As technology continues to advance in the new decade, insurers are looking for new ways to leverage data, automation and digital innovation. Here are some trends that will alter the claims processing experience in 2020 and elevate customer experiences.
Real-time data integration
With real-time data integration across key customer touch points, information collection is now automated. With quick and accurate data population, claims processing is now much faster. Precision data also helps flag potential fraud and high risk cases to help in faster processing of low risk claims. Additionally it can also expedite total loss claim settlements that normally take 2–3 weeks to just a few days as all the data required is available real-time to insurers.
AI & ML are bringing a wave of change with advancements in image recognition technology. Today, computers are being trained to analyze images and access the level of damage caused. This is being used in the automotive insurance sector to enable faster claims through quicker vehicle damage analysis. The computers are now being trained to go a step ahead and give an estimation based on the analysis.
Electronic claims payments
Payments have all gone digital and you can complete all your transactions from the comfort of your home. Real-time electronic claim payments will be a game changer for insurers. This technology will facilitate faster payouts by enabling payments to be done through mails and texts. Customers will be able to transfer the amount to their account with a few clicks. Leveraging on electronic money transfers will create a wave of change in the insurance industry in the coming years.
Real-time FNOL online
Smartphones and apps are ruling the world today, giving consumers access to anything with the click of a button. Intelligent FNOL apps are what insurers are creating today, enabling customers to report claims easily with a few clicks. These apps have real time data integration and image recognition capabilities, helping in auto-populating the fields on the claims form. This reduces the load on the consumer to answer numerous questions, increasing adoption of self service. Simplified, more accurate data collection and heightened customer satisfaction as the entire process now only requires a few clicks and pictures.
Workflow and process automation is the digital transformation everyone is pushing for today. Telematics is a small device that tracks GPS location and records speed, breaking and mileage of the driver. At the time of an accident, all key data points are easily accessible and available to insurers with telematics. Vehicle build data coupled with real-time records from telematics is simplifying the claims process for both insurers and customers, hence seeing widespread adoption.
As technology advances, customers are seeking faster, new age experiences across all areas. The insurance industry is no exception as customers are becoming increasingly impatient and want quicker claims processing, transparency and easy access to data. We at Neutrinos understand the needs and challenges of insurers, employees and customers. After indepth research and analysis we have launched solutions exclusively for insurers leveraging on our low code MXDP. Take a look here.