The technology continually monitors and optimizes the claims
process — as spelled out by the insurer.
As managing the workflow of the claims process can be time-consuming, Guidewire offers easy access to customer data and
sets benchmarks for deliverables. This brings transparency to the
typically drawn out and ‘grey’ claims process.
According to their website, the system eliminates the need for
repetitive data entry, provides a simplified first notice of loss and
automatically generates correspondence. Furthermore, it automatically assigns claims and workloads to agents based on current workload and automatically reports on claims.
With the insurer applications available to collect data from policyholders, it becomes even more important to verify that the
digital images and videos provided are an authentic representation of the loss. Within seconds of capturing a photo, TRUEPIC
verifies that an image has not been digitally altered, ensures the
time, date, and location are all accurate, and runs through a variety of computer vision algorithms to test for fraudulent behavior.
The company also creates an evidentiary quality chain of custody
utilizing blockchain technology.
“Our technology aims to cut back on the $32 billion in P&C
related fraud experienced in 2016, while also reducing adjust-
ment costs and compressing the claims cycle for consumers,” said
Jeff McGregor, CEO.
Home Inventory from Binary Formations
Itemizing everything in a house can be
a pain, especially if people make regular
purchases. Home Inventory lets policyholders identify everything in their home,
(even the home itself) and share data with
Once policyholders make a purchase, they will be instructed
to upload a photo of the purchase, and it will be cataloged once
they complete the form about the newly-acquired item. The
form, which is fairly detailed, will prompt them to enter information on the price of the item purchased, its color, make, model
and more. It answers all of the questions necessary to assist adjusters in performing an assessment of loss and can come in
handy when issuing payment for damages.
Policyholders can segment all of their purchased items into
categories like electronics and jewelry. The platform has an alert
system that updates them when cataloged belongings have valid
warranty coverage, coverage on the verge of expiration and coverage that’s already expired.
One of its most powerful features takes the value of all of their
belongings and presents it in a chart, which paints a wholistic
photo for homeowners that includes the total value of each item