A maximum number of insurers of the nation are speeding up the insurance assessment and survey through virtual insurance claims handling and assessment and survey which has become industry-wide. Several insurance industries are there that have adopted virtual assessment and survey processes, thanks to the enhanced power of the photograph quality in today’s Android phones. Both vendors and customers can now collect the streaming video and images of the damage and give that data to the insurer for assessment virtual assessment. Plus, with the virtual assessment and survey, there is no need for the insurance company staff or team to arrive at the spot and examine the vehicle or property. Additionally, there is no need for you to make several calls to get the claims process started.
Through the virtual assessment of claim or survey, the insurance company staff will get the documents they need to start estimating the process virtually directly from the customer in just a few minutes. There are automated tools that can be used to collect additional data or documents that should be needed from external sources like the legal dept. or manufacturer etc. Apart from that, repair estimates that comprise the photos or videos of the damage can now be automatically sent to the repair shops or by a third party online. Payments can also be made virtually or electronically. This is one of the benefits of the virtual assessment of claims handling which is delivered to the insurer and the insured.
Plus, it is not an exception that large insurance companies are using virtual assessment processes and surveys, and through virtual claims handling turnaround time is cut down, reducing the expenses of claims handling and enhancing customer satisfaction. In insurance, there are 95% of the nation’s top companies are using virtual assessment and surveys and exploring paperless claims, where the claims, assessments, and surveys are handled online or electronically, from the first notice of loss until payments.
One more thing to note is that the insurance clients have changed and now they expect their interactions with the insurance companies to be flawless and smooth. Virtual assessments and surveys of claims allow the insurer to make an enhanced customer experience. Through the virtual assessment and surveys, the cost of managing the claims like’ first notice, then adjudication, payment can be reduced up to 50% per claim cost reduction. With the help of the virtual assessment and surveys, there are faster cycle times, enhanced, improved, and increased processing speed, reduced LAE, capacity to better leverage talent, capacity, and ability to give flawless and smug (satisfied) customer experience.
Loss Assessment Process Virtually –
Previously the insurance claims where handled by the insurer through the surveyors. In addition, the surveyors used to inspect the car or the vehicle physically and submit the report to regarding the loss on the basis of which the compensation is paid to the insured. However, these days the private sector has entered the market aggressively, where they have made use of technology. With the help of the technology, they are able to deliver better customer service. In addition, this change has gone to a great extent due to which they are able to capture 60% of the market share of total premium collection.
Most of the insurance companies have launched photo or video claim apps, for motor insurance claim survey so that the settlement can be done quickly. And apart from that, using a video claim process or claims video streaming facility removes the need for the surveyor to physically inspect the cars. It also removes any need for physically submitting the documents to the insurer. It is because now the claim documents can be uploaded in the video app or the app itself. So, one of the biggest benefits of the same is that the waiting time is reduced to a great extent, The online surveys takes just few minutes of time to be completed.
And, the claims processing will start or begin without the need for the surveyors to visit to check the vehicles. So, it simplifies the process of claims. Plus, the claim settlement turnaround time has come from months to days and even to hours, in some cases. Many people would want to know how does it work? It is very simple, the insured or the advisor of the workshop will connect with the insurer firstly through a audio or video call. Or they can even connect via the given app. After talking, the insured is asked to take the pictures of the RC, Drivers License, and Insurance Policy with a good camera and upload these documents in the app. Then, the company staff executive will come online and video graphs of the damaged vehicle is live streamed and viewed by him and then there is a discussion regarding the replacement or repairs and the final claim.
Apart from that, if the claim is handled by the insured straightforwardly then he agrees to assessment amount. The same is transferred to his account and the insured can go for the repairs on his own or to any garage. Again, if the workshop advisor in his repair shop manages the claim, then the claim amount is immediately given to the insured on the completion of the repair and the intimation of the same to the insurer company. So, there are many benefits of the virtual assessment and the survey that is done by the insured.
In the AI driven process, the customer needs to use the application and take the pictures of the damaged vehicle. Once it is uploaded in the application, the system’s deep learning model, including the computer vision identifies the virtually all the parts of vehicle like the roof, bumper or windows, and can spot all the different type of damages, be it a dent, scratch, or crack. And, by quickly using the historical data the app is able to identify the cost also, i.e. he estimated cost. So, this way virtual assessment can be easily done by the insured himself and he needs to switch to the applications like instaspect, imoss app, mots etc.