Description

As you may be aware, motor insurance is the 2nd largest business in the General insurance segment in the UAE with gross written premium of approximately USD 1.3 Bn. However, motor insurance portfolios for most insurance companies are either marginally profitable or unprofitable. Symplfy is able to deliver savings in claims value by identifying standardized unit labor costs and market prices for used parts and not relying on only historical claims data. Symplfy’s unique solution has been developed by a world class team of experts across AI, Automotive and Insurance domains. Symplfy is already field testing the solution with one of the large insurers in UAE and we estimate to process over 50,000 claims in a year and target to save approximately 15% of the claim value. Symplfy’s vision is to expand and deepen its impact within the Insurance domain in Emerging Markets by connecting motor claims insights to motor policy underwriting and then expand to other insurance verticals – health, property & crop. Please join us in our exciting journey to simplify claims.