Allianz Insurance today launches “Defendant Hub” a new digital proposition that uses artificial intelligence to enable the company’s injury claims handlers to action Ministry of Justice Stage 3 claims at a single click of a button.
In partnership with Keoghs, a leading provider of legal services to UK Insurers, Allianz has implemented the Defendant Hub, which uses AI technology to create the first truly automated end-to-end digital solution for Stage 3 claims.
Ministry of Justice Stage 3 claims is the phase of the process where legal proceedings may be issued, if the parties cannot agree how much a claim is worth.
Under the old system, handlers had to check and respond to a Court Proceedings Pack and manually download documents relating to the claim to pass them to their legal providers. Once a Stage 3 hearing had taken place the outcomes were shared with handlers to populate back into the system.
The new Defendant Hub enables handlers to perform these steps automatically and collect outcome data at the push of a button for low value motor and casualty bodily injury claims. It also eliminates the manual input of data and generates a response. Once a Stage 3 hearing is completed, details of the award given are captured by Counsel and automatically populated into Allianz’s system.
It is estimated that the new system will cut the time it takes to handle each claim by 30 minutes.
The Defendant Hub uses and builds on the technology that Keoghs successfully developed for Lauri, the first true AI lawyer for the insurance market, which has revolutionised the way insurers interact with their legal providers.
As Lauri communicates directly via system integration or by email using natural language processing, there is no need for handlers to log into old-fashioned legal portals, ensuring no change in communication other than the vastly improved speed and efficiency with which an outcome is provided.
Amanda McCarthy, Allianz’s technical claims manager, said:
“We are continuously looking for ways to improve our claims proposition and make improvements for our customers. The addition of Defendant Hub will significantly reduce our handlers’ time, creating an average saving of half an hour per claim.
“As well as improving operational efficiency, the data collected by the Hub will enable us to drive better insight from these types of claims. The results will give us the opportunity to improve our strategies as well as having a competitive edge
“We’re delighted to be able to partner with Keoghs and bring together our industry expertise to create propositions that will have a greater impact to our customers.”
Dene Rowe, director of innovation at Keoghs, said:
“We’re excited to see Allianz’s Defendant Hub build on the successes of our Artificial Intelligence system to create the first truly automated end-to-end digital solution for Stage 3 claims.
“We launched Lauri to enable claims handlers to achieve better outcomes without unnecessary paperwork and delays. It’s great to see Allianz adopt solutions that further delivers on those ambitions, and we anticipate that it will help drive efficiencies and insights.
“Artificial Intelligence and machine learning are often portrayed as the future for insurers, but Allianz and Keoghs are already delivering an automated end-to-end solution for claims handlers using this technology today.”
Notes to editors:
About Stage 3 Insurance Claims
Ministry of Justice Stage 3 claims is the phase of the process where legal proceedings maybe issued, if the parties cannot agree how much a claim is worth.
The information contained in this press release relates to Allianz Insurance plc. Allianz Insurance plc is one of the largest general insurers in the UK and part of the Allianz Group.
The Allianz Group is one of the world's leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz Group customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz Group is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the group.
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
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Keoghs is a disruptor in insurance law, delivering results for its clients through deep sector expertise and cutting-edge technology.
As the only top 50 law firm dedicated to insurance, Keoghs combines deep understanding of its clients’ challenges with efficient processes to deliver innovative solutions to complex problems. With 50 years of experience, Keoghs provides the full range of legal and claim services to the insurance industry.
The company invests heavily in specialised services, technology and innovation for its insurance clients. Keoghs was the first firm to launch a true Artificial Intelligence insurance lawyer, Lauri, in 2017. Lauri can handle avoidable litigation cases, providing insurers with transformative speed and ease of service; handing the power back to handlers and reducing cost in the process.
Keoghs acts for nine out of the top ten UK general insurers, and with 1,700 dedicated staff, is a recognised leader in its field.