CHICAGO, Sept. 27, 2018 /PRNewswire/ -- Atlas Financial Holdings, Inc., a multi-state commercial auto insurance provider, has selected Snapsheet, the industry-leading provider of virtual claims technology for the personal and commercial insurance marketplace, to implement Snapsheet Transactions to facilitate a digital early settlement process for bodily injury claims.
Bodily injury severity has surged since 2012, due in large part to increased miles driven and distracted driving. Additionally, with the traditional paper claims process, bodily injury exposures remain open longer, due to the winding and unwieldy path to settlement, increasing the risk of escalation.
In response to this, carriers have long sought to mitigate cost and exposure with an early settlement solution. Snapsheet's technology achieves this by streamlining the bodily injury settlement process for Atlas, so identity is verified, releases are signed and payments are issued, all within a matter of hours. Reaching settlement faster results in decreased exposure, contributing to reduced escalation, ultimately resulting in reduced costs associated with severity.
Through the Snapsheet Transactions platform, Atlas now has the ability to:
- Dynamically populate and transmit digital releases based on business rules and claim system information
- Capture electronic signatures on releases
- Issue electronic settlements
"A streamlined digital workflow will allow Atlas to mitigate first-call bodily injury exposure faster and at a higher rate, helping them to limit severity escalation exposure," said David Boddy, Vice President of Snapsheet Transactions at Snapsheet. "Additionally, we are enabling easier, more streamlined communication for Atlas' adjusters."
Snapsheet Transactions is a digital platform for indemnity, policy, and expense payments across all lines of business. The platform enables carriers to issue multiple forms of payment across multiple payment workflows. Snapsheet Transactions' flexible hybrid platform makes it easy to implement, using minimal resources; Snapsheet integrates the technology directly into carriers' systems, and there is no need to contract with third-party implementation specialists.
"Snapsheet Transactions allows our adjusters to settle with claimants on the phone, which is a significant advantage considering the traditional paper process can take weeks," said Joe Shugrue, Vice President of Claims at Atlas. "We're looking forward to our partnership with Snapsheet, which will allow us to settle bodily injury exposure faster and significantly improve payment workflows internally."
For more information about Snapsheet Transactions, please visit https://www.snapsheettransactions.com/.
Snapsheet is the leading provider of virtual claims solutions. Using powerful technology to improve workflows for more than 70 insurance carriers around the world, Snapsheet creates a simple claims process starting with virtual appraisals and continuing through final repairs and payment. By streamlining communication between consumers, shops, and carriers, Snapsheet takes complicated processes and makes them fast and simple for everyone involved. For more information, please visit http://www.snapsheetapp.com/.
The primary business of Atlas is commercial automobile insurance in the United States, with a niche market orientation and focus on insurance for the "light" commercial automobile sector including taxi cabs, non-emergency para-transit, limousine/livery (including certain transportation network company drivers) and business auto. The business of Atlas is carried on through its subsidiaries American Country Insurance Company, American Service Insurance Company, Inc., Gateway Insurance Company, Global Liberty Insurance Company of New York, and Anchor Group Management, Inc. Atlas' insurance subsidiaries have decades of experience with a commitment to always being an industry leader in these specialized areas of insurance.
For more information about Atlas, please visit www.atlas-fin.com.