The future vision of the insurance industry
Watch the full interview here
The future vision of insurance and claims automation
Upptec CEO, Magnus Franck invited Multiasistencia to an interview to talk about the future of insurance. You can read the highlights of the interview here or see the full recorded discussions:
Multiasistencia is a leading specialist in home claims management with a unique operating model in the market based on global digitalization of processes. The company combines deep knowledge of the industry with 35 years of experience in claims management and data availability, wide expertise in customer and repairing service and the approach of an insurtech when designing and implementing its digital assets. It is currently present in five countries: Spain, France, Portugal, Italy and Brazil and handles more than 1 million claims per year with a global team of more than 1 thousand employees. Most importantly, Multiasistencia is committed to innovation, flexibility, providing a premium service where the main driver is customer experience.
The past year has been different, but this is of course also a period where great ideas are born and innovations are made, could you mention some positive highlights that’s on top of your mind, what learnings will you carry with you into 2021 and also 2022?
“Digital transformation has been a priority in recent years, but what we have seen in 2020 and 2021 is a clear speed up and a great leap forward. In Multiasistencia we have seen most of our pilots and initiatives reach a phase of full deployment and implementation. During these months, we have supported our partners to speed up transformation but most importantly, to develop deep transformation.” – Jose Antonio Molleda Fernandez, Chief Digital, Innovation at Multiasistencia.
Talking about innovations and trends, it’s no doubt that automation and digitalization is here to stay in the insurance industry. Some of the innovations we’ve seen from Multiasistencia is the chatbot “MAcarena” – could you tell us a bit about that solution and the benefits of it?
“MAcarena is one of the biggest success in Multiasistencia this past year. It is an AI based voice-bot that fully automates the home insurance claims management process. MAcarena is indeed one of our biggest success in Multiasistencia. Our AI based voicebot that automates the whole home insurance claims management process is currently live for 9 of our clients, including the Spanish leader and largest non life insurance company that has integrated it in its own managing system.”
“It is a good example of how we digitalize notification and steering to turn home insurance claims management into a seamless experience for the customer. Macarena combines NLP services, an extensive database of historic phone calls and decisions that is constantly updated, intensive training, and a conection to our Smart Contract: a repository of damages, causes, coverage, among others, that allows to interpret terms and conditions of a policy in an automated way, without biases, using structured data. It allows for example for a reduction of 30% of errors made by human agents that make decisions under pressure when handling the call.” says Jose Antonio Molleda Fernandez, Chief Digital, Innovation at Multiasistencia.
“On top of all that, call duration is reduced up to 40% which results in improved customer experience. One of our priorities when developing new tools on top of simplicity is that they are scalable or applicable to other lines of businesses which is the case of MAcarena.” – Jose Antonio Molleda Fernandez, Chief Digital, Innovation at Multiasistencia.
We at Upptec are always interested in the future – If we continue looking into it, what are the innovation opportunities, and which areas are you planning to focus on in the future?
“As part of our innovative focus, we are constantly exploring new uses of leading technologies and how to improve claims management. Augmented reality and computer vision for example, are considered among the top 5 most disruptive technologies in the next 5 years and, in this line, at Multiasistencia we developed PhotoClaims to enable cover check, severity of the damage and direct payments just by sending a picture. Simplicity and convenience are at the heart of this solution but also, efficiency and accuracy for insurers.”
“Another key area that we will further develop is the perfect integration of agents and digital assets, what we call ´bionic mindset´. Transitioning from digital mindset to a bionic one will require leverage AI to deploy automation at scale, unlock operational efficiency by using machine-to-machine capabilities and support agents in real time.”
“Last but not least, we will continue to develop IoT home prevention and assistance services with devices that will be linked by faster, more powerful networks, meaning better access to data and processing resources in the cloud. Our goal is to offer customers new preventive services to anticipate risks, as well as optimization of consumption.”
Multiasistencia are keen on providing 24/7 service and as a company Multiasistencia often refers to a hybrid-model of human- and non-human interactions. Digital tools, together with highly competent human agents provide unconditional support anytime, anywhere. When designing the tools, the aim is to develop a hybrid model that enhances the role of augmented agents, creating a perfect symbiosis. Multiasistencias’ objective is to provide teams with digital assets to become more efficient, make accurate decisions and to be able to focus on cases where they can add extra value, such as emotional or complex cases.
Another trending topic in the insurtech world is Artificial intelligence. Investment in AI is becoming more common than ever before and Multiasistencia also has a track of doing so. Is this something that you will keep doing and what are your plans for AI?
“AI opens the door to a whole new level of possibilities. At Multiasistencia we believe in its disruptive potential, and that it cannot only fix traditional problems but also deeply redefine the insurance industry. Validating third parties estimates for example, has traditionally been a pain point for agents in the claims management process. Thanks to AI we are now able to automate validations by not only extracting data from estimates but also identifying red flags if the cost is considered unusual and bringing back the control to a human agent. Also, AI will help further develop a whole new perspective on assistance with a preventive approach, to identify future risks and customize offers to clients.” – Jose Antonio.
Why do you believe in Artificial intelligence and machine learning at Multiasistencia?
“We believe investing in innovation is crucial not only for us as a company but for the future of the industry. By doing so, we can support all areas of the organization. For example, we have developed a disruptive solution based on predictive models to improve underwriting processes, that takes into account claims management information like frequency and severity of the damage and helps extracting data from pictures and identifying areas of prevention.”
Digitalization and, more specifically, automation are used to increase efficiency and ultimately as a way to handle resources. There are great benefits of utilizing this and we all have a responsibility to maximize the way we work with resources of various kinds, which makes me a bit interested in: how do you work with sustainability?
“Operating in a responsible and sustainable manner is currently crucial and a common driver for most insurance companies today. Our purpose is not just about providing repairing solutions. Sustainability in all its dimensions is a priority for the Board and the management team. Ultimately, we believe that sustainability and inclusion are the best way to realize our potential for growth and value creation. And at the same time, contribute to a more sustainable future for the world and the societies in which we live and work. Through our activity, we focus on tackling climate change, societal impact and social governance.” Jose Antonio, continues:
“We design solutions and deploy projects in a responsible and sustainable way. Our most significant contribution comes from the very core of our business : repairing instead of replacing, with a clear impact at mitigating the carbon footprint. We promote the use of environmentally friendly materials and sustainability practices, especially among our network of repairers. We go beyond the legal framework with specific certifications, such as ISO. We use and promote energy efficient components like solar panels, electric chargers, etc. and home devices for efficient energy consumption.”
“Another key aspect of our responsibility code of conduct is the promotion of long lasting relationships with our partners, based on trust and fairness. Health and wellbeing of our employees are a priority and our internal programs focus on enhancing the balance between working- and personal life.”
Multiasistencia is certified by EFR, the Spanish leading organization for social responsibility that promotes working balance among companies. The organization has recently recognized Multiasistencia as a great contributor to improving working conditions in the industry.
Magnus Franck, CEO at Upptec continues; As an innovation hub I am really interested to know what you believe to be the success factors in the insurance industry, and what you believe will be the driver for the industry?
“Customer experience is a core driver at Multiasistencia. We work in Agile and develop solutions under a test-and-learn approach to be sure we deliver periodically and meet our partners´ and clients’ expectations. Most of our solutions are based on a complex integration of systems and providers, but common ground is to always offer smart, simple, seamless experiences to customers.” – Jose Antonio.