Visual Claims: The insurance process of the future
Customer satisfaction and experience are important for every industry, and insurance is no exception. According to the OECD Global Insurance Statistics, more than US $2.29 trillion in claims were paid by insurance companies in 2016 alone. Already a fiercely competitive industry, new players are continuously entering the market. One of those companies, Lemonade, is offering innovative business models focusing on a fast and efficient approval process and transforming what consumers (especially millennials) have come to expect from insurance companies. To stay relevant and compete effectively, traditional insurance companies must ensure their customer base is satisfied. These insurers recognize that customer satisfaction stretches far beyond the purchase of a policy. Customers expect to have peace of mind during the contract cycle, efficient claims processing procedures and quick payment when a claim is filed. In addition, insurance companies must find ways to generate positive customer experiences during every touchpoint with the company.
Visual engagement enhances the claim experience
Implementing a video solution that enables visual insurance claims has emerged as one solution that can disrupt the way insurance claims are processed and resolved. A remote visual communication platform enables customers to transmit images and videos of their claims to contact center agents for immediate incident assessment.
Visuals have always been an important component of processing a claim. In most cases, a representative from the insurance company – agent, assessor or adjuster – is often required to visit a site to collect visual evidence to solidify their decisions. Visual claim support is revolutionizing this process by enabling agents to access the full visual picture in real-time without requiring them to leave their desks. This results in a significantly shorter and more straightforward claims process. Shorter, because visual claims eliminate the requirement for a site visit, as well as the lengthy back-and-forth email communication with the customer. More straightforward, because the adjuster has immediate access to real-time and objective visual information that may be temporary yet critical to the case, such as road conditions, position of vehicle, damage to third-party objects and other telling pieces of relevant information. This captured data can be used at a later date to expedite and resolve disagreements when necessary.
Simple process for wide range of use cases
The visual claim process itself is easy and quick The adjustor can simply establish a live video connection with the customer (no app download necessary) in order to easily review and visually communicate with the customer through augmented reality tools. For example, a customer whose car has been damaged in a road accident can show an insurance agent the cause and extent of the damage during a live call. He can indicate the exact position of the cars and the wet conditions of the roadway. The agent can request to see specific signs in the intersection and even the vehicle’s skid marks.
Alternatively, in situations that are not time sensitive, a customer can choose the time-flexible option of uploading images and videos of the damage for rapid, accurate assessment without the need for costly field work. For example, if an insured heirloom was broken, the customer can simply upload images of the cracked piece at his convenience. Using either of these options allows the insurer to securely capture the evidence of loss documentation required to validate claims.
Advantages of visual insurance claims
- Real-time validation – and more accurate appraisals
- Expedited claim settlements – often after the First Notice of Loss (FNOL)
- Increased levels of customer satisfaction – as reflected in NPS scores
- Greater adjustor efficiency – reduced time in the field lowers overhead
- Reduced fraud – with secure, live video
IoT and Insurance
Many insurance companies have begun implementing smart technology as part of their strategy, including connected security, medical and other smart devices that influence the conditions of their insurance premiums. These devices may include in-vehicle telecommunication systems (telematics), smart smoke and CO detectors, and alarm systems.
Installation and configuration of these home devices can be complex. Whether a security camera, home blood pressure monitor or other connected device, the challenges customers face when integrating the Internet of Things (IoT) can be solved with intelligent visual support. AR- powered visual communication is a proven way to help customers install, activate, and maintain these smart devices.
TechSee’s intelligent visual engagement platform enables visual insurance claims, as well as interactive real-time guidance from contact center experts on filling out claim documentation and resolving billing issues. For insurance companies looking for an advantage in today’s highly competitive insurance market, implementing video-based visual claims will not only boost the customer experience, but the ROI as well. Below is a video produced by Achmea, one of the largest suppliers of insurance and financial services in the Netherlands, which has successfully implemented TechSee in support of its visual claims capabilities.