Balanced commentary in "Financial News".
My key takeaway is the fact that some innovative insurance companies are already actively changing the insurance supply chain.
- Digitising submission of insurance claims
- Analyzing the unstructured data in claims forms
- Combining with the other 80%-90% data internally from letters via emails to X-Rays
- Getting customers to provide video & photo evidence
- Mining the rich metadata in multi-media
- Real-time video streaming from masts, drones to help better-decision making
- Adding that data to the overall insight
- Linking external data sources- Geo-mapping solicitors, body shops, scrapyards, car sales- spotting fraud
- Weeding out fraudulent whip-lash claims
- Settling claims faster
- Focusing expensive resource on complex claims
- Crowd-sourcing tradespeople, body shops to repair and replace
- Quality control and auditing of surveys, repairs & replacement
- Real-time analytics of processes & all the data from beginning to end
- Plan, organise, direct and control
Others are lagging; look at the satisfaction ratings and you will see the difference
This means better technology is also needed to make the management of claims less manual and more efficient. This could include offering tools that enable clients to carry out the claims process digitally, or developing systems that enable instant payments as soon as claims are validated. UK startup RightIndem, for example, has created a self-service claims platform for automotive insurance. New technologies such as drones could also help insurers reduce the manual work required in claims inspections, according to the CommerzVentures report. Replacing human visits with drones after a building has burned down, for example, could lead to more precise data and cheaper claim inspections. It would be particularly useful in assessing claims in post-catastrophe scenarios, according to the report.