Tackling Pain Points, Starting With FNOL

 Friday, January 15, 2021

 Insurance Business

Entrepreneur. Problem solver. Innovator. Physicist. Business owner. Stanford grad. These are just some of the terms that can be used to describe Justin Lewis-Weber. But today, perhaps the most fitting title for the young businessman is ‘insurance claims automation champion’.

As CEO and co-founder of Assured, Lewis-Weber is using his tech-savvy brain to transform the insurance claims process by reimagining first notice of loss (FNOL) alongside fellow Stanford grad, Theo Patt.

Assured’s white-label digital FNOL point solution uses artificial intelligence (AI) to address common pain points in FNOL – namely, unstructured data, inaccuracies, inefficiency, and poor customer service.

“Claims automation is really the Holy Grail of insurance,” said Lewis-Weber. “Fundamentally, it works on the three most important metrics that insurance companies care about: retention, expenses, and loss ratio. If we can solve the common pain points in claims through automation, then we can improve all three metrics dramatically.”