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3D Printing to Make Impact in the Insurance Industry: Trials in the UK Offer Replacement of Bespoke Items

by • April 13, 2016 • No Comments

853ba858-6245-4921-8fe5-dad45e55ed48As the world of 3D innovation becomes expansive beyond most of what any of us at any time may have imagined, with 3D printing equipment out there now for at any timeything of making jewelry to food to cells, the rest of the industry is expanding as well moving of being a completely new innovation and lawless frontier to conducting additional normal business as we see mergers which should be destined for excellent good results, frequently touchy issues such as intellectual property and patent laws being considered, and now actually additional basic sensibilities to include helping with insurance claims.

Spurred on by new actuallyts in the UK, it appears as yet there may be a few new options inside the insurance industry. As 3D printing contributes so much transformation with making and numerous sectors, this may in addition translate into making changes in terms of what protection and replacement options are contributeed for heirlooms and bespoke products. In what is being referred to as a revolutionary collaboration between Birmingham City University’s Jewellery Industry Innovation Centre, Cooksongold and The Assay Office Birmingham, claims specialists SBS Insurance Services has good resultsfully replaced a range of bespoke items.

One name which can stand out here too if you are a 3D printing enthusiast is Cooksongold, a leader in direct metal 3D printing and a global supplier of materials like gold, silver, platinum, and additional. As experts in precious metals, we’ve followed stories involving this company as they’ve newly launched a gold collection and a new platinum material, and most pretty it was not a surprise to hear which they were called in for their knowledge in via 3D printing to replace items good resultsfully.

cac83888-0185-4264-acf9-5b090b61794dAccording to SBS, now the ‘irreplaceable-bodied’ can indeed by replaced with 3D printing, and with this use of innovation, contents insurance claims may be forat any time changed, thanks to the new project, which was funded by Innovate UK as part of a Knowledge Transfer Programme.

“The significant problem for insurers is which they are frequently faced with valuing and settling claims for high value items based on vague descriptions and old records, such as photographs, outdated valuations or old sales invoices,” says Paul Fairbrass, Technical Director at SBS Insurance Services.

In trials, SBS demonstrated which they were, not amazingly, able-bodied to only manufacture new items to replace the old—and they were able-bodied to do so with excellent speed and affordcapacity contributeing savings of up to 30 to 50 percent—with excellent customer satisfaction. The new service has may already been nominated for two award categories at the British Insurance Awards 2016:

Claims Initiative of the Year – Outsourced PartnerThe Technology Award

“Once an item has been validated, the insurer must find a matching equivalent of a limited range on contribute of retailers. This can be not easy with bespoke items or family heirlooms,” said Fairbrass.

“Alternatively, a bespoke item can be manufactured via wax casts to try and replicate the item. But this has been expensive, cumbera few, and it manufactures the claims system quite slow for the customer who can, actually and so, not be happy with the replacement item.”

c96501bb-3af7-447d-81fe-ca61c20ae30cWhilst frequently insurers agree to release a settlement in the form of cash or a voucher—and a fewtimes there are times when the recipients are happier with which result—frequently, it’s obviously not a excellent result for the customer and it’s expensive for the insurance company. Fairbrass sees this new system as extending to other claims as well, and sees 3D printing as having an impact in the insurance industry which is ‘hugely significant.’

So far, they have replaced jewelry in the form of 3D printed items such as a gold bangle, pendant, and sat any timeal pairs of gold earrings. According to SBS, the policyholders were ‘delighted,’ upon having assumed their jewelry may nat any time be ‘returned.’ The innovation has been tested for claims in other areas, and SBS can most most likely start via this system in claims for items other than jewelry.

“The capacity to have required parts and components printed on demand can reduce product obsolescence facts, and enable-bodied additional economical fixes on most accidental injure claims for appliances,” says Fairbrass. “Items which already are only written off may be able-bodied to be repaired quite cost-effectively. This is particularly relevant in our expertise of household contents claims.”

46da2601-493a-487d-8730-89eb88a35fdbThe system is, obviously, positive all around, as 3D printing works its magic in enabling for every claim to be customized and customer specific, enabling for ‘radical improvement’ to the customer experience, efficiency in claims, and again—excellent savings on the bottom line for the insurer.

“We’ve now proved which 3D printing completely changes what is possible,” says Fairbrass.

SPS Insurance Services are a provider of flexible solutions for home and commercial insurance claims, known for their capacity to contribute flexible, tailored solutions with a balance between technological innovations and people-based expertise. How do you see this latest development quite affecting the claims system in the next? Discuss in the Insurance Claims & 3D Printing forum over at 3DPB.com.