Innovative collaboration aims to enhance customer experience and improve loss ratio with breakthrough claims management technology
Aug. 17, 2023 -- Koffie Financial, a vertically integrated financial services platform for the trucking industry, has teamed up with Snapsheet, the pioneer in cloud-based claims management software, to transform the way claims are processed in the trucking sector. This strategic partnership aims to enhance Koffie Financial's claims management capabilities, improve loss ratio, and deliver an exceptional customer experience.
In the trucking industry, accidents are all too common, with the Federal Motor Carrier Safety Administration (FMCSA) reporting an average of 500,000 accidents per year. These incidents result in significant delays and financial losses for businesses. To address these challenges, Koffie Financial has deployed Snapsheet's innovative claims management platform, leveraging customer-centric technology and intelligent automation to streamline and optimize the claims journey.
By implementing Snapsheet's platform, Koffie Financial has already achieved remarkable improvements in key performance indicators. Early data shows an impressive close ratio, exceeding industry standards by 25%. Automating customer notifications, correspondence and reserving is expected to decrease these manual tasks by over 90%. Through the integration of telematics technology into their claims management, Koffie has uniquely harnessed the power to effectively monitor and analyze driving behavior, bolstering risk assessment, improving loss ratios, and propelling their performance to new heights.
"Our customers expect and deserve a seamless digital claims experience," said Justin Whitaker, Chief Risk Officer of Koffie Financial. "Snapsheet delivers unparalleled automation through a configurable platform grounded in the most modern architecture. Their claims system, uniquely tailored for immediate AI and technology operationalization, boasts a proven track record with over 4 million claims handled, 25+ million automated tasks executed, and hundreds of seamlessly integrated workflows. This wealth of experience and technology ensures a streamlined journey for our policyholders that swiftly puts them back on the road, where they belong. This transformative partnership will not only yield impressive improvements in our close rate, loss ratio and cost savings, but will also solidify our position as industry leaders who prioritize the success and satisfaction of our customers."
Snapsheet's claims management platform plays a vital role in Koffie Financial's strategic initiative to bring claims in-house. By digitizing and automating essential aspects of the claims lifecycle, Koffie is empowering its policyholders with a streamlined and efficient claims journey. The platform facilitates prompt resolutions, enabling faster payments and minimizing processing times.
"We're thrilled to partner with Koffie Financial, a company that aligns seamlessly with our mission to modernize claims management," voiced Brad Weisberg, CEO at Snapsheet. "By using our technology, Koffie can ensure truckers swiftly resume critical operations after an incident. We take pride in the fact that our platform's advanced automation and efficiency are having a significant impact on trucking businesses, expediting their return to the road. As we move forward with Koffie, we're dedicated to further enhancing their claims experience and aiding their development, while simultaneously contributing to the overall growth and success of the broader trucking industry."
With the deployment of Snapsheet's claims management platform, Koffie Financial is solidifying its position as a leader in the trucking industry. As they continue to drive innovation through their vertically integrated financial services platform, Koffie remains committed to empowering truckers with modern tools and technology that maximize efficiency and safety.
About Koffie Financial
Koffie Financial is a vertically integrated financial services platform for the trucking industry powered by cutting-edge technology that drives increased profitability and safety. With insurance at its core, Koffie's instant and transparent financial services empower truckers with the modern tools and technology necessary to drive efficiency and safety.
Founded in 2018 by Ian White and Mike Dorfman, Koffie holds deep expertise in trucking, insurance, data science and software. The company is backed by Anthemis Group, Lerer Hippeau, Plug and Play Ventures, and other leading venture capital firms.
Learn more at www.getkoffie.com.
Snapsheet is a trailblazer in virtual appraisals and a leader in cloud-based claims management technology, enabling the most innovative claims organizations to deliver the best experiences for customers. With a focus on engagement, digitization, and intelligent automation, Snapsheet provides unmatched technology and streamlined processes. Their claims management software solutions improve customer experience, drive greater organizational agility, and deliver transformational benefits.
Snapsheet leads the industry in claims innovation including the deployment of the fastest digital auto insurance claims process in the United States. As a trusted innovation partner, Snapsheet works with more than 140 clients, including many of the largest insurance carriers, third-party administrators, and insurtech and sharing economy disruptors. For more information visit www.snapsheetclaims.com.
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