The changing demographics with tech-savvy millennials continue to move towards self-service options. It is expected that over the next several years mobile claims reporting will expand, and self-service claims options will continue to increase.
On a typical day, about 80,000 American drivers have accidents serious enough to warrant calling their insurers.
For the past few years, insurance carriers liked photo-based estimates. Appraisers that on average could do only four in-person estimates a day now with virtual claims solutions could complete around 15 virtual ones by staying in the office and scrolling through customer-supplied photos on a computer monitor.
Touchless Claims are Here to Come
Virtual claims management is nothing more than digitally provided accident information with rich media, like images, videos and voice recordings evaluated by the insurance operations team. When an accident happens and the user submits data, the first notice of loss data feed is automatically fed into the carrier’s claim platform and validated to create a loss report in line with carrier protocols. The platform’s in-built analytics then trigger any further inspection needed.
Virtual claims process not just saves money for insurers, but also makes it hassle-free and error-free. It leads the way toward efficient claims management, reduced loss adjustment expense, better net promoter score, and better loss ratios. Claims handlers benefit from going virtual as they are able to focus on more complex aspects of claims adjudication that requires their experience, investigative skills, and intuition.
Insurance industry touchless claims define as a process or workflow that is similar to virtual claims handling except that no claims adjuster or insurance carrier employee is involved in the claims process at all. Technology is used to report the claim, capture damage or invoices, run a system audit, and communicate with the customer electronically. If the claim meets the approved criteria, the claim is automatically paid without human intervention. Insurers are now embracing and leveraging new innovations that offer customers the choice and speed they’re looking for.
Customer Centricity is What Builds Relations
Insurers that successfully adopt touchless claims will be those who keep the customer experience at the heart of all these changes, rather than being led by technology. The next generation of insurers will be those who seize the opportunity to evolve into protectors rather than policy providers where cars report accidents themselves and trigger the repairs process. That will be the true value of touchless claims.