Stephen Applebaum identifies new capabilities for interoperability in the claims ecosystem leading to at least a dozen profound changes. 360Globalnet's vision and digital claims platform lets insurers, brokers and MGAs leverage these changes for competitive advantage and customer loyalty.
Realtime FNOL is a practical ambition with limited deployment in auto and property insurance. 360Siteview lets insurers integrate that into a claims management system whilst also ensuring policy holders (PH) can report loss and/or damage both digitally and directly to claims handlers when they need support and empathy. We will come back to this need for a balance between the digital and human touch below.
The cost of auto repair is rising- the very accident-avoidance software helping reduce accidents needs scanning, re-calibration or replacement after accidents. The multitude of sensors all need the same adding to repair costs.
In parallel total loss frequency is rising- 24% for some carriers. There is a pressure to accurately identify Total Loss and therefore settlement faster.
Computer imaging combined with AI, comprehensive vehicle and component databases are leading the way to more accurate total loss and repair time & cost estimating solutions. The magical 80% accuracy level is reportedly near at hand. Combining/integrating these disparate solutions in a claims management platform adds to a complete solution for insurers. It is of no use making the decisions faster unless you can choreograph the repair network, credit hire and PH appointments efficiently and effectively.
This in turn is a catalyst for Direct Repair Program (DRP) relationships changing . OEM repair network certification, auto manufacturers embedding insurance, and the trend for people to shun vehicle ownership for mobility solutions are catalysts for new strategic partnerships and alliances. The growth of new ecosystems leads to an important issue. Will insurers lead these or be commodity suppliers?
Digital Imagery from drone, satellite and ground based sources "will permanently alter the property claims estimation, settlement and repair process. The change will create new strategic partnerships between carriers and third-party providers and transform the property claims field and desk appraisal" . (Stephen Applebaum) Again this is of limited benefit unless the data can be ingested into a single digital record accessing, joining and analysing ALL data and insights for insurers to make and execute the right decisions.
This data must incorporate telematics, dashcam video, CCTV, street hardware sensors. But how many insurers cannot upload, never mind utilise even dashcam data? In Australia claimants can be hundreds of miles away from inspectors, engineers and assessors. 360Siteview has revolutionised the sourcing and joining of multiple and disparate data sources to enable office based adjusters and engineers make decisions fast and effectively. Result- happier customers not to mentioned engineers no longer driving thousands of miles and wasting time.
This data, when accessed, matched and joined, also enhances fraud detection and prevention. 360Retrieve delivers these fraud solutions today and has added powerful Personal Injury (PI) analytics to avoid under-reserving. Insurers must be able to recognise and deploy emotional data as well as rational data.
There is a strong drive to automation of course but we come back to an essential priority. Insurers must be able to achieve the proper balance between the digital and human touch. Of course consumers want the Amazon experience. But they also want the personal touch whenever needed - Millennials as much as Baby Boomers. LexisNexis identified this in LexisNexis: “2019 Future of Claims Study"
360Siteview is the perfect platform to combine the human and digital touch. The optimal mix of automation, empathy and care. This by empowering claims handlers and ensuring they can focus on the complex and unpredictable aspects of a policy holder's claim.
I commend Stephen Applebaum's article and conclude with his words "Now, more than ever, cross-industry collaboration across the vast claim ecosystem is critical to delivering an efficient, high-quality, low-cost claims experience to policyholders."
And invite you to find out how 360Globalnet's technology underpins that goal.
In the UK and Europe email Mike.Daly@360Globalnet.com
In the USA and Canada email Andrew.Peet@360Globalnet.com
In Australia/New Zealand and APAC email Daniel.Lukich@360Globalnet.com
The “Amazon effect” (immediate delivery of virtually anything from entertainment to information to merchandise to food through a simple, digital interface) drives consumer expectations even for insurance claims service, no matter the behind-the-scenes complexities involved. In the fiercely competitive personal lines market, traditional carriers are responding by transforming the claims process to make it more “Amazon-like.” In the process, carriers are lowering claim costs, producing savings that can then be reinvested in lower, more competitive, insurance premiums.