nib Group deploy new digital claims process, and more daily news

nib has announced the implementation of Melvin, a machine learning engine, that will process claims that are submitted via the app. The adoption of this engine is intended to reduce manual data entry. Brendan Mills, nib Group CEO, has said that after nib enabled photo submission and claims via the app, user experience improved while information processing time increased. 

“Nib has implemented a new machine learning engine to process claims submitted via its app in less time by reducing the amount of manual data entry required behind the scenes. 

 

Five years ago the health insurer introduced a new feature that let members take a photo of their receipt and submit a claim via the app. 

While that improved the customer experience, it became a challenge to process the information at the backend as the volumes of photos increased, said nib's CIO Brendan Mills.

 

“We created a great customer experience but we then also caused ourselves some pain in processing photos because we're then taking a whole heap of flat images and having to rekey all the data [such as] provider number, customer number…it was quite an intensive process,” Mills told iTnews.

nib has said been trialing systems for the past six months. The engine uses AWS Textract to pick up all relevant information from submitted photos. The engine is set to save 20 seconds in handling time per claim, with half not needing further human intervention. nib is looking at expanding the service to process more claims, improve the service, and improve accuracy. 

“For the past six months, the health insurer has been using machine learning algorithms to strip information from the photos and pass it through to the core claims processing system. 

 

The engine, dubbed Melvin, was developed with data science consultancy Eliiza and uses AWS Textract to read the relevant information from the photos. 

 

Mills said the process saves an average of 20 seconds handling time per claim, and about half of the claims require no further human intervention to rekey or adjust any of the fields from the image. 

 

The insurer is now considering how to expand the service to process more claims, improve accuracy levels and determine if claims can be paid out without any human intervention. 

 

Mills said work is underway to determine the types of claims that have a very “high confidence” level to approve automatically, possibly with a post-processing quality assurance mechanism in place.” Click here to read more

In other news:

nib: adult or child signing up to Easy Health, Ulitimate Health Max, or Ulitimate Healththrough nibAPPLY will give them two month free cover. Offer ends 31 January 2021

FMA: FMA seeks consultation on proposed guidance for advertising

SHARE: SHARE confirms Newpark acquisition


UPDATED: SHARE acquires Newpark, and more daily news

Congratulations to SHARE on their acquisition of the Newpark network. Goodreturns reported that SHARE NZ has bought out Darren Gannon - the details below come from their article. Darren called me to explain that the assets of the network have been sold and that the goodreturns story was incomplete. He highlighted the joint release issued by SHARE NZ and himself which can be found, also at goodreturns, via this link

“SHARE has bought Darren Gannon's controlling stake in the insurance and mortgage advice group, TMM Online can exclusively reveal.

The acquisition, which could be announced this week, comes after Newpark sought new financing amid a lack of certainty over its life insurance revenue.

SHARE has pounced on Newpark in a bid to boost its home loan adviser numbers. Since inception, Newpark Home Loans has grown to over 200 advisers.

The combined group is likely to have over 500 advisers across investment, insurance, and mortgage advice.

A new company, Newpark 2020, was listed on the companies register, on November 12, with SHARE NZ listed as its 100% shareholder.

The Newpark brand will remain, sources said. Advisers will have the option of keeping their planned regulatory setup, or taking one of the options available to current SHARE members.

SHARE runs a corporatised offering, in which advisers own a share in the business and pool clients. It also runs a non-branded side, with advisers working under its FAP.

Sources said that despite the change in ownership, it would be "business as usual" for advisers at Newpark, and advisers would be able to keep their current regulatory and ownership structure, and keep their own FAPs.”

Darren Gannon, Adele Gannon, and Murray Weatherston are expected to step down from their roles as board members. Tony Dench is set to be the CEO of the combined group.

“Industry sources said the deal would suit Newpark advisers given SHARE's strong back-office and governance systems.

The takeover will see Darren and Adele Gannon, and Murray Weatherston step down from their board roles at Newpark, as SHARE NZ directors assume the board seats.

SHARE's Tony Dench will be the chief executive of the combined group, while Richard Thomas will become chairman, sources said.” Click here to read more

In other news

Chatswood's view is perhaps best summed up by the fact that we have now created a tag on this blog "SHARE" - because we expect to see more posts referencing them. 

 

Fidelity Life: has been working with reinsurers to enable more customers access to Income Protection products

Fidelity Life: advisers in Te Anau helped raise $12.5k for Fiordland Conservation Trust’s Kids Restore the Kepler. 

Fidelity Life: Fidelity Life will be change to questions about weight changes, criminal convictions and pending medical test results on application forms

Fidelity Life: The second batch of product modules will be available on Learning HQ. they will focus on:

  • Income Protection Cover
  • Monthly Mortgage Repayment Cover
  • Waiver of Premium Cover
  • Retirement Protection Cover
  • Funeral Fund Cover

Fidelity Life: Commission payments for Fidelity Life and ex-Tower:

Fidelity Life and ex-Tower

23 Dec 2020

One run for the week

31 Dec 2020

Month end - one run for the week

Group business

16 Dec 2020

One run for the week

From Goodreturns: Does liability for advice stop when clients are sold?