Outstanding flood claims a tech wake up call - Insurance News

Sydney-based construction data insurtech Sync Technologies says a need for the insurance industry to explore and adopt more technological solutions is highlighted by the unresolved status of a fifth of claims a year on from record 2022 floods.

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CEO and Co-Founder Carolina Dreifuss tells insuranceNEWS.com.au more solutions need to be explored to reduce claims management processing times and costs. She notes that at the one-year anniversary of the floods in Queensland and NSW, 46,000 claims or 20% were still outstanding.

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“This is a significant number. Delays in processing insurance claims can exacerbate the situation, causing further stress and anxiety,” she says.

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“It is time for more technology adoption in the claims management process. It is imperative the insurance industry and other stakeholders leverage every opportunity to accelerate claims resolution times and support policyholders in addressing repair and rebuild requirements, as well as managing claims costs.”

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Sync Technologies recently won the 2023 ITC Asia Award for Australia hosted at InsurtechLIVE 23 and Ms Dreifuss and her team will now compete at InsureTech Connect Asia 2023 in Singapore.

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In her pitch, she detailed how Sync’s visual property data had cut insurer claim assessment times and travel costs by up to 75% and “saved over 7000 working days”. Its visual property data for building claims, including aerial and ground-based external and internal captures, floor plans, photos, simulations and more "aim is to support the insurance industry in accelerating the claims management process,” she says.

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“By providing data within 48 hours of attendance, SyncTech enables desktop assessment and supports the rectification of the damage, as well as easier collaboration across stakeholders.”

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The solution is designed to simplify the entire procedure, from site inspection and data collection, through to tender and rectification.

Read the article here.