Tuesday, 04 June, 2019
Winner in the “Digital Customer Experience” category at the regional preliminary round of the Digital Champions Award: Eucon Group honored for its digitalized claims management solution "Smart Claims"
f.l. Martin Krüger, Telekom, Jörg Niestroj, Eucon Digital, Foto: © Deutsche Telekom AG
Today, the Eucon Group was honored with the Digital Champions Award. The Münster-based, mid-sized digital company is one of the regional award winners of the initiative by Deutsche Telekom and the business weekly Wirtschaftswoche. The company convinced the jury in the category “Digital Customer Experience” with its digitalized claims management using “Smart Claims”.
Eucon accepted the award at the DIGITAL X NORTH event at Hamburg’s Fish Auction Hall. Numerous companies had submitted their ideas. What unites them all is that they use digital solutions to change their business model.
Eucon makes claims settlement smart
E-commerce, online banking and travel bookings via the Internet – today’s customers are accustomed to fully digitalized processes, and they expect the same when it comes to insurance. Eucon meets this demand with its “Smart Claims” solution. The company is a service provider for all major German insurance companies. With around 400 employees worldwide, Eucon has been active in the digitalization of business processes in the automotive, insurance and real estate industries for more than 20 years.
On behalf of insurance companies, Eucon combines data, technology and services into innovative solutions that drive digital transformation in claims management. “Smart Claims” simplifies claims processing using end-to-end digital processes and artificial intelligence.
The process starts with a mobile solution for policyholders to transmit claims to the insurer in a structured and digital form. The submitted documents are classified, interpreted and assigned to a specific claim with the help of artificial intelligence. Prediction models are used to decide whether a document should be settled automatically or reviewed by experts. The policyholder receives feedback on the reported loss in the shortest possible period of time. This significantly improves the customer experience in the event of a claim.
Smart Claims thus enables insurance companies to simplify and extremely accelerate a previously tedious manual process. In the past, claim handlers used to examine every single document and then pass on the claims to the appropriate experts. The settlement of a claim usually took about 30 working days. Today, the AI assesses the claim within just a few minutes.
The company's vision is to process claims in real time. For the future, Eucon projects that insurers will only have a small fraction of documents checked by humans, while the majority of standard processes will transpire automatically. Image recognition with AI is an important step in this direction, because the policyholder can easily take photos. “To further automate claims processing, it is important to teach computers to understand and automatically extract relevant claims information from photographs,” commented Jörg Niestroj, CTO of Eucon Digital.
Written by Eucon Group