Future Of Insurance Claims: Know How Technology Is Going To Change It

Posted by Taylor Busby on

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If we look at the traditional insurance claims journey, you will find that it is not that transparent when it comes to assessment, notification, handling and settlement of claims. People spend their money on insurance policies to help protect themselves from the risks that come from damaged property or loss of life. They pay premiums in advance and later realize that the entire process of getting paid back is complex and involves too much paperwork and time.

When we look at things from the perspective of the insurer, everything is about money which includes the costs associated with claims management and to ensure the financial success of the company.

Customer expectations are changing in this digital world and so insurers need to be aware of upgrading the claim management process accordingly. Customers expect a service which is available 24*7. They expect the whole process to be simple and transparent so that they know what is happening at any point in time. For the same reason, many insurance companies and adjusters are now building and using digital ecosystem which can be used easily while making the claim journey even better. So instead of focusing more on the market opportunities with fewer profits, insurers should now focus on offering more customer-centric services that can help them get and retain customers.

Increase in premium will offer larger claim spends to the customers and this can help resolve half of the problems of the insurance company. However, as the premium amount increases, the expectation of customers increases too. By using the right technology solutions, insurers can increase customer satisfaction as well as reduce their expenses.

Over time, different technology-driven solutions have been developed to help the insurance companies, customers and adjusters equally. Such solutions help survey property or automobile damage in question and can even provide records in the event of bodily injuries. This helps the adjusters process the claim request faster and insurance companies can quickly serve their customers. Again, in case there is a false claim request then adjusters can quickly find it before it gets escalated further.

The use of drones is one such technology advancement we have seen in this area. Insurance companies and adjusters are depending on drones to survey the property or the automobile that has been damaged and needs to be covered under the claim. Such drones come with cameras attached and everything can be watched by the adjuster over the smartphone application. This gives them a clear idea about the situation without having to actually visit the place.

Use of smartphone cameras to click pictures is another trending technology used by the adjusters and insurance companies. The customer is asked to take the pictures over the smartphone and send them to the adjuster over an app where it is analyzed and processed further. Some even ask for videos instead of pictures to get a better clarity of the situation.

Another trending technology which is now available in the market is the use of a video conferencing app like Adjustify. Here the adjuster gets connected through an application downloaded on the customers smartphone. Once the connection is established the adjuster can operate the features of the smartphone camera of the customer and checks the property, injured or sick person, or the automobile through the camera eyes. This way, they will have first-hand information of the situation and they will be able to analyze the situation for the claims process. All the information can be saved within the app and can be stored as a permanent record, for future reviews.

All such technology solutions help the adjusters to process the claim even when they are miles apart from the customer. Such solutions make connections viable even in difficult circumstances and help both parties in a go!

Final thoughts

We know technology is our future and with unfavorable situations around us like the COVID-19 pandemic, we need to make basic changes in the way we do things. Things are not much different in case of claim processes in insurance companies. The use of technology can help companies process the claims while customers will be able to get best value for their money.