Insurance company partnership announced: CRIF teams up with Crawford to optimize claim processing for UK businesses
In a move to revolutionise the UK business insurance claims process, CRIF and Crawford & Company have formed a strategic partnership. The collaboration aims to leverage Open Banking technology, with the goal of streamlining claims management and ensuring fast, accurate payouts.
CRIF's Open Banking platform has been integrated into Crawford's operations, enhancing the efficiency of claims processing. This integration allows for direct and timely access to financial data necessary for claims verification and settlement, thereby reducing the friction and manual intervention traditionally involved in insurance claims. As a result, the claims management process is reduced by 30%, according to Angus Osborne-White, director of forensic accountancy services at Crawford.
The benefits of this partnership extend beyond efficiency. By utilising Open Banking data, insurers can make better-informed decisions surrounding payouts, as Sara Costantini, CRIF's regional director for the UK & Ireland, believes. This approach not only accelerates claim handling but also improves transparency in the UK business insurance claims ecosystem.
The importance of a smooth claims process is underscored by recent data from EY. 87% of policyholders state that the claims experience affects their loyalty to insurers. With the CRIF-Crawford partnership, insurers can not only optimise their customer journey but also potentially retain customers by providing a swift and accurate claims process.
The partnership's impact is particularly significant in the area of business interruption claims, which demand substantial internal resources, according to Osborne-White. The recent adoption of CRIF's Open Banking technology has simplified this process, holding up businesses from receiving payouts less. This means less operational disruption, fewer cash flow issues, and less debt for businesses during critical periods.
In addition to the partnership with Crawford, CRIF has also formed a strategic partnership with Ozone API. While the details of this partnership are yet to be fully disclosed, it is expected to further enhance CRIF's Open Banking capabilities and contribute to the continued optimisation of the UK business insurance claims process.
In conclusion, the partnership between CRIF and Crawford represents a significant step forward in the insurance industry. By leveraging Open Banking technology, the partnership promises to deliver faster, more accurate insurance claims, improve transparency, and reduce operational costs in the UK business insurance claims ecosystem.
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