Curium - InsurTech Innovation Award 2022

1. TDI Insurtech Innovation award
April 2022
replace with claims relevant
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2. Making a claim is THE single most important moment for an insurance customer. Yet, their
experience is poor because the claims process is complex, manual and underserved by existing
technology solutions
PURPOSE
Our mission is to empower insurance providers to deliver on their customer promise when it matte
most

3. Insurance players face tailwinds of rising claims
and compliance costs, their biggest P&L
expense...
WHY NOW
Devastation after the floods in Germany 2021
...due to irreversible factors such as
climate change that challenge their
performance
Insurers need to act now to keep insurance affordable and
react faster
The number of natural disasters is rising totaling
$5,200 BN since 1980
https://www.munichre.com/en/risks/natural-disasters-losses-are-trending-upwards.html

4. Claims is a complex and manual process using unstructured
data
Despite being the single largest P&L expense, claims management is underserved by legacy technology,
expensive to automate for mid size players that make up the bulk of the process and avoided by most
insurtechs
Complex
• Multiple players deliver one claim
• Multiple handovers
• Disconnected systems
• A lot of overhead
Manual
• Time spent on data entry,
payments and reporting
• High error rate and
leakage
• Too many emails & calls
Unstructured data
• Over 80% of claims data is
unstructured (emails, PDFs,
calls)
• High compliance risk as result
of inability to track transactions
PROBLEM

5. Curium is a modular, configurable and affordable claims
SaaS that streamlines the process and gains up to 50% of
operational efficiency
Configurable
• extensive no-code layer
• easy change of process or
business rule by the customer
• easy adoption of terminology
• Configurable automated
reports
S O L U T I O N
Affordable
Modular Functional
• system is ready to integrate
with any existing solutions
• deployed as a whole or single
modules (e.g. lodgment)
• comes with some solutions
already integrated (e.g. phones,
payments)
• pay-as-you go models that
scale with volume
• low to zero starting cost
• zero cost of change with no-
code
• full control over settings
• targeting to solve the entire
"claims problem", incl. admin,
payments, comms., not just
one part of the value chain
• regulation-driven updates as
part of the proposition

6. PRODUCT

7. Existing players are either too expensive & hard to configure, or
offer limited functionality
• Very long time to set up and high
fees & lock-ins
Setup cost &
time
Large or legacy tech
players
Insurtechs
Curium
• Relatively short time to set
up, flexible pricing models
• A few hours to set up and
go & low to no upfront cost
Run & change cost • Very high run and change costs,
usually requiring consultants,
integrators etc.
Functionality • Rarely an end-to-end approach,
mostly relying on sophisticated
tech stack maintained by the
client
DIFFERENTIATION
Structured
data
Third party
Integrations
• Typically comes as standalone
with a large cost to integrate
• Not a priority, typically use of all
formats & no effort to structure
• Rarely comes with integration
capability or appetite
Curium combines functionality of a Guidewire, user experience of an insurtech and compliance best
practice as pay-as-you-go services. Unlocks 20-50% efficiency in claims operating costs and targets to
lower the loss ratio by 3-5%
• Low run cost compared to
large firms. Zero change
cost (in no-code layer)
• Affordable run costs, but change
is rarely possible and comes with
a lot of downstream
complications
• End-to-end claims process,
incl. admin, comms,
compliance & reporting
• Typically selective approach to
problems - e.g. only comms, bare
minimum with the rest client
managed
• Comes with integrated
partners + ability to easily
integrate
• Curium is aiming at
structuring most data
• Not a priority, typically use of all
formats & no effort to structure

8. Curium’s ability to automate key claims processes can make e.g.,
Australian General insurance more efficient by freeing up $3.5-$7Bn
of annual cost
Source: APRA
* Assumptions based on experience
$72Bn
$54Bn
paid in
claims
FY 19
Example of Australian General Insurance
~10-12% cost of claims operations (human)
~5-7% tech-related cost (human, projects, licenses)
~2-7% of compliance cost (human, reporting,
external)*
~5-10% estimated leakage*
~3-7% estimated inefficiency loss*
$3.2-5BN
Claims handling cost
$2.7-5.4BN
Potential leakage
$1.6-3.7BN
Inefficiency loss
$19Bn
operations
+ profit
GWP FY 19 in Australia
Estimated inefficiency losses Efficiency potential with
Curium
Up to 50%
of claims handling cost
Up to 50%
of potential leakage
Up to 50%
Of inefficiency loss
$7.5-14.1BN
Total loss
$3.7-7BN
Total efficiency
IMPACT

9. Client impact case study "Scaling at zero
incremental cost"
TRACTI ON
Benefit: efficiency of of 40-
50% of admin time & cost
Curium identified the main "time wasters"
• Incoming and outgoing mail needs to be copied in from Outlook
• All documents need to be manually attached
• 85% of comms are about the "status of the claim" to various
stakeholders
• Semi-manual reporting
• Transnational activity is only traceable via "notes" and thus easy to
manipulate
How Curium is solving the problem:
• All mail & documents come straight into the system with real time
stamps
• All "status" comms are automated via pre-configured email templates,
automatic system notifications and automated tasks
• All relevant stakeholders have access to the claim
• All reports are automated
• All actions recorded on a timeline
• Full transparency in compliance – e.g. exact number of claims with a
Client: a mid-size TPA/Supplier
Problem: own legacy system that is
expensive to upgrade + rising admin costs
(the client must hire additional people in
admin & finance teams) when winning more
business
Goal with Curium: keep admin costs the
same while growing the business (e.g.
doubling)

10. What our customers can achieve with us
RESULTS
• ~80% reduction in admin tasks like
reporting, status updates, incoming
mail sorting etc
• ~10-25% reduction in average
claims duration
• Transparency & quantification of
regulatory exposure of the entire
portfolio compliance and ahead of
time alerts in order to prevent
breaches
• Full flexibility of claims process
through configurable timelines and
business rules
• Fully automated reporting