Insuranceciooutlook

ClaimBuddy: Digitizing Claim Processing and Management

Amin Khoshandam, CTO, ClaimBuddyAmin Khoshandam, CTO
The procedure of processing the insurance claims is expensive and sluggish. Often, insurers have very complex systems that cause a high-load on their IT departments. There exist several stakeholders and decision-makers due to which the claim processing becomes even more difficult to execute. All these issues lead to bad customer experience. ClaimBuddy follows the goal of making the claims processing easier and efficient with the use of technologies. It offers solutions that use Artificial Intelligence (AI) and Machine Learning to help insurers, brokers, and appraisers to settle claims swiftly, cost-effectively, and transparently.

Founded in 2018, ClaimBuddy provides a SaaS-based solution to digitize the claim management and settlement process. Their team has developed ClaimBuddy as a white-label product for easier integration with the IT systems of the insurers. ClaimBuddy helps in reducing the cost incurred in the claim process while also saving time. Automating the claim process also ensures consistency and stability that increases customer satisfaction. Their products are flexible and customizable.

The company’s platform offers various digital solutions such as digital communication, 24*7 accessibility to documents, analytics, damage assessment, claim management, and other similar services. The clients can easily automate and coordinate the damage reports with the help of tools like ClaimBuddy Assistant, ClaimBuddy AI, and Self-learning Chatbots.

ClaimBuddy Assistant

The ClaimBuddy Assistant enables cross-divisional claim recording and guides the users through the entire process of damage assessment. It takes only a couple of minutes to record the claims. To assure availability in popular communications channels, one can integrate the ClaimBuddy Assistant with messaging applications such as WhatsApp Business, Twilio, and Google Messenger.

The ClaimBuddy assistant enables one to use claimDialog to optimize the questionnaire needed for damage recordings, use claimAR for guided and intuitive image recording from the damage site. One may also use claimCheck to perform preliminary checks on the damages, and use claimAnalytics to analyze the complete claim process. It has features like the Damage system to automate classification and control, and Handover and Live Chat for enabling real-time conversations.


We are optimizing our image recognition in the automotive sector to achieve a damage diagnosis and assessment within minutes. Insurers can assess whether the damage still needs to be assessed by an expert, or whether the damage can be settled directly

ClaimBuddy AI

ClaimBuddy AI uses AI, Deep Learning, and Data Mining to enable an analysis of claim data available to generate detailed damage reports. The claim process can be efficiently carried out digitally in a fast and standardized manner. ClaimBuddy’s teams aggregate the insurances and feed the claim-specific information to the AI model. The information is then analyzed and interpreted. The AI then identifies semantic structures and multivariate processes. The AI learns all this information and generates relevant results when needed. It learns from past processes and human responses, such as questions, answers, procedures, and decisions taken, and detects possible fraud patterns. The ClaimBuddy AI also performs automated checking of claims which shortens the claim process and initiates a follow-up process.

Claim AI has a database of images of damages, reports, and costs. For minor settlements, such as vehicle damages, ClaimBuddy AI uses image recognition and damage photos, to identify the damaged parts and automatically calculates the anticipated repair costs. It is also trained to classify the damages as per severity.

Chatbots

ClaimBuddy considers its chatbots as an essential part of customer communication. Due to the extensive usage of messaging apps, the chatbots ensure 24*7 support for the customers. Chatbots are also very suitable for standardized and fewer complex processes such as query forms.

ClaimBuddy is planning to equip more advanced forms of AI to make their tools more efficient. Amin Khoshandam, the CTO of ClaimBuddy says, “We are optimizing our image recognition in the automotive sector to achieve a damage diagnosis and assessment within minutes. Insurers can assess whether the damage still needs to be assessed by an expert, or whether the damage can be settled directly.” Once they have acquired clients in Germany, they will also offer their solution in other European countries.

ClaimBuddy is helping insurers effectively manage their process and lower expenditure due to which they have acquired the reputation as a technology partner for insurers. The further development of technologies and operations by ClaimBuddy will relieve the insurers of the burden of the claim process while providing a pleasant experience to the claimers.

Share this Article:
Top 10 Claims Processing and Management Solution Companies in Europe - 2021
ClaimBuddy

Company
ClaimBuddy

Headquarters
Walderseestraße, Hannover, Germany

Management
Amin Khoshandam, CTO

Description
Digital and fully automated solutions provider for claim processing and management