If you have, it is probably a long and time consuming process. Otherwise, I will tell you about it.
Let's take the typical property claims process as an example. Every insurer definitely has their own processes and procedures, but for simplicity, let’s talk about the claims processes in general. After being saddened by the damaged property, you would feel lucky: the years spent buying premiums were worth the expense, weren’t they?!
Of course, you need to send a request to your insurer. The claim request could reach the insurance company through different ways such as phone call, email, paper form, online forms, or even mobile applications…, depending on how innovative your insurer is and the fastest way is through a phone call.
Once your claim is registered, it will be processed and after hours or days, you may get an appointment request with a claims/loss adjuster for damage inspection at your property, making appointment could be tedious when both of you couldn’t find a suitable time. In the case of where the value of your claim is low, you could get direct reimbursement in a week or more if insurer received all necessary evidence from you.
On the appointment day, the claims adjuster will meet you and give an assessment of your claim. The insurance company also could give you a list of available repairers or you may decide on one of your own. It also may take time to conduct negotiations between you and the insurer over the claim if things get complicated.
This process may take anything from a few days to a few weeks. That is why many technologies or companies involved in the processes want to enhance efficiencies and productivity. Below is the list of some companies that currently provide solutions. If you know any better tools or technologies, your comments are more than welcome and the list will be updated from time to time.
Firstly, Xactware, US based company which provides property insurance claims tools to major property insurers in the US and Canada. Xactware provides tools to estimate personal property and emergency repairs. A claims adjuster can use its software through multiple platforms at the scene, such as desktop, mobile and online. Especially, I like ClaimXperience, an online live video collaboration tool that involves the policyholder, claims adjuster and connects to repairers.
Secondly, Symbility Solutions, a Canadian company that provides all-round solutions with packages. Symbility Mobile Claims is a mobile platform for claims adjusters, capturing claims information on-site. It is based on cloud computing to get quick, secure and rights defined access to claims data. Symbility Video Connect, a live video collaboration tool, helps policyholders interact directly with an insurance adjuster to perform a complete and secure remote inspection of the damaged property.
Also, Arioflow provides a complete cloud-based platform for insurance companies, including a workflow management solution and innovative mobile apps for field users. With the video connect ArioCare app, policyholders can show their damage using the camera on their mobile device
Other companies providing video online interaction are Livegenic, DropIn, SightCall and our great team at MotionsCloud. We want to be the best solution with immediate implementation through a very simple plug & play integration module for our clients, which made us unique. This live online video has become a trend in the insurance industry due to the high speed of internet and multimedia related technology.
These innovations, technologies, and tools above served as a digital tool to enable claims adjusters to process claims easily and faster onsite. Also with the live video collaboration platform, it is eliminating unnecessary and costly onsite visits and saves assessment time.
Through all these assessments, claims data are stored in the cloud to enable easy access by different staff roles. After collecting this information, insurers’ claim experts can evaluate the value of the damaged property, based on their expertise and experience.
In this big data world, with the fast-paced development of machine learning, deep learning, and machine vision or so called the Artificial Intelligence, we can expect a semi or even fully automated claims process at the back-end of insurers. The machine will be assisting on the estimation of claims value and the modelling of fraud detection. Not to mention, MotionsCloud is working in this direction to serve insurers better. All of these innovations could cut a large amount of cost spent on personnel & experts. Furthermore, it could reduce claim cycle time and greatly fulfill customers expectations.
Last but not least, these companies that providing these technologies are so called insurance technology companies or insurtech companies or insurtech startups or insurance innovators. Global investments in Insurtech are increasing. Since 2014, about $4 Billion has been invested in insurtech companies by corporate VCs, traditional VCs, and investors. Also, thanks to leading insurers that open up their door to work with insurtech companies, this is one of the important factors that contribute to the fast growing insurtech community. We can look ahead for more new startups joining the insurtech community.