As we explained in the previous article, the most important moment for the insured is at the time of a claim since the level of commitment and responsibility of the insurer is checked.
The traditional system of the insurance industry has left much to be desired since it has had a huge impact on the dissatisfaction of the insured, however, at present and thanks to events such as the pandemic or the appearance of new technologies it is incredible to know that many They have chosen to revolutionize themselves outside of their comfort zones.
Continuing with the examples of how Claimstech technology can be used in the life span of a claim, we find:
- Validación del siniestro: cuando hablamos de esta etapa hay varias opciones de Claimstech que permiten mejorar el proceso, desde la inspección del bien asegurado hasta la detección de fraudes.
An example of this is in the home sector. To detect whether a claim can proceed or not, it is possible to request that the claim be reported through a mobile application and that the insured person take charge of recording a video themselves reporting the situation.
This in order to evaluate through the use of various technologies, such as Machine learning for facial recognition, speech-to-text, natural language processing, among others, if the request is authentic and real. Therefore, this allows claims to be paid in less than three minutes after the insurer is notified.
Another example, for the auto industry is the technology enablement of the network of drivers of platforms such as Uber, Didi, Cabify, etc., in order that they can attend a claim thanks to the help of a certified adjuster remotely.
This technology indicates to the driver the steps to follow in order to capture the necessary information. With the use of Artificial Intelligence, the damage estimate can be automatically calculated, allowing the remote adjuster to confirm or make adjustments, in order to reduce fraud.
In the same branch, there is the inspection of the claim remotely through a video call to the insured’s phone, eliminating the need for an adjuster to incur the claim.
When it comes to document review, there are some ClaimsTech companies that allow you to monitor the entire process, such as detecting if the documents have not been digitally altered.
- Resolution of the damage: from the validation of the claim, the damage must be compensated, by repairing the property, replacing it or by reimbursing the damage.
In some branches of Mexico, in the case of cars, the property is usually repaired through a network of workshops, where good workshop management is guaranteed to provide full monitoring of the vehicle’s status.
There are some countries where the use of technologies for the payment of claims stands out and various alternatives such as payment via WhatsApp have been explored, which allows Claimstech companies to be able to consolidate Fintech technologies to make payments more efficient.
- Recovery: is the partial or total recovery of compensation for the damage by the insurance company. Currently there is a space to improve this process, however there are no identified cases yet.
Claimstech is an extremely important branch within the insurtech since thanks to this there is a great opportunity for the promise of the insurers to be fulfilled with their policyholders, who expect a prompt resolution and that the communication channels are timely and clear in all moment.
Do you think technology can guarantee a pleasant experience for both parties?
We are sure that yes, technology does not stop, it is present in our lives at all times, so the insurance industry still has the challenge of continuing to enter the digital world to be able to feel many advantages and benefits in favor of its development.