Insurance firm CRIF joins forces with Crawford to optimize and simplify the claims process for British businesses in the sector.
New Partnership Streamlines Insurance Claims for UK Businesses
A new partnership between CRIF and Crawford & Company is set to revolutionize the insurance industry in the UK. The collaboration aims to deploy Open Banking technology for UK businesses, significantly improving the speed and accuracy of insurance payouts [1].
Angus Osborne-White, director of forensic accountancy services at Crawford, has identified the process of business interruption claims as long, complex, and time-consuming. The technology provided by CRIF is designed to address these challenges, enabling faster insurance claims and more accurate payouts [1].
CRIF's Open Banking technology can reduce the claims management process by 30%, providing secure, real-time access to financial data. This allows for faster verification of claims and payout decisions, reducing delays and errors in the insurance claims cycle [1].
Crawford leverages CRIF’s Open Banking-enabled solutions to access verified banking data quickly during claims assessments. This integration decreases manual processing and fraud risk, accelerating the evaluation and approval process. As a result, UK businesses receive insurance payouts more rapidly and with greater confidence in the accuracy of payments, enhancing cash flow and operational continuity after insured events [1].
The partnership between CRIF and Crawford is expected to simplify the complex claims process, benefiting both businesses and insurers. EY data indicates that 87% of policyholders say the claims experience impacts their loyalty to insurers, emphasizing the importance of efficient and accurate claims processing [1].
Sara Costantini, CRIF's regional director for the UK & Ireland, believes that insurers would benefit from the adoption of new solutions to optimize their customer journey. The adoption of CRIF's Open Banking technology by Crawford significantly streamlines the business interruption claims process, reducing the demands on internal resources [1].
Gathering, analyzing, and submitting evidence for insurance claims can take businesses hours or days. Delays in insurance payouts can lead to cash flow issues, operational disruption, and debt. The new solution aims to address these issues, ensuring fast, accurate payouts and improving the overall claims experience for UK businesses [1].
[1] Data and information sourced from the provided bullet points.
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