Keoghs has today launched a groundbreaking credit hire tool which automates the processing of credit hire payment packs for insurers - decreasing the average processing time of a claim by 45 minutes and reducing costs by an average of £1,500.
The announcement comes as the industry continues to be in the spotlight for the rising cost of motor claims.
As Gary Herring, Partner and Head of Credit Hire at Keoghs explains: “Now is the perfect time to launch Sonic, which we are confident will help insurers tackle the rising cost of motor claims for the benefit of consumers. Harnessing AI technology, unrivalled data capability and market leading strategic credit hire expertise, we believe that in Sonic we have developed a unique technology that is not only is proven to deliver transformative operational and indemnity spend savings, but will also give insurers a valuable strategic edge.”
Keoghs’ Lauri Sonic AI technology analyses documents and extracts critical information from payment packs such as hire rates, loss of use dates, storage and recovery information as well as the findings of vehicle inspections.
In less than two minutes from the payment pack being submitted, Sonic enriches the extracted data and applies strategic rule sets before presenting the claims handler with a focused and concise report, which identifies risk factors and sets out the most appropriate route for processing and settling the claim, including recommended offers based on duration deductions and basic hire rate data.
Comprehensively tested by Keoghs and utilised in house for over a year, Sonic is already saving users 24% vs GTA (ABI General Terms of Agreement) and 41% vs the commercial rate, with a saving of over £4 million for one insurer across their book of claims in the last 12 months alone.
Sonic also carries out data analysis to identify common trends and insight, while every processed claim can tap into an unrivalled fraud database to detect potentially dubious activity.
Developed in house by Keoghs’ expert technology division, Sonic forms part of the firm’s portfolio of Lauri tools, which includes the industry’s first AI insurance lawyer, brought to the market six years ago.
For more information, visit our Sonic hub
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