Powered by machine learning, Clearcover now issues payment for eligible claims in as little as 13 minutes
Clearcover, the smarter car insurance choice, has announced Clear Claims, which advances the company’s digital claims process by offering drivers instant auto insurance claims processing and payment issuance for eligible claims faster than any other carrier. With the Clearcover app, once a claim is submitted, Clearcover automates coverage validation and determines eligibility instantly using a new machine learning model. Partnering with Snapsheet, a pioneer in cloud-native claims management solutions, this digital-first approach will make it possible for customers to have payment issued on eligible claims in as little as 13 minutes of submission — an industry-leading claim adjustment turnaround time.
While many carriers average five to seven days to process claims, with the introduction of Clear Claims, Clearcover is the first insurer with the ability to process an auto claim instantly using machine learning. By using its proprietary artificial intelligence technology, ClearAI, Clear Claims ingests policy history along with First Notice of Loss (FNOL) information, while optimizing for the reduction of claim fraud.
Clear Claims integrates with the Snapsheet Claims platform to support end-to-end claims management. For eligible claims, this process replaces manual claim reviews, which typically require asking drivers to submit police report information and speak with claims adjusters, which can slow down the process. Once ClearAI has validated a claim and assessed risk of fraud, Snapsheet considers the Clearcover fraud score and triggers an automated, rule-based process to initiate payment of a claim, which further supports the digital claims experience.
“People expect filing a car insurance claim to be a painful and drawn out process. But at Clearcover we are committed to creating better insurance experiences, most importantly when you need to file a claim,” said Kyle Nakatsuji, Co-Founder and CEO of Clearcover. “Clear Claims is the first of many enhancements we are building into our claims experience that will change the way people think about filing a claim. Our integration of machine learning lowers operating costs and enables us to offer our customers lower prices. It really is a win-win.”
Clear Claims builds upon Clearcover’s digital-first approach and continues to support customers who prefer streamlined, digital experiences. This also adds to Clearcover’s digital innovations that have enabled it to reduce LAE costs in its model, the result of which is lower prices for customers and validation that economic improvements are being driven by digitizing historically analog processes.
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