Revolutionising jewellery insurance claims

Using positive “digital disruption” SBS looked to revolutionise jewellery insurance claims leading to key innovations like “printing an heirloom & replacing the irreplaceable”

SBS handles insurance claims on behalf of more than 23 insurance companies – including household names like Allianz, Direct Line, Legal & General and Lloyds Bank.

Claim handling for the jewellery sector has not seen much change in years and is characterised by claims being dealt with slowly, with little innovation in the claims process and poor customer satisfaction.

Introducing digital disruption to the process could improve all three of these challenges – as well as increase profit and revenue. The partnership with Birmingham City University has helped introduce CAD into the claims process (enabling rendered images to be used in the claims process) as well as highly sophisticated 3D printing processes with precious metals technology to replicate and replace lost items of jewellery.

As well as now being seen by the insurance industry as the “go-to” company for technology innovation, winning it major new contracts, the financial impact of the KTP on SBS Insurance has been extremely positive. Over a three year period:

• Turnover is projected to increase from £21,500,000 to £26,500,000
• Profit is projected to increase from £825,000 to £1,175,000
• Local recruitment to increase from 82 to 92 staff