Business News: Snapsheet, IMS and Hippo
Outdoorsy, a sharing economy provider that connects renters with recreational vehicle owners, has contracted to use Snapsheet’s virtual claims management system, the Chicago-based insurtech said in a press release.
Snapsheet said Outdoorsy has launched a third-party administrator to handle its claims and is using the Snapsheet Claims platform to facilitate the process.
Snapsheet said it first teamed with Outdoorsy in 2018, when the online RV rental service began using its appraisal services. Outdoorsy added the claims platform due to continued growth, the company said.
The product provides electronic first notice of loss capability and a payments module that integrates with KeyBank to quickly disburse funds with multiple payment options, Snapsheet said. As a result of the partnership with Snapsheet, Outdoorsy has achieved 94 percent electronic funds transfer adoption, a 15 percent reduction in indemnity payouts, and an average time savings of one week on file closures, the company said.
Outdoorsy, based in San Francisco, was founded in 2015 and has offices in the United States, Canada, Australia and the United Kingdom.
Insurance and Mobility Solutions announced the launch of a stand-alone telematics system that can provide collision notifications and crash details independently of any usage-based insurance program.
IMS, a division of Boston-based Trak Global Group, said the Connected Claims telematics product uses its Wedge telematics sensor to provide details on the circumstances of a vehicle collision, leading to faster claim settlements. The company said it has a patent pending on the technology.
“Most insurers believe that the benefits of telematics data are limited to UBI programs, but this no longer has to be the case,” stated Ed Rochfort, chief product officer. “IMS’ Connected Claims solution is a claims-focused telematics offering, allowing any insurer, with or without an existing UBI program, to distribute a low-cost connectivity solution to policyholders.”
IMS said insurers can deploy the Wedge telematics sensor to transmit data via the policyholder’s smartphone for as little as $1 per policy, per month.
Hippo Insurance has formed partnerships with Handdii and Westhill to match policyholders who file property insurance claims with contractors to make repairs.
Hippo said its in-house claims teams offer customers a “claims concierge service” that will use Handdii and Westhill to find “pre-vetted” contractors or service professionals to manage repairs and reconstruction.
Westhill offers a digital platform designed for medium to large-sized property claims. Handdii is focused on minor repairs, such as exterior wind damage, water leaks and general equipment breakdown.
Hippo said its program with Handdii is now live in “select cities” in California and Texas. The program with Westhill is live in cities across Texas.
“We’re taking a bigger role in providing a resource and solution for all things within the home, so that our clients can feel reassured that Hippo will handle the tough stuff for them,” stated Daniel Blanaru, vice president of growth initiatives.