Yarowa: digitising claims processes end-to-end
Digitising and streamlining claims processes should be high on every insurer’s agenda, as claims management processes still involve a lot of manual work and are very time-consuming and resource-intensive, leading to high costs and low customer satisfaction.
Yarowa offers digital solutions for the claims process end-to-end and is well-established in the market, working with over 90 insurance companies such as AXA, Generali, Zurich, and Allianz. Their solutions can be integrated seamlessly into existing claims systems.
Yarowa offers mainly two solutions that can be used individually or in combination:
- Automated cover checking: Yarowa offers a platform to create smart contracts (computable contracts) of policy wordings and claims guidelines. The smart contracts can automatically check the coverage of a notified claim.
- Digital vendor- and order management: Yarowa offers a cloud-based marketplace and digital end-to-end processes to optimise vendor (service provider) management. The collaboration with vendors, to assess or settle a claim, is fully digitized, including the collaboration with the insured. All vendor types are included on one platform (e.g., tradesmen, doctors, lawyers, car repair shops, loss adjustors, and many more).
How it works
The Yarowa solution contributes to all three corners of the claims’ triangle:
- Significant process efficiency: a leading insurer in Switzerland recently measured a 45% increase in process efficiency in order management with providers.
- Significant decrease in claims payments: the costs for providers decreased by approx. 10% in the most important fields. Furthermore, leakage can be reduced significantly (estimated at approx. 2% of claims payment by large insurers).
- High customer satisfaction with 8.8 out of 10 points.
Yarowa empowers its insurance customers by offering no-code solutions that can be configured and adjusted in real-time by the insurance companies’ administrators. These administrators are business representatives (Claims and/or UWR) and do not need any IT knowledge.
On the no-code platform, insurers can easily digitize all their products, including guidelines and other information that is needed. This then leads to an automated cover check and a detailed result of the coverage.
Data is collected in the claims processes on the detailed level of the policy wording, allowing further insights that can be used for pricing, product development or even benchmarking with competitors. Finally, the best-suited claims supplier can be selected and mandated via the platform:
Why we selected Yarowa for ITC DIA Europe
Yarowa helps insurers to streamline claims processes, reduce costs and increase customer satisfaction by eliminating claims inflation and improving process efficiency. Their solution is a no-code platform that is capable of creating smart contracts based on insurance policy wordings. The platform’s marketplace is fully digital and offers access to vetted and quality-assessed vendors.
At ITC DIA Europe Munich, Yarowa’s CEO & Co-Founder Andreas Akeret took the stage to demonstrate their end-to-end platform.
Who is Yarowa?
Yarowa was founded in 2017 and quickly established the market standard in Switzerland for vendor management. In 2022, funding was raised for their ongoing internationalization. Currently, Yarowa is operating in several countries, including Germany, Italy and the UK.
“Yarowa aims to become the world’s leading digital marketplace and transaction platform that aggregates providers and solutions for insurers, property management and leasing companies. Our solution is easy to integrate, configurable by self-service, and usage-based priced.”Andreas Akeret, CEO & Co-Founder, Yarowa