Insurance company CRIF joins forces with Crawford to simplify the insurance claims procedure for businesses in the UK.
UK Businesses to Benefit from Streamlined Insurance Claims Process with CRIF and Crawford Partnership
A new partnership between CRIF and Crawford is set to revolutionise the insurance claims process for UK businesses, offering faster and more accurate payouts for business interruption claims.
The partnership leverages Open Banking technology, allowing businesses to securely connect their bank account during the claims process. This facilitates real-time categorization and analysis of financial data, streamlining the internal processes of insurers and enabling quick and accurate decisions.
Crawford, a claims management company, integrates CRIF’s Open Banking-enabled services into their claims lifecycle. This allows real-time access to a claimant's financial data (with authorization), helping verify losses and process payments more quickly and transparently.
Open Banking acts as a secure platform for obtaining financial data with consent. CRIF provides the technical infrastructure to facilitate this data sharing, while Crawford integrates this data flow into claims processes to reduce manual verification.
The benefits are twofold. UK businesses benefit from faster claims resolution and less operational friction, while insurers can optimise their customer journey, streamlining claims management and ensuring fast, accurate payouts.
According to data from EY, 87% of policyholders say the claims experience impacts their loyalty to insurers. By simplifying the process of business interruption claims, this partnership has the potential to improve the loyalty of policyholders towards insurers.
The process of gathering, analysing, and submitting evidence and documentation for insurance claims can take businesses hours or days. By automating this process, the partnership aims to eliminate delays and administrative burdens commonly associated with insurance claims.
Angus Osborne-White, director of forensic accountancy services at Crawford, has described the process of business interruption claims as "long, complex, and time-consuming." The recent adoption of CRIF's Open Banking technology by Crawford is significantly streamlining the process, potentially reducing cash flow issues, operational disruption, and debt for businesses.
CRIF's regional director for the UK & Ireland, Sara Costantini, believes that insurers would benefit from adopting new solutions to optimize their customer journey, streamlining claims management, and ensuring fast, accurate payouts.
In addition to the partnership with Crawford, CRIF has also formed a strategic partnership with Ozone API. This collaboration further underscores CRIF's commitment to leveraging technology to drive innovation and efficiency in the insurance industry.
[1] For more information, please refer to the CRIF and Ozone API partnership: https://www.crif.com/en/news/crif-ozone-api-partnership-opens-new-opportunities-in-the-uk-market/
- The collaboration between CRIF and Ozone API, in addition to the partnership with Crawford, reinforces CRIF's commitment to employing technology to foster innovation and efficiency within the insurance industry.
- By utilizing Open Banking technology, this partnership between CRIF and Crawford is aimed at automating the process of business interruption claims, thereby eliminating delays and administrative burdens often associated with insurance claims.
- The integration of CRIF’s Open Banking-enabled services into Crawford’s claims lifecycle allows real-time access to a claimant's financial data (with authorization), facilitating quicker and more transparent verification of losses and processing of payments.
