The Yarowa platform: Digitizing the claims process end-to-end
For many insurers 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. That’s why digitising and streamlining claims processes should be high on every insurer’s agenda.
Yarowa offers digital solutions for the entire end-to-end claims process and empowers its insurance clients by offering no-code solutions that can be configured and adjusted in real-time by the administrators:. business representatives (Claims and/or UWR), who don’t need any IT knowledge.
The Yarowa solution contributes to all three corners of the claims triangle: higher process efficiency, lower claims payments and higher customer satisfaction.
- More process efficiency: One of Yarowa’s clients in Switzerland recently measured a 45% increase in process efficiency in the order management with providers.
- A significant decrease in claims payments: The costs for providers decreased by approx. 10%. Furthermore, leakage can be reduced significantly (estimation at approx. 2% of claims payment by large insurers).
- High customer satisfaction: 8.8 out of 10.
How it works
Yarowa offers two key solutions focused on the claims process, that can be used individually or in combination:
- Dynamic FNOL and automated cover checking: Yarowa introduces the handshake between product management and the claims department by providing a platform for insurance companies to create smart contracts based on their policy wordings and claims guidelines.
- Digital vendor- and order management: Yarowa offers a cloud-based marketplace and digital end-to-end processes to optimise the vendor management and order execution of insurance companies. The collaboration with vendors, needed 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).
The process is easy. On the non-coding platform, the insurer 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. This whole process can be configured and actively managed by the insurance company.
Why did we choose Yarowa for ITC DIA Europe?
Yarowa helps to increase customer satisfaction by eliminating claims inflation and improving process efficiency at the same time. Its no-code platform 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.
Yarowa’s CEO & Board Member, Andreas Akeret and Country head UK, Paul Tombs will take the stage at ITC DIA Europe.
Who is Yarowa?
Yarowa was founded in 2017 and quickly established the market standard for vendor management in Switzerland. In 2022, funding was raised for their ongoing internationalization. Currently, Yarowa is working with over 80 insurance companies such as AXA, Generali, Zurich, and Allianz and seamlessly integrating their solution into their claims system. They are present across five countries (their home market Switzerland, Germany, Austria, UK and Italy). All their solutions can be used worldwide: there is no limitation to country or language.
“Yarowa aims to become the world 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 & Board Member, Yarowa