satisfied customers are 80% more likely to renew their policies than unsatisfied customers. With AR-powered visual claims, insurers can significantly shorten the claims lifecycle, provide faster support to customers when they need it most, and reduce unwanted travel to a policyholder’s home, enhancing the customer experience and fostering loyalty.
Reduce Expense Ratio
as loss adjusters no longer need to travel to every policyholder’s home to satisfy and fulfill a claim, unnecessary travel is drastically reduced which results in serious cost savings for the insurer. Now insurers can drive greater efficiency within their teams, as adjusters can support more customers in less time as well as have more time to focus on higher-value claims and policyholder accounts.
Decrease Loss Ratio
AR-powered visual claims allow insurers to collect better data and improve accuracy during both the underwriting and claims process. Features such as geolocation and OCR readings significantly reduce the likelihood of fraudulent or supplement claims.
Improve Sustainable Business Outcomes
As unnecessary travel to policyholders’ homes is reduced, insurers can track and report on their reduction in travel and subsequent CO2 emissions.
Flashlight - to accurately assess damage even in poorly lit locations
AR-Measurement - to record real-world measurements directly to the policyholder’s claim
OCR Reading and Translations - to eliminate user error when collecting product information, and reduce fraud as the damaged product’s make and model can be verified, no matter the language, and a like-for-like replacement quickly found
Geolocate - to accurately confirm the location of the policyholder making the claim, reducing fraudulent and supplemental claims
Live Signature Capture - allowing inspections or claims to be remotely signed-off, expediting policy premium details during the underwriting process, customer reimbursement during a claim, or for repair job sign-off
Policyholders can now show damage in real-time and enable loss adjusters to assess damage remotely via the customer’s mobile phone. If a picture can speak a thousand words, just think about what the power of video can do for the claims process. Adjusters can now collect clear images and live video footage for detailed assessments of a claim with an extremely high degree of accuracy. Video calls can be initiated through your website, mobile application, or chatbot and you can further minimize friction by employing an App free experience with WebRTC or No App Experience. Live video claims provide a faster, more efficient claims experience that allows claims to be resolved in hours, not days or weeks, and without anyone ever having to enter the policyholder’s home.
Remote Inspections & Risk Visits
Inspections during the underwriting and claims process can be carried out remotely without sending anyone to the policyholder’s home or business site. This enables underwriters to accurately assess critical risk factors without needing to travel unnecessarily. Underwriters can provide accurate coverage on a policyholder’s property for example, as well as outline any risk factors that need immediate attention from the homeowner. The underwriting process is more efficient, and the customer has a far more enhanced and tailored experience.
Repair Quotes and Quality Control
Quotes for repair work through partners or handymen during the claims process can be given in minutes and their work assessed remotely. Repair partners can visually see the damage so they can offer more precise and accurate quotations for repair work. This data can then be fed back into existing internal systems and used as a reference for other similar claims. If the claim cannot be cash-settled and goes through to the fulfillment phase, repair quotes can be given, and work assessed accurately by the insurer to avoid overpayment.
Remote Sales and Subscriptions
New customers looking to take out a policy can interact and engage with an insurer via a remote sales session where legal documentation and contracts can be shared, and the necessary digital signatures collected. Customers can interact visually with a provider, offering an added sense of security from the comfort of their own homes.
Remote Assistance & Telehealth
Remote assistance and telehealth enable policyholders to get access to the help they need whether at home, on the road, or during a trip abroad. If a policyholder has to access their health insurance on a trip abroad, they’re now able to engage with their provider via a live telehealth session so that they can be assessed, and the next best course of action can be agreed on.