Mobile, AI, The Internet of Things (IoT), are all revolutionising the way insurers interact with their customers, including their claims management processes, with the smartest players letting customer demand shape the way this happens.
Each of these areas of technology, made possible by recent advances, offers huge value to insurers as they search for ways to save costs and streamline their business. However, they are firmly inspired by customer demand for a better experience, greater access to services and more personalized solutions.
As traditional insurers integrate these types of innovations into their existing offerings, and customers begin to experience the benefits, customers’ expectations will rise, creating a further impulse for innovation. And this dynamic between the use of technology and the rise in consumer expectations will continue to play out long into the future.
The explosion of mobile phone camera use in everyday life has presented a huge opportunity for customers to self-report insurance claims. However, the massive expense and complexity of delivering real time, commercial image recognition to support this has held back progress.
Using a database of more than 130 million images of wrecked cars, insurers will be able to train their systems to recognize the type of damage a vehicle has sustained and predict the likely cost of repair, which it can then be communicated back to an insurer.
This functionality captures the true potential of technology to change the relationship with insurers for the better. The customer will be able to take control of a previously lengthy and opaque assessment process. With just a click of a camera they can secure a fast, accurate decision about an insurance payout, saving time, money and uncertainty for everyone involved.
Artificial intelligence is finally delivering on the hype surrounding it. Specialists predict that by the early 2020s, 85% of customer interactions will be managed by chatbots. Claims management too has been a special area of focus, with insurers hoping to automate the initial reporting process using this technology, making a personalized, user-friendly service available 24/7.
AI fraud detection
Many leading insurers are now using AI powered technology to evaluate the risks related to a claim so that a more accurate estimation can be reached. This type of technology can also detect insurance fraud before the claims are paid, which reduces loss ratio and limits false positives. Combined, these features enhance customer experience and enable fast track claims.
As the leading provider of services to the vehicle insurance industry, TEC Reports Group has an established and strong reputation in the sector; providing engineers, assessors services and management of motor vehicle claims through the whole claims cycle for fleet managers, insurers, claims managers and policyholders. The company’s highly experienced vehicle engineers and claims handling teams use the latest smart technology to augment their technical expertise and help achieve faster and easier outcomes for insurers and their customers.