Kingstone Insurance Company Announces Agreement with ClaimTouch to Enhance Contents Claims Management
Kingstone Insurance Company (Nasdaq:KINS) announced an agreement with ClaimTouch Analytics Inc. to enhance its contents claims management using AI, machine learning, and big data. This partnership aims to improve the accuracy and speed of claim resolutions, making the process more efficient for both customers and Kingstone's Claims team. Dave Fernandez, Chief Claims Officer of Kingstone, emphasized the benefits of this collaboration in transforming the customer experience. ClaimTouch's CEO, Mick Noland, expressed excitement about modernizing a traditionally overlooked area in the insurance industry.
- Agreement with ClaimTouch to leverage AI, machine learning, and big data.
- Improves accuracy and speed of claim resolution.
- Enhances customer experience by making the claims process more efficient.
- Potentially reduces operational costs due to optimized settlement processes.
- No specific financial benefits or cost savings outlined.
- Potential initial costs and implementation challenges with new technology.
- Risk of over-reliance on technology, which may lead to inefficiencies if not properly managed.
KINGSTON, NY / ACCESSWIRE / June 12, 2024 / Kingstone Companies, Inc. (Nasdaq:KINS) (the "Company" or "Kingstone"), a Northeast regional property and casualty insurance holding company, today announced that it has entered into an agreement with ClaimTouch Analytics Inc. ("ClaimTouch"), a pioneering technology company, to leverage artificial intelligence ("AI"), machine learning, and big data in identifying leakage and optimizing the settlement process for content claims.
"We are pleased to announce our agreement with ClaimTouch as part of our ongoing commitment in providing innovative solutions to our valued policyholders," said Dave Fernandez, Chief Claims Officer of Kingstone Insurance Company. "Utilizing the intuitive platform and services provided by ClaimTouch will enable Kingstone to transform the customer experience for contents claims, increasing the accuracy and speed of claim resolution. Contents claims can be confusing and labor intensive for customers, the last thing they need after experiencing a loss. Offering ClaimTouch's user friendly, advanced technology to our customers will simplify and streamline the process for our policyholders and our Claims team."
"We are proud to provide Kingstone with a seamless experience for all stakeholders in the contents claim process," said Mick Noland, Chief Executive Officer & Founder of ClaimTouch. "The contents claim process has remained the same for decades; its impact and significance are widely overlooked by the industry. We are excited to make a difference for Kingstone's policyholders and Claims team by bringing AI & big data to the contents claim workflow."
About Kingstone Companies, Inc.
Kingstone is a northeast regional property and casualty insurance holding company whose principal operating subsidiary is Kingstone Insurance Company ("KICO"). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine.
About ClaimTouch Analytics Inc.
ClaimTouch helps the P&C industry become future-ready by leveraging AI and Big Data to bring speed, efficiency, and accuracy to the property and content claim process. It creates a seamless and instant experience for insurance companies, policyholders, and adjusters. For more information, please visit www.claimtouch.com.
Investor Relations Contact:
Karin Daly
Vice President
The Equity Group Inc.
kdaly@equityny.com
SOURCE: Kingstone Companies, Inc.
View the original press release on accesswire.com
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