Wilbur, which specialises in insurance technology (insurtech), has rolled out new AI and Analytics modules tailored for insurers, managing general agents (MGAs), brokers, and third-party administrators (TPAs).
The modules are launched as Australian insurance companies integrate AI into their systems to keep up with the evolving cyber environment, prompting the Insurance Council of Australia (ICA) to outline the advantages and disadvantages of the integration and regulation of AI within the general insurance sector.
The new AI and Analytics tools are designed to integrate with Wilbur’s existing platform, with a focus on enhancing efficiency in claims processing, reducing fraud, and improving underwriting practices.
Wilbur chief technology officer James Pepplinkhouse emphasised that the modules were created to address the unique challenges faced by TPAs, insurers, MGAs, and brokers.
“We understand the challenges these organisations face in managing data and processes, and our new tools provide them with the intelligence they need to stay competitive and deliver exceptional value to their clients,” he said.
To introduce these innovations, Wilbur – named one of the top insurtech companies in Australia this year, recently completed a two-week roadshow in Australia, where it presented the new modules to both existing and potential clients.
The roadshow highlighted the potential of these tools to streamline operations and lower service costs.
According to Pepplinkhouse, several clients have already begun testing the new solutions following the roadshow.
“We are thrilled that several of our clients have now moved into piloting these solutions, partnering with Wilbur to explore innovative use cases that will drive their businesses forward,” he said.
A key feature of the launch is the integration with Livegenic, a platform specialising in real-time claims management.
This integration allows users to use live video and photo capture, paired with AI analysis, to facilitate quicker and more accurate claims resolutions. The feature is particularly relevant for the Australian market, where regulatory requirements following the Australian Parliamentary Flood Inquiry have increased the pressure on insurers to comply with the General Insurance Code of Practice (GICOP).
“Partnering with Livegenic allows us to offer a comprehensive solution that addresses every aspect of claims management, from lodgement and assessment, to finalisation,” Pepplinkhouse said.
Claim Central is pursuing potential investment partnerships to help accelerate Wilbur’s growth and support its plans for international expansion.
