Jarowa AG from Zug has won the Innovation Prize of the Swiss Insurance Industry

Jarowa AG, which is based in Zug, has won this year’s Innovation Prize of Swiss Insurance. Jarowa provides a digital Swiss marketplace, as well as a central transaction platform, for insurance companies, real estate managers and leasing companies who want to manage their trust service providers in an optimised way and to process the orders digitally. With the integration of the Mira solution, Jarowa's clients benefit from automated coverage checks, claims calculations and a variety of analytical data insights to further develop their business.

Jarowa AG was founded in May 2017 in Zug and is a privately-owned Swiss technology company. It offers insurance companies, real estate managers and leasing companies access to a digital marketplace in the areas of mobility, buildings and crafts, healthcare and legal advice. In the event of a claim, the cover is automatically checked and a suitable trusted service provider is selected to process the order. The handling of the claim and the repair of the damage takes place digitally for all the involved parties .

Mira, formerly Mitra Solutions AG, was founded in Winterthur in 2018 by Dandolo Flumini, Joris Morger, Nicolas Gagliani and Alberto Ribeiro Silveira. The Mira solution contains a visual drag-and-drop contract builder for easy digitisation of insurance products and the associated policy texts (and in particular their terms and conditions) into a "smart contract". In the event of a claim, the smart contract dynamically displays only those questions that are relevant to the respective individual case. Existing claims reports are used to support the automated review of the cover statement and the resulting claims settlement. By executing the claims processes with the Mira solution, the effort required for the manual assessment of the claim is significantly reduced, while the payments are accurate and fully comply with the text of the insurance contract. Additional features such as automatic valuation of damaged goods, digital validation of reported events (hail, theft, etc.), intelligent data insights, monitoring of customer interaction and integrated scenario simulation provide insurance companies with large amounts of structured data to further develop their processes and products. 

Andreas Akeret, CEO of Jarowa AG, has fully automated the coverage check for his Mira platform.             Photo: ZVG        
        

Andreas Akeret, CEO of Jarowa, explains why his project achieved first place in the 24th Innovation Award of the Swiss Insurance Industry.

Mr. Akeret, how did you manage what insurers have not been able to do so far?
Andreas Akeret: We asked ourselves: how can we unbundle products in such a way that we can generate intelligent contracts that can be used to check coverage at the push of a button? It took a full four years before the reporting of dynamic claims and automatic coverage checks were ready for the market. We started by digitising the order management for claims. This was followed by dynamic claims notification and automatic coverage checks. That's the real innovation. To this day, experts on the insurance side decide whether a claim has the necessary coverage, and they do this to the best of their knowledge and belief. In order to be able to do this, contracts are more or less memorised, which involves an enormous effort with a corresponding error rate. Our solution achieves this automatically, error-free and with significantly less effort.

What’s behind the innovation?
With our solution, complex insurance contracts can be mapped using "drag and drop", and a smart contract can thereby be created at the push of a button. It is so "intelligent" that it knows immediately what questions to ask in the event of a claim. Answering dozens of questions, as is currently the case on normal insurance portals, is no longer necessary for the insured party, as well as for the employees of the insurance company.

You say your solution is a game changer for the industry. Why?
Because no insurer has yet succeeded in digitising the General Terms and Conditions so flexibly and effectively. But we are not deluding ourselves here. Sooner or later, imitators will come along who want to copy our product. But not tomorrow, or the day after tomorrow. We are technologically too fit for that, and are constantly developing the solution further.

What are the benefits for insurers and policyholders?
Process efficiency, customer satisfaction, correct claims payments and structured data on all claims processed. An insurer has proven that, thanks to our solution, automated process handling is up to 45% cheaper than with the manual method. The notification in the event of damage takes place immediately, and not days later, which is what customers want and appreciate. This is real progress and true innovation. The mission is clear: our solution leaves more time for customer support. Insurance is based on trust, especially in the event of a claim. And that's what matters in the end.

The Innovation Award of the Swiss Insurance Industry from HZ Insurance honours outstanding innovative insurance products and services as well as processes and instruments. Subscribe to the newsletter "HZ Insurance DAILY" for your daily update on the insurance industry and the "HZ Insurance Premium" for  an in-depth insight into the most important developments in the insurance week with comprehensive research content, relevant information and suggestions for strategic decisions.

Source: Handelszeitung / Jarowa