LONDON--(BUSINESS WIRE)--Axioma Europe ltd the new claims handling provider for the auto insurance industry, has today announced that it will raise a maximum of £400,000 to fund early-stage development of its next generation insurance claims solution. Following the crowdfunding campaign, Axioma intends to partner with Tier 1 insurers in the US and Europe to provide its claims handling algorithm and partner ecosystem. Crowd for Angels, a UK-based crowdfunding platform will handle the fund-raise.
Axioma is a modular claims handling platform that allows insurers to streamline and simplify their business processes by leveraging their data through machine learning. Axioma is designed to provide a flexible, turn-key solution to reduce claim handling times and costs.
The global vehicle repair market is worth $280bn annually and is expected to grow by c.3% per year over the next 6 years. As cars become more complex and customers become more digital, big data analytics is becoming crucial to break down processes such as claims handling and provide insurers with streamlined and intelligent claims capabilities. “The future of claims processing will look very differently, and Axioma is gearing up to help its customers adopt a more digital approach.” – Stefano Sironi, CEO Axioma.
Claims Handling Algorithm
The Axioma algorithm classifies claims based on the context of the crash and suggests whether the claim requires follow-up human input (e.g. from a specialist engineer or medical practitioner). “Today, virtually all claims are passed to senior handlers for assessment and end up being accepted in 98% of cases, this is draining resources that could be spent more effectively” notes Alexandre Ikeni, Co-Founder of Axioma.
The algorithm allows insurers to predict what issues are likely to arise from any given claim and automates claims that are likely to be straightforward.
Axioma Partner Ecosystem
If a claim does not require follow-up diligence, the dossier (vehicle details, preliminary damage assessment, pictures, videos) is uploaded onto the Axioma ecosystem, where suppliers can offer their services.
The platform automatically selects repair shops and other partners based on pre-determined rules: proximity to the customer, specialisation of the garage (e.g. ability to repair electric vehicles) and the capacity of the garage (repair turnaround time).
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