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Happy Birthday Write Back!

16 December 2017

Happy Birthday Write Back!

At the end of 2017, DOCOsoft CEO Aidan’s O’Neill penned an article for Insider Quarterly extolling the virtues of the Write Back claims management system as it turned two years old. To read a full transcript of the article, please click on the IQ PDF or read a brief summary of the article below.

Two years ago in July 2015, the Lloyd’s Market Association, in partnership with a handful of Managing Agent early adopters unleashed its Write Back operating system onto the world. Two years on, Write Back is going stronger than ever.

Happy birthday Write Back!

It’s hard to believe that the ground breaking, message-based technology that allows the IT systems of London market insurers to interact fully with the market’s central claims systems, ECF2, went live only two years ago. Within months of the launch, it was clear that Write Back’s market-wide implementation had been a success.

DOCOsoft was responsible for two carriers implementing as early adopters –Faraday and Talbot. The implementation was smooth and within the deadlines that were set and so began a new era in London market claims transformation for our carrier clients.

Write-Back now provides market carriers with greater flexibility in managing claims; it removes duplication and inefficiencies, offers enriched data and management information by providing near real-time claim notification.

Award-winning technology 

Within months of the launch, it was clear that Write Back's market-wide implementation had been a success. At the end of 2015 the LMA, via ECF Write-Back, was awarded London market "Technology Initiative of the Year" by Insurance Day. This followed Write-Back's Business Process Improvement Award for the LMA at ACORD's annual conference in Florida the previous month. Then the system was recognised with an Irish Times FinTech award for innovation

The five Key Steps to Providing Competitive Advantage that the claims management system can provide, include:

  1. Up to 50% reduction in claims handling turnaround time
  2. Estimated £350,000 saved for a small team of claims handlers
  3. 625 days saved based on 30,000 claims processed a year
  4. 10 minutes minimum saved per claim
  5. 24/7 access claim response ability

There has been impressive market-wide take-up of the technology. 12 market carriers are now live on the DOCOsoft Write Back Claims Management System – close to 25% of Lloyd’s Managing Agents. The plaudits have rained in, with one Head of Claims at a large Managing Agent telling me that the result is a system, which will help them in revolutionising the way they handle claims.

The story continues 

So, what is the future for Write-Back?

Its capability to deliver enhanced data analytics is certainly very promising. To take advantage of the data insights in an organisation requires new ways of automatically organising, classifying and labelling documents and data. Using advanced machine learning techniques, we believe that the data analytics on our Write-Back-enabled CMS will do just this.

The new technology can take hundreds of thousands of claims and policy documents and data as inputs and outputs their hidden thematic structure and relationships, which leads to actionable insights such as improvements in compliance, cost structures and competitiveness.

It will then be possible for this new machine-learning technology to crunch petabytes of data more efficiently and make sense of a complicated claims world. There is much to look forward to for Write-Back, which is only at the start of its journey.

Aidan O'Neill is CEO of Docosoft.

 

 

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