Hannover Re Adds Melbourne-based Invuite to Innovation Hub – Insurtech – Insurance News
Melbourne-based Invuite has been added to Hannover Re’s Equarium innovation platform.
Founded by CEO Martin Hoel, Invuite says it works with a leading Australian insurer to help it manage intellectual property (IP) claims, as well as with insurers in Australia and Singapore on information management, strategy workshops, technical pilot projects and operational processes mapping.
Invuite helps insurers manage sensitive information requests as part of the underwriting and claims process and can communicate with the insured, a process often manually managed by underwriters.
“You can schedule workflow events so that you can automatically communicate with the insured, e.g. when there are policy exclusions, which allows for proactive interaction and reduces lapse rates,” it says.
It also offers managed outsourcing and says insurers “often have limited/no visibility into the work they outsource and pay others to do.” Invuite enables insurers to grant companies access to tasks while maintaining control and full transparency of all requests at all stages.
“This way, you can reduce your current expenses by only outsourcing tasks that you can’t do automatically,” it says. “Profile-based access allows you to have different levels of access throughout the lifecycle of a request, while always being in control. You can change access levels at any time.”
It provides medical information retrieval for underwriting and claims and is available in Australia, Singapore, Malaysia, Thailand, Hong Kong, UK, US and Canada. Invuite can also serve as a starting point for the insured to submit an initial claim report.
Mr Hoel said he sees common issues with businesses dealing with multiple types of customers, which require different levels of engagement.
“Data is key to future growth, but data fragmentation and legacy systems keep holding companies back. Invuite’s web application and services remove the complexity that large organizations face when collecting and managing data,” says Invuite.
Hannover Re’s Equarium platform, launched in 2019, is like a “matchmaking service” that gives insurers direct access to global insurtechs. It offers more than 160 solutions in areas such as cyber, telematics and parametric. Sydney-based SanctionsCheck.co is among other companies joining the hub.