White Paper: Digital Claims Transformation for Insurers

How can insurers assimilate InsurTech startups and technologies into their value chains?"

This question was recently posed by Matteo Carbone in his book, All the Insurance Players will be InsurTech; A wave of innovation is finally reshaping the insurance industry. Participating in the success of digital transformation for global insurance carriers like Allianz, AG Insurance, and AXA, I have seen firsthand how this question can be answered. The aforementioned carriers have completely transformed the way they interact with millions of customers from FNOL to repair by embracing video technology. In this white paper, we’ll share the best practices and lessons learned along the road to claims transformation. Our focus will be on using remote video to replace onsite claims assessments.

Today, video technology designed for integrating remote expertise capabilities is mature and proven. In the last year alone, over 100,000 unique users connected to the SightCall remote video assistance platform to assess claims, provide technical expertise, perform remote inspections, or simply see what the customer sees. We see that InsurTech platforms are being accepted at a rapid pace by European carriers and customers, while America falls behind. In interviews with over 20 U.S. Claims Directors, we learned that some implementations are failing due to a lack of following the fundamental steps that are required in digital transformation, and fear that their customers are not ready.

In May 2018 we conducted a survey and found that an overwhelming amount of U.S. consumers are indeed ready for digital change. 68% of respondents would like for their insurance company to give them the option to choose between a video assessment or onsite claim and 22% answered maybe. This is a total of 90% of customers open to video claims. In this same population, 59% believe that an immediate remote video assessment is the ideal way to file a claim and 37% would rather schedule an appointment for a video or in person assessment. Only 5% of them expressed that they would prefer a chatbot interaction. 69% also report having never been given the option to file a claim using photo or video.

If the consumers are ready, it is up to the insurance companies to listen and provide the adequate solution. The challenge is now to overcome the transformation of the claims process and the way insurance, third party adjusters and independent adjusters work. In this White Paper, we provide a set of best practices aimed to help this transformation.