With the Christmas and New Year break just around the corner, it’s the perfect moment to take a look back over what has been a busy and exciting 2019 for the team at Blockclaim. We’ve developed the business with some exciting new partnerships and also had an opportunity to grow and develop the team. Let’s have a run through some of the highlights.
Blockclaim at the MetLife Accelerator
Back in August, members of the team flew out to North Carolina to participate in the MetLife Accelerator. Created and run by accelerator startup Techstars, this is one of the most important events in the insuretech sector. We were proud to be one of nine companies invited to participate out of thousands of applicants.
The team had the opportunity to spend time with industry-leading mentors. These included serial entrepreneurs and start up gurus with an incredible wealth of experience. The lessons learned will stay with the team forever.
New POVs in diverse sectors
In total, we signed six new pilot projects over the course of 2019. These were with some of the biggest players in the insurance business. The thing that really stands out, though, is just what a diverse and varied industry insurance can be. Let’s have a recap of just a couple of the new projects to illustrate the point.
Speeding up automotive claims
In a 12-week pilot with one of Belgium’s top bank-insurers, Blockclaim’s insuretech solutions brought the client instant savings of more than €1.5 million. The “quick wins” were brought about through improved efficiency through automation. However, the even more exciting aspect is that these represent the tip of the iceberg in what can be achieved in the longer term. Second-stage data enrichment will see the cost savings escalate dramatically, through both additional automation and fraud identification.
Medical benefits that go beyond insurance claims
Last month we reported a £1.5M saving on a project involving the use of contextual AI in delivering healthcare solutions. Specifically, the pilot explored how Blockclaim’s technology could make matching treatment and medication with patient conditions and illnesses quicker and more efficient. However, as soon as the round table discussion got underway, it became clear that there were a whole host of parallel applications. Initial indications point to cost savings in the hundreds of thousands of Euros, but these will almost certainly escalate into the millions once the full benefits are realised.
Blockclaim has also launched pilots with four other major companies in the insurance sector this year. But what makes the above two really stand out is that you don’t have to be an expert in insuretech to see the benefits. After all, every one of us has to deal with automotive or medical insurance claims on a personal level from time to time.
Looking forward to 2020 with perfect clarity
This year we have also expanded the team, welcoming Yanael onboard, and together we will be looking to achieve more of the same next year, but on an even greater scale. We’ll be looking to expand the business and work with new clients across three continents. So have a wonderful break over the holiday season – see you in 2020!
