A new claims settlement platform transforms the insurance market
Investing in new technologies can be risky in the current economic climate. With rising inflation and an impending recession, insurers and customers are all suffering from the pushback of austerity.
The Financial Times reported in late July, that the Financial Conduct Authority had already warned insurers of the effects that the cost of living crisis may have on consumers and their ability to keep up with premium payments.
Against such a volatile backdrop, adopting a new claims settlement system may appear daunting, but it might just be the most cost-effective way insurers can mitigate loss and keep policyholders afloat.
In a recent interview with Fintech Finance News, Phil McGriskin (CEO at Vitesse) shares how the Faster Claims Payment solution allows delegated claims administrators – the client-facing third-party – to access funds directly from syndicates as and when required, reducing the need for the management of separate loss funds, and potentially eradicating them completely.
“We are returning capital to insurers, which they can use to write more business. We’re bringing the
funds into a more controlled and regulated environment, where the risk around those funds is decreased. And the ability to be able to hold these funds in a singular environment gives us the ability to talk with managing agents and customers about how we can optimise that capital piece with them.”