VUEcloud win ‘Claims Technology Partner of the Year’ at Insurance Post Claims Awards 2018 for fleet risk management platform.
We are honoured to have won this award considering the excellent work and projects from the other companies in our category.
Not only did we win our category but AIG Europe, one of our insurance partners, won their category of Claims Innovation of the Year – Insurer / Broker with their VUEcloud implementation project.
Whist the recognition of this award occurred in 2018, we’ve been working towards this for a number of years. We’ve partnered and developed VUEcloud with a number of insurers such as, AIG, HDI, QBE and RSA and their commercial fleet clients to ensure that they all receive value and demonstrable ROI from our solutions.
For our customers in the insurance claims industry using VUEcloud they have seen impressive results including:
- 70% reduction in time to receive video – this is measured from what they experienced previous to using VUEcloud in order to view CCTV footage from a vehicle involved in an accident to what time it takes now. One example is a previous elapsed time of 12 business days now down to 12 hours (their goal is 6)
- An improvement in claims life-cycle (time a claim is open to closure) of over 2 months
- Between 40%-60% reduction in the cost of claims (compared to similar claims) where the CCTV footage is made available in VUEcloud
VUEcloud is more than just a Technology Partner…
At VUEcloud, our mission is to do the best we can to help our customers save lives by reducing the consequences of accidents for their businesses and business partners. In order to achieve this, our service platform helps teams make sense of Risk Management data by presenting it to them in a simple easy to understand form that enables them to make key decisions fast. More effective CCTV management is just one aspect of what we do.
One of our strategic goals is to reduce Road Traffic Accident claims frequency and claims severity. A key focus in achieving that goal is delivering real actionable value from the growing amounts of data available to UK Fleet insurers.
VUEcloud started with CCTV management in 2014 and is now part of the InsurTech community used by global insurers to manage, transform and share multimedia and performance data including telematics and claims data in an ‘active risk management’ context.
VUEcloud’s vision is to become an essential fleet risk management platform touching the key parts of the insurance enterprise. Claims teams use VUEcloud for more efficient claims handling and defensibility. Commercial underwriters and risk management teams use it to combat fraud, to provide an intuitive platform for innovative risk assessment, policy and pricing decisions and to drive active risk management in commercial fleet portfolios.
Implementing a cloud-based multimedia fleet risk management platform.
So, what did we do in order to receive the Claims Technology Partner award?
In short, we implemented our cloud-based multimedia (videos, CCTV footage, photos, rich media) fleet risk management platform, VUEcloud, into 4 major UK commercial claims handling teams.
By integrating multimedia to support the commercial claims handling process. Claims Managers now have the ability to provide irrefutable evidence, fight fraud, determine liability and to defend clients whilst reducing the overall cost of claims.
Each implementation was completed within 8 weeks. Instantly it enabled a reduction in:
- claims handling time by up to 70%
- overall costs of claims (where video available) by up to 60%
- friction in the handling process delivering an improved customer experience
VUEcloud has also replaced claims performance reports typically created in spreadsheets and sent as pdf’s by email with easy to understand dynamic dashboards. This has freed up claims data team’s time used to manually produce these reports and provided clients with a more intuitive set of information which instantaneously tells them how they are performing against agreed KPIs.
We are currently scoping rolling these reports up to a portfolio view so that insurers can establish ‘category benchmarks’ giving their colleagues in risk and underwriting vital insight as to where to focus their client support teams.
The future of fleet risk management platforms?
We are very much looking forward to supporting our insurance partners in the future, helping then reduce the cost of claims for their clients, improve their claims handling efficiency and reduce the consequence of accidents in the UK and further afield.
In 2018 we are developing our solution, integrating ‘learning algorithms’ to analyse large volumes of fleet video footage to identify poor driving behaviour. The benefit here is for the insurer to be able to intervene and work with fleet managers to further reduce the frequency of accidents and claims.
Underpinning all of our current and future product development is the goal to offer a better understanding and management of risk, less accidents involving fleet vehicles which helps reduce the consequence of accidents and make the commercial fleet insurance business viable again.
If you would like to find out more information about our fleet risk management platform VUEcloud or our new telematics analytics dashboards VUEanalytics then please do get in touch with us via email firstname.lastname@example.org or through the VUE contact page.