Digital Auto Insurance Claim Reporting. Or what Reuters’ Connected Claims conference 2020 talks about
Reuters’ Connected Claims USA conference is one of the biggest insurance claims events of the year. This year the event was virtual due to COVID-19.
Digital transformation is catalyzing
We have found that the digital claiming process is on the wave as never before. Covid-19 pandemic has acted as a catalyst for claims organizations. With remote workforces and social distancing as the new normal, digital claims tools moved front and center. Insurers were forced to provide touchless claims handling solutions and fast. This was a big hit to large organizations and the digital transformation was catalyzing. The mindset had to be shifted fast.
User experience is digital now
The observation is that the customers are already adopted to self-service tools and know how to use them. And insurance companies started seeing that.
Customers expect the same seamless experiences that they get with companies like Amazon, the same expectation is driven towards their insurers. Customers want simple, fast, and transparent digital claims processes. They expect personalized experiences that are convenient for them. They need insurers to be available when and how they want — texting, chatbots, phone, and email.
Digitalization roadmap for insurers
Insurers are looking at how to optimize their existing services with the new demands. The focus is on building the smart helper via smartphone to be able to follow along the claims journey: filing a claim online or through text or chat, getting the status of their claim, seeing what insurance company is working on, and what they need extra from the customer. Also, the balance of automation and human touch should not be forgotten, thus real human touch to the claim process, if it is more complicated, should be intervened. In these cases, customers want to speak with an adjuster during a stressful time.
Data is the key to digital claim journey
The focus on capturing crash data as detailed as possible is the most important in the digital claim journey. It has to be so accurate as an independent human expert would be filling up the claim. The technologies such as telematics, photo, or video capture enhanced with the artificial intelligence of the crash is helping very much here.
The crash data enable a fast and proactive process and makes the claims experience better for customers and adjusters. It helps adjusters verify contextual crash details like location and speed, eliminates redundant tasks, and helps with coverage investigation. By applying technologies, the claims cycle time can be reduced significantly so customers’ lives can return to normal sooner.
Mckinsey in their report identified the core changes the users are expecting. Following the trend in the industry, Stemic Drive is also releasing its digital claim application — Digital-first notification of loss — for commercial insurance providers that directly integrates with insurance systems through APIs.
20% — is how much increase Customer Satisfaction with digital claiming procedure enablement. — Mckinsey
Our solution is embedded in the smartphone app which leads the user through digital claim process. The data captured are processed with our machine vision technologies that enable transform environment data into meaningful digital assets i.e. extract document information and validate to CRM data or extract and label information as i.e. identify the crash severity from the photo without human intervention.
25–30% — is how much the claims expenses could be reduced with digital claim process. — Mckinsey
About Stemic Drive
Stemic Drive is a next-generation usage-based insurance (UBI) technology platform. We manage the full life cycle of data. From acquisition to transformation to analytics to insights for predictive insurance dynamic pricing. We are providing a risk score for the driver and fleet. We are targeting insurance companies that want to leap in UBI for their clients. We provide all the toolset and platform to run UBI business smoothly. Visit www.stemicdrive.com
