BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) uses machine learning to streamline processes around complex property claims.
During a six-month pilot of the BETSIE tool there has been a 25% reduction in escape of water claims being re-routed.
AXA expects this new tool will bring benefits to both customers and claims handlers, including significant cost reduction for claims.
At AXA, we are always working on improving our claims processes and to utilise data to optimise claims outcomes,” Waseem Malik, Executive Managing Director of Claims at AXA UK.
“BETSIE provides us with a fantastic opportunity to make quicker, more advanced decisions for customers.
“The changes that AXA has already made to our triaging routes in escape of water claims has led to significant cost savings and improved cycle times for our customers, and I’m really excited about the opportunities and benefits that BETSIE will bring across the spectrum of property claims.
“Not only will this tool help us triage claims based on data and past outcomes, it will also enable our teams to make the right decision the first time for customers.”
Interesting that SXA chose to build rather than license digital claims technology which many vendors claim will be able to deliver the benefits that Waseem Malik describes and integrate into a FNOL to Settlement claims journey. Not just the triage stage but integrated into the full supply and repair chain management cycle.
A recent six-month pilot of BETSIE with escape of water claims saw around 1,300 claims processed and a 25% reduction in claims being re-routed due to the tool’s improved accuracy.
More than 50% of household escape of water claims are now being processed using the tool and this number is increasing each month. In the coming months, BETSIE will be used across AXA’s property claims, including fire damage, escape of water and weather-related claims such as flood and storm damage.
After our article last week about the lack of digital transformation in home & property claims it is good to read of a major insurer's strategy to change that. The AA developed a new digital home claims platform in partnership with Synergy Cloud which was designed from the start as a commercial platform i.e. customisable and transformative for all insurers and not just the AA.
In addition to full end-to-end digital claims transformation it delivers comprehensive cost control and payments & reserving functionality- vital when variations, layers of contractors & sub-contractors plus surveyors, engineers, specialists and many more.
Home and Contents claims, the poor cousin compared to auto claims, at last getting the innovative attention it deserves
AXA UK has rolled out a new machine learning tool to help streamline and accelerate complex property claims. BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) increases the speed and accuracy of claims resolution by capturing essential data points and simplifying the claims triaging process.