Business credit data provider CRIF has announced a new partnership with claims management solutions provider Crawford and Company. Using open banking technology, the partnership will reduce the time spent on claims management by 30%.

Businesses making a claim through Crawford can now securely connect their bank account as part of the process, enabling real-time, detailed categorisation and analysis of income, expenditure and other KPIs.

Sara Costantini, CRIF’s regional director for the UK & Ireland, said: “CRIF believes that insurers would benefit from the adoption of new solutions to optimise their customer journey, streamlining claims management and ensuring fast, accurate payouts.

“CRIF’s partnership with Crawford leverages open banking to unlock better-informed decisions surrounding payouts. It’s fantastic to be making such an important step forward in the sector, while enabling more insurers to get quick and accurate decisions by streamlining their internal processes.”

Angus Osborne-White, director of Forensic Accountancy Services at Crawford, added: “Managing the process of business interruption claims can be long, complex and time-consuming. Not only does this demand significant internal resources, but crucially it also holds up businesses from receiving the payouts that they often are desperately in need of.

“The recent adoption of CRIF’s open banking technology is not only significantly streamlining this process but simplifying it. The partnership is equipping Crawford with the cutting-edge technology required to remain at the forefront of innovation in its sector, while also offering customers an unparalleled experience when it comes to claims management.”

While open banking technology is well-established in the banking sector, it has yet to be fully integrated in the insurance ecosystem.

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