To fast-track claim payment process in the insurance industry, Fast Claim Solutions Limited has unveiled an app called Fastclaim.

To them, the best form of publicity in the industry is paying claims as and when due. This, the company said, would trigger more policy adoption, thereby increasing penetration.

The Chairman, Fastclaim, Effiong Akpan, who spoke at the launch of the application, described the Fastclaim app as a solution that would encourage policyholders to submit claims of their third-party motor insurance even at the scene of incidence.

The co-founder, FastClaim, Uche Okugo, said the firm decided to disrupt innovation in the insurance space after noticing changing trends in the industry.

Okugo noted that the tangibility of insurance is its claims, where people buy an insurance policy, what they fill in the policy when they are being reinstated when a loss occurs.

“We decided to come up with a disrupter, by creating a community between the insurance companies and the policy holders so they can communicate in a friendly environment so we can slowly eliminate the perception that insurance companies don’t pay claims,” Okugo said.

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Chief Operating Officer, Ray Akalonu, speaking on the benefits of insurance technology (insurtech), said that a lot of insurance companies have undergone digital up scaling to deliver effective services to their customers.

He noted that the firm is creating an ecosystem where anyone can get information about claims and its processes.

He added that Data analytics is a tool insurance firms can leverage on to understand and predict the outcome or character of the insured. With this tool, you can predict cancellations and make adequate reserve for termination and cancellations.

“Artificial Intelligence makes it easy to explain a company’s services to customers in record time,” Akalonu said.

Chief Tech officer, Moyo Ajayi, explained that fastClaim does not settle claims but is a platform that assists insurance firms in resolving their clients claim in a timely and efficient manner.

He noted that the app has a friendly user interface, which complies with data regulations policies and structures to ensure safety of people’s information.

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He added that app allows a client to communicate with one’s handler in real time.