Proclaim Management Solution
Harnessing Innovation In Insurtech Sector

“Life is what happens to us while we are making other plans.”

This quote by Allen Saunders encapsulates the plethora of unanticipated uncertainties that loom big in people’s lives. When we consider the dangers that may befall us in today’s world, we realize how vital the insurance sector is. Against the backdrop of the global pandemic and volatile economy, insurance businesses are readily harnessing the benefits of InsurTech.

The continuous evolution of the InsurTech sector is marked by the entry of new players with cutting-edge technology in the insurance market. Further, the commercial application of tech has not only created umpteen opportunities but also rendered solutions to friction and pain points in the customer experience. This is where Proclaim, a claim management specialist company, comes into the picture with a progressive model coupled with claim analytics solutions.

Based in Melbourne, Australia, the company outsources claim management services across all lines of general commercial insurance to two main classes of clients – first, self insured larger companies like Property Trusts and large retailers (corporate), and insurance companies and their underwriting agents (insurance).

Proclaim pulls unstructured data into a coherent package by leveraging data analytics, enabling clients to interrogate their claim portfolio performance. The data analytics can also reveal the claims profile to the insured and collect a wide range of information to assure a better understanding of the risk, including types of damage or injuries experienced causes and locations by state. Proclaim uses Microsoft Power BI to provide clients with superior insights into their claim and risk portfolio through data visualization.

The client can access the data via the dashboard, and Proclaim’s data analysis can help them in risk identification, benchmarking, and performance metrics. With visual reporting or spreadsheets and various filters to look at specific claim values, date ranges, and so on, Proclaim facilitates in making better decisions. Proclaim’s solutions are well distributed across all general insurance lines such as Public and Products Liability, Professional Indemnity, Property, Motor, Accident and Health, and other Specialty Lines. The recognition of the company’s best-of-breed solutions can be derived from its reputed clients that include Lloyd’s of London, local insurers and their agents or coverholders, as well as large companies with high self-insured retentions or deductibles.

Since its inception in 1999, Proclaim is guided by the philosophy of encouraging prompt reporting of incidents, together with proactive management of claimants and limiting loss development. Moreover, Proclaim reduces the role of lawyers and the considerable legal cost that is generated due to claims. Rather, Proclaim prevents cases from going for litigation with the assistance of their in-house lawyers.

With such expertise and innovative solutions, Proclaim has helped many clients in managing their claims. In 2010-11 Brisbane and surrounding areas were hit by catastrophic floods, the resulting claims placed great strain on Insurers’ claim departments. One of our clients wanted to devote all of their limited resources to their new disaster claims. The difficulty with that is that unless they obtained additional resources, earlier claims would begin to backlog. Rather than preparing internally, the insurer sought Proclaim’s help in managing past claims as well as any new claims that were not flood-related. Consequently, the client was able to redirect their focus to the high-profile flood claims in the short term. The existing claim service commitments were fulfilled, and the client was able to shine on additional high-profile losses.

Proclaim’s mission is to ‘go beyond,’ which signifies its urge to innovate, find better solutions, and engage with consumers to guarantee they have the best possible experience.