Do you offer live video claims? If not, prepare to be disrupted.

SightCall recently commissioned an independent survey of over 500 U.S. insurance customers to gauge their interest and willingness to participate in live video technology when filing an insurance claim. What did we learn?  91% of insurance customers responded positively when asked if they would like their insurer to give them the option of live video claims, and 59% of customers believe live video is the ideal way to file a claim.

As a direct result of living in a mobile society full of on-demand goods and services, we shouldn’t be surprised to hear this. Customers expectations of service have evolved. Amazon, Uber and iTunes have shown us that nearly everything we wish for can be made available digitally, saving us time and providing a more positive experience.



Not only are live video claims here, but they aren’t going away. If your company has been slow to adopt digital transformation, we have gathered data that can help you make the case for customer satisfaction and retention in your organization.

These are our takeaways:

#1 Customer Experience is Key to Insurance Growth and Retention

Because insurance is a low-touch commodity that interacts with customers at irregular intervals, the market is prone to McKinsey analysis of JD Power and Associates study of auto insurance industry best-in-classcustomer disengagement. In countries where insurtech adoption has been slow, the door is left wide open for disruptors to edge in and woo customers to a better experience.

Science stands in favor of this new age of insurance disruptors. Studies are showing that providing a better customer experience is becoming an increasingly efficient way for companies in competitive markets to differentiate their brands. In insurance, the reason for improving the claims process is simple. Insurance is a commodity, and filing a claim is inherently inconvenient. Therefore, having an overall positive experience can come down to a matter of great customer service.

A recent analysis by McKinsey shows that U.S. auto insurance carriers that have provided customers with consistently best-in-class experiences have generated two to four times more growth in new business and about 30 percent higher profitability than firms with an inconsistent customer focus. These results are in part because satisfied customers are 80% more likely to renew their policies than unsatisfied customers (Exhibit 1).

 

#2 Insurers are Missing an Opportunity to Improve the Customer Experience with Video Claims

We asked participants, who had previously filed an insurance claim, if access to remote claims technology would have improved the claims process for them. The results were overwhelmingly positive. 49% of customers said yes and 32% responded maybe. When asked if their insurance company has ever given them the option of filing a claim by providing a photo or video of the damage using their own mobile device, 67% responded no.



 

#3 Your Customer is Willing to Participate in the Claims Process

One common misconception about insurance customers is that they are unable or unwilling to participate in a digital claims process. Our successes shows us that this simply isn’t true, and our survey results verify it. SightCall helps insurers across the world transform the way they interact with their customers. Using live video claims, insurers can speed up the time it takes to file a claim, reduce supplemental claims, and even reimburse a customer on the spot. Cutting down on unnecessary travel to view customer property has incredible benefits for both the insurer as well. Allianz saved 6.3 million kilometers this year in one country alone. Less time on the road means your adjusters can handle more claims than ever before.

Rest assured that the majority of your customers are ready for video claims if it means a faster, easier experience. But more importantly, your competitors are already implementing them.

insurtech live video claims survey 1
insurtech live video claims survey 2

#4 Providing Options Puts The Customer’s Needs First

Auto and property insurance are items we hope we’ll never need.  It marks an unfortunate life event that likely involves an accident or damage to someone’s personal property or business. The process is inherently stressful for the insured as they navigate their policy, potential police reports, scheduling an assessment, out of pocket expenses and reimbursements. Giving the customer the opportunity to choose how they want their claim to be handled is one way you’re putting the customer first in a process that traditionally favors the availability of the claims adjuster. Is your claims process customer centric? If not, it could be.
insurtech live video claims sightcall 3

#5 Your Customers are Not “Too Old” for Video Claims

insurtech live video claims techsee
For good measure, let’s take a closer look at the participants who completed our survey.  The majority of respondents were over the age of 60. It’s not uncommon for a company to be shy about video claims when they have an older customer base. While implicit bias towards seniors and mobile device usage is a factor we often see in digital transformation, studies paint a different story. Although seniors may not be your primary audience for insurtech adoption, they are willing to give it a shot and are adopting new technologies in ways you may not realize. Look at this study on Technology Use and Attitudes among Mid-Life and Older Americans from AARP for more insight.

SightCall bridges the gap between customer expectations and insurer goals.

Our live video claims platform is customer-centric and built to provide a better claims experience for the insured, while realizing substantial savings and efficiencies for the carrier. Digital transformation is a process, and we’ll work with your team to set up actionable goals and realistic use cases that will help you succeed by:

  • Improving Claims Efficiency from FNOL to Resolution
  • Reducing Time to Manage a Claim
  • Improving Quality Assurance and Reducing Supplemental Claims
  • Increasing NPS and Customer Satisfaction
  • Digitally Transforming Your Business Processes

Let’s schedule a demo now.

SaveSave

SaveSave