{"id":142708,"date":"2019-08-03T19:55:47","date_gmt":"2019-08-03T17:55:47","guid":{"rendered":"http:\/\/www.myza.co.za\/1life-assesses-funeral-claims-for-payout-in-3-minutes-a-first-for-the-south-african-insurance-industry\/"},"modified":"2019-08-03T19:55:47","modified_gmt":"2019-08-03T17:55:47","slug":"1life-assesses-funeral-claims-for-payout-in-3-minutes-a-first-for-the-south-african-insurance-industry","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/1life-assesses-funeral-claims-for-payout-in-3-minutes-a-first-for-the-south-african-insurance-industry\/","title":{"rendered":"1Life assesses funeral claims for payout in 3-minutes \u2013 a first for the South African insurance industry!"},"content":{"rendered":"

1Life assesses funeral claims for payout in 3-minutes \u2013 a first for the South African insurance industry!<\/a>: <\/p>\n

\"Anton
Anton Keet: Head of Risk Services at 1Life<\/figcaption><\/figure>\n

01 August 2019, Johannesburg \u2013 1Life, a leading direct life insurer, today announced that the company is able to assess selected funeral policy claims for pay out within only 3-minutes, a move that is not only a first in the South African insurance sector, but one that is set to shake up industry benchmarks when it comes to claims, and set the tone for a much more competitive insurance sector.<\/p>\n

\u201cThis innovation comes off the back of the need for the industry to better service clients in terms of expediting claim turnaround times, removing human error as far as possible and, for us, ensuring that our customers\u2019 interactions with our business are quicker and more convenient\u201d says Anton Keet, Head of Risk Services at 1Life.<\/p>\n

\u201cWe are in the business of paying claims and so pioneering this technology forms a cornerstone to our value proposition. We are very proud to bring this offering to market and believe that it will certainly set new benchmarks for the industry \u2013 ones that are business critical if we hope to remain relevant and customer centric.\u201d<\/p>\n

To make this possible, 1Life has teamed up with a technology partner to implement an automated technology solution underpinned by Robotic Process Automation and Artificial Intelligence.<\/p>\n

When a claim is requested, it triggers a series of events that automatically and simultaneously cross-checks all relevant information to ensure that there are no anomalies and that all information is correct and available. For example, while one robotic process is checking that all rules were followed another is checking the death certificate against a name and ID number, while links to specific databases are verifying further information.<\/p>\n

Once a claim is verified (this happens in 3 minutes or less), the system comes to a conclusion either for immediate payment (same day payment), or to be referred to a consultant for follow up (where anomalies occur).<\/p>\n

\u201cThis process ensures that we are able to not only service our customers\u2019 needs in unparalleled timeframes by streamlining processes but, more so, that we are eliminating potential errors that could arise from manual processing of such claims,\u201d says Keet.<\/p>\n

This automation of processes ensures that information can be verified for accuracy and security and minimises any potential, common insurance risks.<\/p>\n

Automating such claims processes ensures not only quick turn-around but takes the admin intensity of the process away from both the consultant, as well as the customer.<\/p>\n

\u201cPreviously a claims process required substantial manual processing by consultants however today, we are enabling our consultants to focus on what matters most – servicing our customers\u2019 immediate needs. We believe this process is creating room for our consultants to focus on the core business, instead of tasks that can be easily processed,\u201d continues Keet.<\/p>\n

Furthermore, the claims process meant a lot of documentation was required before a claim could be processed. However, such automation provides the opportunity to negate most of these, where only core documentation is required (supported by the consultant telephonically).<\/p>\n

1Life is piloting this technology within the funeral insurance space \u2013 given the need to fulfil payment as quickly as possible with this kind of event-based insurance. The technology allows 1Life to asses selected funeral claims for payout in as little as 3 minutes.<\/p>\n

\u201cThis process provides our customers with the peace of mind that as soon as they have submitted all required documents, their policies will be decisioned almost immediately and we believe that such technology, with time and through ongoing machine learning, will give us access to even more granular detail to further enhance the business of long-term insurance and create much more opportunity for speed and efficiency,\u201d concludes Keet.<\/p>\n

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