By Henry Uche
In a bid to Fasttrack claims payment process in the insurance industry, Fast Claim Solutions Limited has initiated an app, Fastclaim, to facilitate claims payment process for policyholders in the insurance industry.
To them, the best form of publicity in the industry lies in paying claims when due, a development that will trigger more policy adoption, thereby, increasing penetration cheery news to the industry players.
The Chairman, Fastclaim, Effiong Akpan, who spoke at the launch described the Fastclaim app as a solution that would address policyholders to submit claims of their third-party motor insurance even at the point of the incidence on the road.
According to him, this has been a major issues bedeviling the insurance industry such as tedious process for receiving claims or perception of late or absence of claims payment. The Co founder, FastClaim, Uche Okugo who spoke on the development, said the firm made a decision to disrupt innovation in the insurance space after noticing the trend in the industry.
According to him, the tangibility of insurance is its claims, where people buy an insurance policy, saying, “What they fill in the policy is when they are being reinstated when a loss occurs.
“We decided to come up with a disrupter, by creating a community between the insurance companies and the policy holders so they can communicate in a friendly environment so we can slowly eliminate the perception that insurance companies don’t pay claims,” Okugo said.
Chief Operating Officer, Ray Akalonu, speaking on the benefits of insurance technology (Insurtech), said that a lot of insurance companies have undergone digital upscaling to deliver effective services to their customers.
He noted that the firm is creating an ecosystem where any one can get information about claims and its processes. He added that Data analytics is a tool insurance firms can leverage on to understand and predict the outcome or character of the insured. “With this tool, you can predict cancellations and make adequate reserve for termination and cancellations. Artificial Intelligence makes it easy to explain a company’s services to customers in record time,” Akalonu said.
Chief Tech officer, Moyo Ajayi, explained that Fastclaim does not settle claims but a platform that assists insurance firms in resolving their clients claim in a timely and efficient manner. He noted that the app has a friendly user interface, which complies with data regulations policies and structures to ensure safety of people’s information. He added that the app allows a client to communicate with one’s handler in real time.