Friday, 29 June, 2018
Eucon Digital GmbH won the 2018 Digital Leader Award for a digitalization project in the insurance sector. "Smart Claims" uses machine learning and AI to support insurers in making claims management much more cost-efficient, efficient and customer-oriented. The digitalization expert from Münster has thus taken first place in the “Shape Experience” category. From more than 70 entries, the award’s expert jury nominated the best 23 projects from all over Germany for their outstanding achievements in the field of digital transformation. A total of seven digitalization projects were honored with the award last night in Berlin. Eucon’s project was the only one relating to the insurance business.
from the left: Jörg Niestroj, Director Research & Development, Barbara Greissinger, Head of Communications, Eucon Digital GmbH, Sven Krüger, CEO Eucon Group and Michael Rodenberg, Managing Director Eucon Digital GmbH - Photo: Foto Vogt
Accelerated claims settlement thanks to machine learning and AI
“Policyholders expect simple, digital processes when it comes to the settlement of their claims,” says Michael Rodenberg, Managing Director of Eucon Digital GmbH. “Smart Claims makes the fully digitalized end-to-end process come true. The intelligent use of state-of-the-art technologies leads to an easier, faster and more transparent claims settlement – and above all, one that is as smart as customers are already used to from other areas of their digital daily life.”
Not only when shopping online but also in case of an insured event, policyholders today seek to be part of a transparent process – from reporting a loss to the final settlement. Smart Claims aims at an automated settling of the largest possible claims volume using black box processing. “Within the scope of the project, we were able to reduce throughput times for classification and routing of documents by 85 percent and claims review times by up to 50 percent,” continues Mr. Rodenberg. This not only provides insurance companies with an effective tool to reduce costs and optimize efforts, but also with a real means to improve the customer relationship in the long run through accelerated processes.
Return on investment from day 1
Smart Claims includes the digitalization of individual claims, regardless of the input channel, document type or type of loss, and the classification of processes using artificial intelligence. Subsequently, the machine decides whether a document can be processed automatically or has to be reviewed by an expert. Intelligent process automation is a key element for all companies that seek to face the challenges of the digital age. “The use of automated claims processes enables insurance companies to significantly increase revenue, efficiency and customer satisfaction,” adds Sven Krüger, CEO of Eucon Group. “Our solution does not require any changes to the existing IT landscape and provides return on investment from day 1, thanks to its ease of implementation.”
A team of 20 experts, including software developers, technical experts, data scientists and technical operators, was in charge of advancing the project. Within the framework of Smart Claims, agile development methods and advanced technologies such as cloud and AI were used in order to completely revamp or restructure existing processes.
Jury convinced by digitalization competence
The Digital Leader Award honors outstanding digitalization projects once a year and is considered to be the most important award when it comes to digitalization in German-speaking countries. The jury is composed of renowned representatives from business, science and the media, who assess the submitted projects based on a comprehensive catalog of criteria. Here, both the technologies used and the economic success, generated customer value and qualities such as leadership and agility as well as the culture of innovation are taken into consideration. The category “Shape Experience” honors digitalization projects that use products and services to generate new front-end customer experiences in existing markets.
More information on the Digital Leader Award at www.digital-leader-award.de
Written by Eucon Digital