14 Jul 2021
Cobalt achieves two award nominations (so far) in 2021
The team at Cobalt are celebrating this month following the news that two of its in house developed technology tools have made it to the final stage at Insurance Times Technology & Innovation Awards and at the British Claims Awards.
Cobalt launched at the end of 2019 and was developed to make motor claims quicker. Its first call resolution philosophy and right first time decision making, are the foundations for a streamlined process. The award finalist announcements recognise the technology approach Cobalt is taking in order to achieve this.
Triage tools for bodily injury and vehicle damage
These bespoke tools mean our claims team has significantly better information, confidence and understanding, on which to progress each claim than is typically available. As a finalist for the British Claims Awards – Best Use of Technology category Cobalt explained how these tools assist our claims team in decision making rather than replacing their expertise. This ensures we are aligning our decision making with the customer’s wishes, needs and preferences and not relying on an algorithm; alongside delivering cost and risk savings to our Motor Insurer, MGA and Fleet Clients.
Assessment of injuries
Cobalt’s bodily injury assessment tool considers the type of injuries sustained and the lifestyle of the person in order to understand the severity and impact on the individual. Being part of handl Group gives Cobalt access to insight in medical reporting and rehabilitation, so we better understand the implications of our processes on the later claim stages for the individual. The data captured at the front end provides a severity score and indicates prognosis which ensures the claim is triaged accurately.
Providing a fair and immediate assessment of injury on behalf of the defendant insurer gives the opportunity for proactive intervention which helps with rehabilitation, controls costs and prevents (or provides a defence for) claims appearing in the future at a higher value.
Triage for vehicle damage
Cobalt’s accident damage triage tool is through to the final in the Insurance Times Technology & Innovation Awards, Technology Innovation of the Year – Claims, category, which looks for recent pioneering and compelling technology innovations.
The tool enables data capture which assesses the accident circumstances and the area and severity of vehicle damage, identifying the best method of repair. Our algorithm immediately displays if the vehicle is repairable, and if so what is the best method of repair – mobile (at the customer’s location), midi (satellite ‘pods’ in convenient locations such as supermarket car parks) or a traditional bodyshop.
This is carried out at first contact with the customer ensuring the correct claims path is taken from the outset. Being able to make decisions on the claim track right first time reduces the frictional costs which occur when a vehicle is moved e.g. from a repairer to salvage. It also produces a better customer experience and increases the utilisation of mobile and midi repair options, with their faster repair times and lower costs. Again, the decisions are taken with the customer needs and wishes in mind, meaning the customer feels part of the engagement and decision making process.
An excellent result
With Cobalt being the new kid on the block in the accident damage market and with much of its trading time being disrupted by the pandemic the team are really proud to get the recognition from these awards. Steve Molloy, Head of Insurer Services at Cobalt, said, “The triage tools provide Cobalt with a clear competitive advantage. With this technology coupled with our expert staff, we can truly demonstrate our ability to reduce our Insurer Clients’ indemnity spend and provide certainty to a customer during that first call at what is a stressful time. We are delighted to be finalists for these two awards that recognises these benefits.”
We will find out if we’ve been successful later in the year so watch this space for news! In the meantime if you’d like to find out more about how Cobalt’s triage technology can reduce your claims costs then get in touch.
Get in-touch, our expert team would love to talk to you!
To find out more about how Cobalt is combining leading technology, machine learning and powerful insight, and how this could benefit you and your customers get in touch with a member of our team.