Video technology is changing the game in insurance, with the manually heavy claims management process a prime target for overhaul. Cost savings are by no means the only incentive: video is an opportunity for insurers to engage directly with their customers. By breaking dependencies on local adjusters and other intermediaries, video opens up direct lines of communication between insurers and customers. Policyholders can submit claims straight from their phones through photos or videos – for example of flood damage to property. There is no need for claims adjusters to attend on site.
What practical considerations are there?
- Get customers on side: explain to customers “what’s in it for them”. Make sure people know what they have to do, and explain the advantages – like greater convenience and faster settlement.
- Remove uncertainty: reassure staff that the technology serves to facilitate their work, not to replace them. Traditional call-center staff may need specific training, as well as skills to judge where video-processing is suitable: it is not suitable for all clients or all scenarios.
- Adapt processes: there is little point bolting video technology onto existing processes. Insurers should be prepared to rethink how they operate. For example, scenarios involving customers sending in video evidence will need a different, simpler process than a complex interaction with on-site adjusters and central expert teams.
- Integrate: figuring out how to blend the old with the new is arguably the biggest hurdle to adoption of any new technology. A proof-of-concept is a good way to investigate feasibility, identify where to begin, and bring key stakeholders on side.
- Store: insurers should also consider whether they have the right resources in place to store, retrieve, manage and archive the additional data, and – importantly – to comply fully with data protection laws. With new technologies poised to transform claims management and the user experience, video has much to offer, both as a stand-alone solution and as part of deeper digital transformation of the business.
To learn more, download the Cognizant white paper The Future of Claims: Unlocking the Value of Video.