King Price Insurance has walked away with the coveted Value Achievement Award at the annual Southern African Asset Management Association (SAAMA) awards for an automated claims management platform that’s changed the way South African community schemes claims are managed.
The insurer’s Felix platform, which was created in partnership with asset management specialist Pragma, brings brokers, managing agents, service providers, and trustees and homeowners in community schemes like sectional title developments, estates and retirement villages, together with King Price’s community insurance claims and underwriting department, in one place.
Felix is more than capable of managing all claims for the 75,000 assets that King Price community insurance covers. It fast-tracks claims for things like geysers and broken glass, which account for up to 70% of all claims received daily. With Felix, these claims are logged electronically, authorised instantly, and scheduled for immediate repair by an approved service provider– with no human interaction. This means that a plumber or electrician can be with the client within 90 minutes of logging an incident.
As a result, body corporates and managing agents are seeing more effective claims cost control, and shorter claims cycles and incident reporting lag times. Felix allows agents and brokers to request quotes, view their clients’ policies, submit claims and follow the claims progress on a single integrated platform, 24/7, said King Price’s community insurance partner, Ria Furriel.
“The Felix platform has resulted in profound changes in how we operate and interact with the value chain. Multiple stakeholders – owners, trustees, brokers, managing agents and suppliers – can all connect to a central system, interact with one another, and create and exchange value. Everybody is on the same page, all the time,” says Furriel.
Felix integrates the best practices of the insurance industry with the best practices of asset management, said Pragma MD Dirk Janse van Rensburg.
“This gives King Price a more detailed view of the assets insured and creates the opportunity to streamline processes and activities around those assets. The result is better service delivery and increased client satisfaction. Human intervention is minimised when handling claims, allowing a smooth and user-friendly experience for asset owners, contractors, agents, brokers and King Price support teams,” he said.
Furriel says one of the bugbears of sectional title insurance is a lack of updated information and transparency around the insured assets. The use of central management systems like Felix allows for the collection of this data throughout the lifetime of new developments and existing builds, giving King Price the ability to scientifically underwrite risks accordingly to the exposure we carry.
“Felix is a critical part of our strategy to offer best-in-class cover to community schemes,” says Furriel. “Over and above the quick and easy claims and repair or replacement process, another massive benefit for clients who log geyser claims via Felix, is that there’s no excess applicable to their claim, and no limit for electric geysers. King Price always says that if we can’t do things differently, then we won’t do them at all. In the case of Felix, we’re not only different, but we’re also raising the bar in the community schemes insurance arena.”