CRIF and Crawford Partner on Open Banking for Claims

CRIF, a provider of consumer and business credit information, has formed a partnership with Crawford & Company, a claims management solutions provider, to implement open banking technology for insurance claims validation.

The integration allows Crawford to verify business interruption claims and calculate payout values in seconds rather than hours by accessing claimants' financial data directly through their bank accounts.

This partnership is expected to reduce manual processing times in insurance claims by 30%, according to the companies.

Claims process transformation

Businesses making insurance claims typically spend hours or days gathering evidence and documentation before waiting for claim assessment and payout. 

These delays can create cash flow problems, operational disruptions, and increased debt for claimants.

Under the new system, businesses making claims through Crawford can connect their bank accounts securely to the claims process. 

This connection enables real-time analysis of income, expenditure, and other financial indicators.

The technology categorises financial data automatically, eliminating the need for manual review of documents and reducing the risk of human error.

Insurance sector adoption

While open banking has established itself in the banking sector, insurance companies have been slower to implement this technology. 

Open banking enables financial institutions to share customer data securely with third parties through application programming interfaces (APIs).

Crawford, which has operated in the claims management sector for over 80 years, and CRIF, with 25 years of insurance sector experience, are positioning their partnership as a demonstration of open banking technology benefits for insurers.

Research from EY indicates that 87% of policyholders report that claims experience affects their decisions to remain with insurance providers.

Customer experience impact

The companies state that faster settlement of claims allows businesses to return to normal operations more quickly while helping insurers improve customer satisfaction and retention.

Sara Costantini, CRIF's Regional Director for the UK & Ireland, says: “CRIF believes that insurers would benefit from the adoption of new solutions to optimise their customer journey, streamlining claims management and ensuring fast, accurate payouts.

“CRIF's partnership with Crawford leverages open banking to unlock better-informed decisions surrounding payouts. 

“It's fantastic to be making such an important step forward in the sector, while enabling more insurers to get quick and accurate decisions by streamlining their internal processes.”

The integration creates a direct connection between claims assessment and financial verification, reducing the need for claimants to submit multiple documents or for claims handlers to request additional information.

Angus Osborne-White, Director of Forensic Accountancy Services at Crawford, says: "Managing the process of business interruption claims can be long, complex and time-consuming.

“Not only does this demand significant internal resources, but crucially, it also holds up businesses from receiving the payouts that they often are desperately in need of.

"The recent adoption of CRIF's open banking technology is not only significantly streamlining this process but simplifying it. 

“The partnership is equipping Crawford with the cutting-edge technology required to remain at the forefront of innovation in its sector, while also offering customers an unparalleled experience when it comes to claims management.”

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