Veygo by Admiral Group, a car insurance provider, partnered with Five Sigma to elevate their claims handling process. This collaboration aimed to enhance customer experience through faster and more accurate claims processing, driven by Five Sigma’s advanced AI-native SaaS platform.
Veygo: an Insurance Startup within Admiral Group
Admiral Group is a prominent player in the insurance industry, with a group turnover to £4.81 billion. Admiral serves nearly 10 million customers across five countries. Veygo was established in 2017 as an internal “startup” business within the Admiral Group.
Veygo specializes in providing short-term car insurance, including policies for learner drivers and individuals borrowing a car from family or friends. Within the Admiral Group, Veygo operates with a distinct identity, focusing on delivering flexible and convenient insurance solutions. It handles approximately 3,000 claims annually with a dedicated team of claims adjusters and customer service agents based in Cardiff, UK.
Discovering Five Sigma’s CMS
The journey towards adopting Five Sigma began with Veygo’s recognition of the limitations inherent in Admiral’s legacy claims management system, Vectus. Veygo sought a modern, automated solution to streamline their claims process, reduce manual work, and improve overall efficiency.
Through Claim Technology’s insurtech marketplace, Veygo discovered Five Sigma’s AI-driven SaaS claims management platform. The promise of automation, enhanced communication, and swift deployment resonated with Veygo’s vision for digital transformation.
Signing the Deal
In September 2022, Veygo formalized their partnership with Five Sigma, aiming to revolutionize their claims management process.
Ian Edwards, Chief Operating Officer and Transformation Director at Veygo by Admiral, shared his thoughts then, saying, “We were looking for a partner to help us reinvent the claims experience for both our customers and claims handlers. Our vision aligned perfectly with Five Sigma and Claim Technology’s mindset and technology, and we are thrilled to partner with them to deliver a seamless and superior claims experience for our customers.”
Implementation: Live in Less than 6 Months
The implementation process began in September 2022, spearheaded by Sophie Davis, Customer Care Team Manager. The transition from Vectus to Five Sigma was marked by a series of strategic steps:
- Integration: Before the partnership, Veygo’s claims and policy systems didn’t work together. Claim handlers had to manually enter dummy policies into each claim. Now, leveraging Five Sigma’s robust API framework, Veygo integrated their policy administration system with the new platform, ensuring all policy details were automatically populated during claims processing.
- Customization: The flexibility of Five Sigma allowed Veygo to customize their claims processing workflows and set automatic reserve configurations, reducing dependencies on other departments and minimizing human errors.
- Training: The intuitive nature of Five Sigma’s platform meant that claim handlers (aka adjusters) could be onboarded in just one hour. This rapid training process was crucial in minimizing downtime and ensuring a smooth transition.
Despite these advancements, the team faced challenges such as aligning on platform terminologies and managing change within the organization. However, the consistent support from Five Sigma’s team and the platform’s user-friendly interface helped overcome these hurdles effectively.
In April 2023, less than 6 months after signing the deal, Veygo by Admiral went live on Five Sigma.
Reaping Success
The results of implementing Five Sigma at Veygo by Admiral were immediately evident in several key areas:
- Efficiency: Claims processing times were drastically reduced, enabling faster claim resolution and improving customer satisfaction. The management of the claims handlers (users) within the platform is handy for the claims team managers. In the old legacy system, there was no functionality to add users and grant permissions. Now in Five Sigma, it’s simple. The productivity of the team and each member is clear and actionable through Five Sigma’s management Dashboards.
- Automation: Five Sigma’s automation capabilities were fully utilized at the First Notice of Loss (FNOL) stage. The platform automatically allocated claim handlers, accounted for out-of-office statuses, and significantly reduced the time needed to set up new claims from 18-20 minutes to just 8 minutes on average – a 60% reduction!Shannon Hopkins, a Claims Team Lead at Veygo, recalls: “The common response from classroom handlers when using Five Sigma in the first week was ‘Have we missed anything?’. The automatic FNOL was so novel, fast and smooth, that they felt like forgetting something. There is so little manual work to do in opening a claim with Five Sigma’s automation – it’s a real wonder!”
- User Experience: Claim handlers appreciated the easy user interface of the platform, which gives them clear visibility into every claim. They also adore the centralized communication hub within Five Sigma, which streamlined interactions and provided a comprehensive view of all claims-related communications across channels in one place.
- Feedback Loop: The collaboration fostered a productive feedback loop between Veygo and Five Sigma, with Veygo’s input contributing to continuous improvements in the platform.
Ian Edwards remarked, “The transformation we’ve witnessed in our claims handling process is remarkable. Five Sigma’s platform exceeded our expectations, providing a seamless and superior experience for our claim handlers and our customers.”
The partnership with Five Sigma positions Veygo by Admiral at the forefront of digital transformation in the insurance industry, paving the way for future innovations and enhanced customer experiences.
About Five Sigma
Five Sigma offers an AI-native claims management platform that streamlines every step of the claims process. With full visibility of the claim at a single place, advanced automation, and data-driven insights, Five Sigma empowers adjusters to excel, speeding up claims handling and improving policyholder satisfaction. Adjusters are freed to focus on decision-making and customer service.
For insurers, MGAs and TPAs, Five Sigma is a risk-free solution that unlocks unprecedented benefits quickly. Insurers gain unparalleled visibility into their claims and operations. The result is a significant reduction in Loss Adjustment Expenses. Five Sigma is a future-proof platform that is always up to date for the benefit of all its customers and gives insurers the agility to handle any claim faster, add new Lines of Business in less than a day, and accommodate new business models easily, enabling you to adapt swiftly to market changes ahead of the competition.
About Claims Technology
Claim Technology helps insurers, MGAs, TPAs, and Brokers re-imagine claims. Our no-code/low-code design studio, cloud apps, and Insurtech APIs empower operations and IT teams to rapidly automate in the cloud with plugins to a marketplace of 70 AI Insurtechs. For more information, please visit: www.claimtechnology.co.uk
For more information on how Five Sigma can transform your claims management operations, visit Five Sigma’s website: https://fivesigma.ai.
