Technology is changing the face of claims adjusting. What used to be a manual process is now highlighted by automation that streamlines both time and cost savings. Historically, resolving damage claims could take months, whereas homeowners can now get a resolution in a matter of weeks or days.
From the adjuster perspective, partnering with a tech-forward company serves several advantages in terms of efficiency, communication, time savings and customer satisfaction. Turn around claims faster and more accurately by adopting the best claims adjusting technology in the business.
Thanks in part to InsurTech, efficiencies and cost savings are being created throughout the insurance claims industry. While there is no replacement for boots on the ground, technology like live streaming applications, 3D imagery, and AI are transforming the way insurance claims are processed. Some examples of the technological advances we are seeing include:
- Predictive Analysis of Data: Analyzing data for forecasting, risk assessment, and management.
- Chatbots: AI-enabled communication that facilitates customer communications online.
- Live Measuring: Can show hidden damage and measures properties accurately.
- 3D/Aerial imagery: Allows for a more thorough review of what needs to be replaced or repaired.
- AI (Artificial Intelligence): AI can be used to streamline the digital claims process in a number of ways, including: damage assessment, customer interactions, and fraud detection/management.
- Proprietary Systems + Partnerships. Claims processing companies like Hancock Claims Consultants have invested heavily in claims technology to build proprietary systems like Exemplar. This type of system comes with several benefits, including:
- Expediting the inspection process. Getting the technician assigned to the job is more efficient and each job is completed faster and more accurately with real-time routing, quality required checkpoints and automated document sending.
- Facilitates automated workflows.
- Streamlines communication between all parties involved.
- Corrals scheduling and logistics in a single tool.A proprietary system such as Exemplar is built to integrate with other systems, providing a configurable approach that aligns with carrier platforms. For example, Exemplar integrates with EagleView, HOVER, SettleAssist and ClaimXperience®.Property inspection forms and documentation are integrated into Exemplar, which walks the technician through the inspection and then extracts the necessary data to automatically submit against individual carrier requirements. Photo enhancement tools are built in. The entire process is seamless.
- Mobile Apps: Facilitate sharing of damage photos/videos between the customer and the claims system.
- Virtual Inspections: In-person damage assessment isn’t always expedient or possible. Virtual inspections allow the inspector to provide a live feed of the inspection, identifying damage with the adjuster in real time. This means the adjuster doesn’t need to be physically present at the home, saving drive time and allowing them to adjust more claims.
Top 5 Benefits of Insurance Claims Technology
There are several benefits to the new technology in the claims industry that can help to improve your claims process and keep policyholders happy. Studies show that employees spend up to 30% of their time tracking down information to complete their work due to unstructured data and manual analysis. Technology can help relieve some of this pressure.
- Automation. Automation improves the customer experience while moving the claims inspection and adjusting process along quickly. Real-time information sharing, immediate inspection submissions and the option for live communications make for a more effective process by leveraging technology like Exemplar. The automated report submissions that meet carrier requirements offer major time savings. Integrations like ITEL even identify materials and automate pricing to assist adjuster processes. Ultimately, automated schedule optimizations, inspection processes and report submissions better serve the industry as a whole.
- Standardization. Standardized reports and calculations lead to more accurate results. Tied in with automation, inspections can be expedited and clear documentation can be expected. In Exemplar, inspectors must complete all required fields and pass all checkpoints before a report is allowed to be completed. This ensures no gaps exist in reporting and expectations are met on every single inspection.
- Communication. Improving communication provides the homeowner with a better sense of control over the process, which supports the customer journey and improves customer satisfaction by 10 to 15%. In Exemplar, clients can set their own communication preferences (text, email, phone, etc.), increasing their engagement for faster response times. Notification features push updates to each party as the claim progresses, keeping everyone informed throughout the process.
- Claims Processing. AI, automation and smart tech implementations support the digital claims process. Making everything faster and more accurate while housing the flow of information within proprietary platforms like Exemplar, claims adjusters can more easily manage the moving parts of claims processing.The ability to focus on the claim and resolution without tracking down inspectors and waiting on reports gives tech-enabled adjusters an edge. Strategic partnerships with tech-forward companies allow adjusters the resources they need to adjust claims more efficiently.
- Cost and Time Savings. The savings in cost and time adds up quickly with claims processing technology; consider some of the following facts:
- Investing in technology allows the claim to be adjudicated correctly the first time (increase the accuracy of payments by 4%).
- According to recent studies, you can expect to reduce related costs by as much as 30% through investing in claims processing technology, in addition to reducing processing times.
- Better processes mean fewer claims disputes and litigations, which is an additional cost saver.
The Future of InsurTech
The beauty of InsurTech is that it is constantly evolving. Even with the massive strides already made in claims processing technology, there is more on the horizon. Expect to see further developments in AI, estimating software, and other technology that will streamline the process and improve the customer journey.
Learn more about the Hancock claims submission process and how we can help!