Emerging markets are notoriously complex environments to administer non-life insurance products. Claims assessment processes in these markets tend to be constrained by paper-based data collection, excessive touchpoints and interactions, and limited availability of assessors. This leads to slow turnaround times and unnecessary costs, as well as limited ability for analytics to reduce fraud and improve risk assessment and pricing.
Ultimately, this translates to inefficient operational models, client dissatisfaction, limited growth, and exclusion of low- and middle- income consumers. Looking at the penetration of non-life insurance in Africa as an example, the 2017 African Insurance Barometer showed that the majority of African countries have low penetration rates of between 0.5% and 2%.
MALCOLM was created to address the current constraints. It is the first cloud-based platform and mobile application for emerging markets that fully digitises the claims assessment process, from claims logging and assessor allocation to data capture, reporting and analytics. It helps insurers and brokers speed up turnaround times, reduce fraud and costs, and grow business through new products and segments.
Designed and developed by Inclusivity Solutions and Cocoon Network, MALCOLM enables:
- Online logging of claims, generating automatic request for assessors
- Real-time assessor matching by location, capability and availability
- Automated client scheduling and notifications
- Real-time data capture and upload to databases via mobile devices
- Instant access to data via web platform for claims evaluation
- Web-based reporting and analytics
Commenting on the solution Jeremy Leach, CEO of Inclusivity Solutions said “addressing financial inclusion challenges for the poor is central to Inclusivity Solutions’ purpose. MALCOLM was developed specifically to remove the constraints in the insurance value chain to help create a market for lower premium products. We have been encouraged by the positive engagement and feedback received from the insurers that we’ve spoken to, and look forward to announcing more partnerships soon”.
MALCOLM has recently undergone successful testing in East Africa where it was used to streamline motor insurance claims and includes functionality suited to address other use cases such as housing and small business, and in future, agricultural insurance.
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