ITC DIA Europe

ValueChecker: helping insurers with automated item of loss valuation

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jul 14, 2023

Valuation of product damages is often manually done by claim handlers and therefore labour intensive, slow, subjective and expensive. ValueChecker replaces all subjectivity with data-driven, rule- and machine-learning-based automatic valuations. By using objective product details, advanced product technology and live retail prices, ValueChecker can correctly identify claimed products and their best replacements in a matter of seconds, delivering easy, fast and fair claim settlements.

ValueChecker’s product technology helps insurers automate their claims process. The ValueChecker solution identifies the claimed product and calculates the best replacement product and valuation in real time. ValueChecker automates the process of product appraisal, reducing manual work, valuation errors and subjectivity.

ValueChecker consistently delivers savings in excess of €100 on settlement amounts and 15 minutes in operational savings per claimed product, not including organizational efficiency gains. Its clients save over 20% in settlement costs, can automate over 80% of claims, and improve NPS scores by more than 20 points.

How it works

The ValueChecker process starts with (1). Claimed Product Identification: The claimed product is identified using ValueChecker’s extensive database, online data sources and customized Google search engines and algorithms. After that, (2). Availability / Replacement product identification happens, where market availability is scanned in real-time. Should the claimed product be out of stock/discontinued, ValueChecker automatically identifies the best Like-for-Like replacement product. Third, (3). Valuation/Actual Cash value calculation. This is settlement valuation based on real-time pricing data to identify replacement cost, and automatically apply depreciation/excess rules for a final settlement calculation. Finally, (4.) Settlement. Final settlement of the claim via repair partners, cash payment, voucher delivery or delivery in kind, directly from within ValueChecker.

Why did we select ValueChecker for ITC DIA Europe?

ValueChecker won a DIAmond award for the most strategically impactful Show & Tell at DIA Munich 2022! Its solution successfully taps into the trend of full automation of claim handling, Straight Through Processing with the latest AI, Big Data and ML technologies.

At ITC DIA Europe 2023 in Barcelona, ValueChecker’s Arie Struik, Founder & CEO and Willem van der Hooft, Co-Founder & Business Development, presented their fully automated product claims valuation, enabling true claims automation “STP” (no hands claims handling). Since being on stage at DIA Munich in 2022, they now offer “Bulk” inventory scoping and valuation, with self-service inventory building for the insured (BICC/BCA), repairs & fulfilment and connected partners/functionality.

Who is ValueChecker?

ValueChecker’s product technology helps insurers automate their claims process. The ValueChecker solution identifies the claimed product and calculates the best replacement product and valuation in real time.

ValueChecker is live with customers and partners in UK, Netherlands, Belgium, Germany and Nordics. Insurance customers include NN Group (ING, OHRA, ABN Amro and NN), Univé, Achmea, ZLM, Sedgwick UK, Frende, JBF and KLP. ValueChecker is also available in the rest of the EU, USA, Australia and New Zealand.

ValueChecker was born out of the global product comparison company alaTest, founded in 2005 by Arie Struik. After friend-since-the-cradle Willem van der Hooft joined as an investor he suggested that alaTest could solve a major problem for the insurance industry, the process of fair product appraisals. This started the ValueChecker project in 2017.

The current team is around 20 at its HQ in Stockholm and an office in The Gambia. Expansion to the USA is ongoing in 2023. The majority owner is the founder with a minority owned by the co-founder and angel investors. ValueChecker welcomes investment and partnership opportunities to accelerate international growth.

“ValueChecker was founded to create a global, independent and automated solution for fair product appraisals. The significant savings achieved for insurers should ultimately lead to cheaper insurance for everyone.”

Arie Struik, Founder and CEO, ValueChecker
Amsterdam 12-13 June

ITC DIA EUROPE

00 Days
00 Hours
00 Minutes
00 Seconds
Have a look!
ITC DIA Europe - Amsterdam 2024 - Register here! Purchase now!