OVERVIEW
Connected, Autonomous, Shared and Electric Vehicles (C.A.S.E) and the data that they collect and transmit, will impact industries like original equipment manufacturing (OEMs) and property and casualty insurance underwriting providers (P&C) in profound ways.
Many OEMs and P&C Insurance companies are leveraging connected-vehicle data into new business models that are already showing promise in enabling new consumer-centric and service-based offerings.
To help accelerate the value of connected-vehicle data and maximize recovery for our P&C customers, DMI’s subrogation platform leverages all available C.A.S.E. vehicle data to positively impact their loss ratios.
KEY CHALLENGES
FINDING BETTER OUTCOMES
Subrogation recovery is complex, time consuming and generally lacks accurate recovery probability estimates. As a result, internal processors and third party claims administrators (TPAs) accumulate backlogs resulting in delayed or even missed claims dollars recovery.
IMPROVING MANUAL PROCESSES
The process of capturing, collecting, documenting, and processing all of the information required to settle a P&C claim resulting from an accident – of any type – is cumbersome, manual and time consuming.
REDUCING CUSTOMER CHURN
The time it takes for an insurance carrier to settle a claim, especially for an insured customer who is not “at fault” for the accident they were involved in, creates a dissatisfying customer experience and results in increase customer churn, costing P&C insurers millions of dollars.
WHY DMI
Subrogation is one of the most effective ways that insurance companies can reduce losses ‒ positively impacting their loss ratios ‒ however, not much innovation or new and advanced technology has been applied to the subrogation process ‒ until now.
DMI technologies: AI, Computer Vision, Data & Analytics, Machine Learning, and more ‒ when used in the collection of data for subrogation recovery processing on our platform, and through the automation of that data in optimizing workflow ‒ allows DMI to provide the information needed by insurance providers to better quantify the recovery potential in their portfolios. This can significantly improve efficiency and more accurately recognize the value of anticipated recoveries.
DMI is defining the systems architecture and design, the multi-party processes, the data, and the structures needed to help insurance carriers leverage new data sources. DMI will help carriers more accurately price risk through the creation of usage-based insurance products. We will help insurance carriers increase subrogation recovery performance, offer customers reduced premiums and provide better outcomes when the insured is in an accident. This will ultimately result in higher P&C industry profits and customer satisfaction.
BUSINESS BENEFITS
LEVERAGE DATA TO BENEFIT CUSTOMERS
Insurance companies that leverage connected vehicle
data, and the vehicle’s active safety and advanced driver assistance features, can now offer their customers, depending on the coverage chosen, substantial discounts on their premiums based on the vehicle, how much they drive, location, and other factors.
AUTOMATED SUBROGATION PROCESSING SPEEDS RECOVERY
In the event of an accident, not only can you make use of more advanced information, but our subrogation claims platform, with its advanced AI technology and ability to automate claims processing and reporting, will use all available data to quickly determine subrogation recovery potential.
INCREASED CUSTOMER RETENTION
Customers will appreciate the reduction in time to compensate them for out-of-pocket insurance costs like deductibles and reimbursements, while speeding up the overall subrogation process, resulting in increased customer satisfaction and retention
CORE FEATURES
AI TECHNOLOGY MAXIMIZES THE VALUE OF DATA
DMIʼs platform will leverage all available data and, when combined with our AI and computer vision technology, will re-invent subrogation recovery and accelerate usage-based models in new insurance ecosystems.
AUTOMATICALLY IDENTIFY RECOVERY POTENTIAL
Our AI, ML and RPA technologies will automatically identify files with recovery potential and our platform automates many of the manual tasks required to process them.
SPECIALIZED RECOVERY PLATFORM
DMIʼs platform will more accurately recognize and post anticipated subrogation recoveries while dramatically reducing portfolio loss ratios using the advanced technology on DMIʼs subrogation platform.
