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February 8, 2016

Visual Technology Is Changing Claims

Summary:

Processing claims takes time and resources for carriers -- while frustrating customers. Visual technology provides an answer.

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One of the common challenges insurance companies face when it comes to claims is how they can make the process more efficient for customers. Processing claims takes time and resources regardless of size, especially for claims valued at $10,000 or less, where it is not cost-effective to have an adjuster evaluate the damage onsite.

Mobile changes customer expectations 
Customers’ today are demanding. They want instant results. Mobile technology is transforming customer expectations. Nigel Walsh, who is the head of insurance in the UK for CapGemini, stated at a recent TechUK meeting that. “Customers are getting more savvy. Expectations have gone up, but insurers are not meeting those expectations.”

Traditional claim processes meet disruptive technology
Using technology to engage with the customer, the InsurTech transformation is addressing the gap between self-serve applications and traditional onsite visits with video. Solutions such as SightCall Visual Claims are using mobile video to allow policyholders to file claims in real time. It is all about the customer using technology that engages them and allows them to show the damage with their smartphone. Here is a quick example of how it works.

Don’t fall short of customer expectations. They are ready
While starting in early stages of implementation, major insurance companies were only expecting 10% of their customers to accept this new approach. Instead, they reported receiving more than 80% positive participation. The mobile mind definitely shifted the expectation that “I can get what I want immediately.” Providing an instantaneous solution to customers has become essential in how successful insurance companies distinguish their value from the competition.

Is insurance ready?
Reducing claim cycle times from days to hours not only results in high customer satisfaction but also creates massive savings. The monthly cost of the technology can usually be covered by one single video session that avoids an onsite visit. Decision is a no brainer. Now the challenge resides in the change management. Insurance customers are ready, but are insurance employees ready to change their way of working?

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About the Author

Thomas Cottereau is the CEO and founder of SightCall, which has created an easy way to show what you see live leveraging a mobile phone. After 10+ years in the telecom industry, Cottereau decided to redefine remote interactions by building the first global cloud platform delivering rich communications to Apps.

follow @thomascottereau or @ITLupdates for more stories like this

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