Aquarium has been shortlisted in two categories for the National Insurance Awards 2022 – Claims Initiative of the Year and the InsurTech Award. The awards, which will be held on 9 March 2022 at London Marriot Hotel, highlight the best in general insurance provision and management.
The awards feature 31 categories for companies and teams that demonstrate excellence in their field, from the delivery of specialist brokerage services to the best in high-net-worth insurance provision. The judging panel includes Neil Almond, Insurable Risk Manager, Tesco; Mark Evans, Publisher, CIR Magazine & Insurance Today; and Iain Hovell, Director of Insurance, IHG.
The nomination for the InsurTech Award recognises that Aquarium’s platform delivers an efficient, flexible and easily deployed proposition for pet insurers. It enables faster routes to market, more accurate claims management, robust data security, reliable policy creation and effective product marketing – all automatically delivered though a proven digital platform. This drives efficiencies, reduces manual input and removes human error by leveraging artificial intelligence (AI) and Machine Learning (ML) automation technologies.
The benefits for policy holders of insurers that use Aquarium’s platform include vastly reduced time for claims, as claims can be resolved in near real time. Policy holders also benefit from improved customer service – the platform always knows where the claim is and who is dealing with it. Integration with third party software enables communication via text and email, reducing time spent inbound calling.
Aquarium’s platform helps insurers by lowering costs with vastly reduced levels of manual intervention for the creation, marketing, processing and administration of insurance policies. It also offers faster routes to market as a fully customisable insurance proposition can be created and launched in a matter of weeks. Overall, the platform offers a slicker, more modern insurance proposition that improves customer loyalty.
The nomination for the Claims Initiative of the Year Award acknowledges that Aquarium’s cloud-based digital platform features a unique module that supports pet insurance claims. It uses automation to deliver greater operational efficiency for insurers. This results in lower policy premiums for the customer – a significant edge in a fiercely competitive marketplace.
Artificial Intelligence (AI) is now more reliable and can accurately mimic human thought processes by utilising Machine Learning (ML), where software automatically learns from data analysis and improves its sophistication over time. These technologies have the capability to make intelligent human-like decisions far faster than people could.
A notable benefit is the speed and accuracy at which claims can be settled, based on preassigned criteria set by the insurer. Aquarium’s platform uses AI and ML that enables insurers to settle all but the most anomalous claims within seconds through an automated process; there is no need for human intervention.
Ultimately, these award nominations recognise Aquarium’s ongoing success as an insurtech platform. Pet insurance is one of the fastest growing and most innovative insurance markets – with huge growth potential, particularly in the US. It is a market with massive potential and many insurers wish to enter it quickly.