member’s product details and uses responsive questions to help them make quicker decisions. The ability to fast-track a claim for payment for those members with a day one or week one deferred period is hugely exciting and aims to provide faster payments to those who will experience an immediate drop in income if they are unable to work due to illness or injury.
These developments allow us to balance the efficiencies that technology can add to our business with our desire to continue providing a personal service to our members and intermediaries.”
Simon Jacobs, Director of Business Development, UnderwriteMe comments:
“UnderwriteMe is delighted to be working in partnership with The Exeter. As an industry we’ve spent a considerable amount of time and investment in making the underwriting process a far better experience for our customers. As part of this, we’ve made the application questions more intuitive to meet the needs of the customer whilst speeding up decision making times and improving decision consistency.
So, why can’t we apply the same thinking to the claims process and further improve customer experience? We’re excited to work with The Exeter to make the first step towards achieving this!”
Andrew Wibberley, co-chair of the IPTF commented:
“It’s great to see innovation in the most important part of what we do. Ensuring a claims assessor can make a decision with all information available in a consistent and efficient way is a good thing.
The time taken to evaluate and pay claims is vital in ensuring that IP payments enable people to enjoy the financial security and peace of mind they purchased, and this is a positive step in delivering this.”
Notes to Editors
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About The Exeter
The Exeter is a leading protection and healthcare insurer who have been supporting UK families in the event of ill health or injury since 1888.
Formerly known as the Exeter Friendly Society and Pioneer Friendly Society, The Exeter is a mutual friendly society. This means it’s owned by members and run for their benefit, rather than shareholders.
The Exeter is a trading name of Exeter Friendly Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Register number 205309) and is incorporated under the Friendly Societies Act 1992 Register No. 91F with its registered office at Lakeside House, Emperor Way, Exeter, England EX1 3FD.
UnderwriteMe provides technology products that enable our partners to transform and disrupt the life insurance industry worldwide. Founded in 2012, our journey started with the Underwriting Engine and Protection Platform in the UK. We have grown to become a leading InsureTech provider across Europe, Asia, Australia, and North America with an expanding product portfolio. www.underwriteme.co.uk
Contact: Chris Monaghan
+44 7786 515084