1、Digital Video Transformation for Insurers SUCCESSFULLY IMPLEMENT LIVE VIDEO INTO THE CLAIMS PROCESS 2020 Digital Video Transformation for Insurers: Successfully Implement Live Video into the Claims Process | 2 In May 2018 we conducted a survey and found that an overwhelming amount of U.S. consumers

2、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 i

3、mmediate 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 o

4、r video. “How can insurers assimilate InsurTech startups and technologies into their value chains?” T his 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 suc

5、cess 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 t

6、echnology. In this white paper, well 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.

7、 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 Europe

8、an 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. If the

9、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 p

10、ractices aimed to help this transformation. Thomas Cottereau SightCall - Founder and CEO Throughout the lifecycle of an insurance claim, there are key moments where remote video assistance and augmented reality can impact the speed and accuracy of traditional processes. Collecting Customer Informati

11、on Informing the Customer FNOL Damage Assessment with the Customer, Field Adjuster or Repair Shop Repair Pre-Visit Estimate Explanation Supplemental Claims Repair Expertise In this white paper, we will focus on the use of videos for claims and assessments. What are video assessments? The term video

12、assessments or video claims refers to the process of replacing an onsite claims adjustment with video. During a video claim, the adjuster is able to inspect and document damage through the camera on the insurees mobile device. 3 | Digital Video Transformation for Insurers: Successfully Implement Liv

13、e Video into the Claims Process THE LIFECYCLE OF AN INSURANCE CLAIM When estimating damages and losses, not much has changed. Most insurers are still hitting the road to physically visit the site of the qualifying event. These onsite assessments are time consuming, labor intensive and completely cou

14、nter-intuitive to the technologies that are available in a digital society. Insurance Fraud Almost half (45 percent) of 143 U.S. insurers surveyed by the Property Casualty Insurers Association of America and FICO (a predictive analytics provider) said that fraud accounts for 5 to 10 percent of their

15、 claims costs. *Staged accidents, padding, and inflating actual claims can be avoided with access to better technology. Avoidable Damage Water leaks, weather damage and auto damage are all losses subject to further expenses if they do not move quickly enough to the repair process, or are repaired in

16、correctly. Productivity Loss Time spent on the road and in traffic takes away from the adjusters ability to answer calls, handle other claims and perform desk activities. Desk adjusters suffer from documenting claims based on elements provided by another person (Field adjuster, repair technician or

17、customer). Monetary Loss Road travel is a money pit mired in lack of productivity, gas expenses, vehicle wear and tear, and time spent in transit. In addition, the traditional asynchronous claims process involves multiple delays and time to correlate information and collect missing details. The enti

18、re Loss Adjustment Expense (LAE) gets improved with live video assessment. In addition to loss associated with onsite visits, there are also losses garnered from taking too long to file a claim, or from filing a claim without a clear visual of the damage. These losses include: Sending an adjuster to

19、 file a claim results in automatic loss of productivity and money. *https:/www.iii.org/article/background-on-insurance-fraud ITS TIME TO REIMAGINE THE CLAIMS PROCESS Filing an insurance claim marks a stressful life event. Does your process make it easier or more difficult for your customer to be mad

20、e whole after their loss? In an uberised society, the new expectation of customer service is fast, digital and convenient. Forcing the customer to schedule an onsite visit by a claims adjuster creates an extra layer of stress that requires the customer to reschedule their work and life activities to

21、 meet the needs of the insurance company. In May 2018, SightCall conducted a research survey to understand the overall readiness of consumers for new claims technology. When asked if they would like the option between an onsite visit or a video claim, 73% of respondents surveyed in the US said Yes,

22、22% said Maybe, and only 9% said No. While not all customers may choose the option of a video claim, we know that they want the choice. Having the option to provide a digital video claim creates a culture that puts the customer first. In the same survey, 58% of respondents said that their ideal way

23、to file an insurance claim would be to file a claim immediately via remote video call with a claims adjuster, while 35% of respondents said that they would prefer to schedule an appointment (live or video). Only 5% of the respondents selected the option of a chatbot/AI. PUTTING THE CUSTOMER FIRST Di

24、gital Video Transformation for Insurers: Successfully Implement Live Video into the Claims Process | 6 VIDEO ASSESSMENTS: A BREAKDOWN Used as a stand-alone solution or as part of a claims management software, video assessment technologies provide adjusters with the tools that allow them to perform t

25、heir job as if they were onsite. Although the customer is handling the mobile phone on site, it is actually the adjuster who controls the camera. Pause video and live annotations to highlight important things, and explain to the customer what will be covered and what will not be Remotely, the adjust

26、er is able to: A Remote zoom to have an accurate view without asking the customer to move to complex spots Use live pointer to guide the customer and show them what the adjuster needs to see Initiate remote flashlight to activate the devices flashlight if exposure is too dark Take remote HD pictures

27、, leveraging the full camera resolution Use geolocation and time stamp to provide an accurate location and date for the claim, a fraud prevention measure Save photos directly into the claim management system using cloud integration A Share the policy with the customer to explain coverage details Pro

28、pose a quick estimate and allow the customer to accept by signing on the annotated picture. 7 | Digital Video Transformation for Insurers: Successfully Implement Live Video into the Claims Process ACHIEVING DIGITAL CLAIMS TRANSFORMATION What Does it Mean for Insurance Companies? Digital transformati

29、on is the integration of digital technology into all areas of business, changing how you operate and deliver value to customers. It isnt just a matter of adding new technology - its a shift that will change the way you measure success, and the way others view your organization. Job Transformation Wh

30、en is the last time the job of an insurance adjuster significantly changed? With video technology integrated into the claims process, an adjuster in New York City can file an auto claim in Kansas, North Carolina and Georgia - all in the same work day. This shift in abilities changes the expectations

31、 of a claims adjuster. One of SightCalls clients reported that their claims adjusters spent an average of 5 hours per day in their car to visit 2-3 customers. After implementing SightCall, their adjusters were able to handle an average of 10-12 video claims per day from the office or home. Their job

32、 title is the same, but the job they now perform is much different. Attracting Talent Millennials, who make up 1/3 of todays workforce, are showing little interest in traditional insurance roles. 41%* of those surveyed by The Institutes expressed no interest at all in insurance as a career, with 44%

33、 responding that “the insurance industry sounds boring.” Providing new tools for a generation that leads in digital technology adoption helps insurance compete for the best workforce talent. Video transformation checks boxes that matter most to the millennial generation live anywhere, work from home

34、, and have minimal impact on the environment. Millennials are also more flexible with work hours. Assessing damage with a customer at 8pm, would not be a problem for a generation that enjoys freedom. A Shift in Thinking How do you succeed at Digital Transformation? Unlock the opportunities created b

35、y technology, and articulate a clear vision of how video can transform your business and customer experience. Embrace practical tactics to drive tangible, measurable results Engage stakeholders at all levels of your organization Reach company-wide adoption “According to the Pew Research Center, mill

36、ennials make up the largest share of the U.S. workforce, with only 4% being interested in working in the insurance industry.” Can you remember life before online shopping? The first secure retail transaction over the Web was in 1994 less than 25 years ago. Can you remember the last time you stepped

37、foot in a music store to purchase a CD? Thanks to companies like Apple and Amazon, we now function successfully without brick-and-mortar stores. Insurance is undergoing the same seismic shift and the top players have already begun the transformation. Soon, consumers will catch on and realize that in

38、 2018, they do not need to wait 24- 48 hours for an insurance adjuster when there are companies that will settle their claim digitally, without causing unnecessary stress in their life. *https:/www.theinstitutes.org/doc/Millennial-Generation-Survey-Report.pdf Digital VIDEO Transformation for Insurer

39、s: Successfully Implement Live VIDEO into the Claims Process | 8* STEP #1 DEFINE YOUR VISION STATEMENT According to a recent study by Gartner*, growth and digital transformation are the top priorities for CEOs in 2018. While 56% of CEOs can report that digital transformation has increased profits, h

40、alf of CEOS have no metric for what constitutes a digital transformation. The first step to successful digital transformation is to start with a defined vision statement that stakeholders can agree upon. In this statement, define how your companys digital experience will win, serve and retain custom

41、ers. Next, adapt your vision to your companys culture and map your vision to your objectives. Example “We envision to transform our claims process with video, because we believe that in 2018, it no longer makes sense to dispatch an adjuster to the field. We believe that video will never cover 100% o

42、f the situations, but will reduce onsite visits by 50% in 2020. We believe that this is good for our customers because it is faster and less intrusive than an onsite visit. We believe that the technology is ready and mature enough for us to embrace it at scale. We believe that less field adjusters w

43、ill be needed, but that they will convert to new jobs that bring more value. We believe that the personal relationship with our customers is important and that AR and video will play together in improving the customer experience. We also believe that cutting down on field adjustments is good for our

44、 planet.” Tips: Communicate at all levels WHY? Why does it make sense in your organization? Why now? WHAT? What are video claims? What are the use cases? HOW? How will we make the change? What is the plan? GET STAKEHOLDERS TO EMBRACE THE VISION 9 | Digital VideoTransformation for Insurers: Successfu

45、lly Implement Live Video into the Claims Process Once your vision has been clearly defined, it is imperative to get the feedback and involvement of all levels of stakeholders. Engage the Front Lines Digital Transformation will not be successful without engagement and buy-in from your adjusters. Stim

46、ulate ideas and knowledge-share from your early adopters, and echo their concerns, ideas and discoveries to upper level management. This process is iterative and feedback is important. If you dont consider the feedback from adjusters, there may be a gap in the process that will go unseen. Identify H

47、igh Level Sponsorship Changing jobs that people have held for decades will not come without pushback. Digital transformation will have highs and lows that require a high level of sponsorship from executives that will support the process for users who are afraid of change. Implementing video claims i

48、s a process that has already been mastered by major insurance players around the world. Get in the mindset that there is no room for total failure - only trial, error and reiteration that will lead to success. STEP #2 DEFINE THE FIRST USE CASE Digital Video Transformation for Insurers: Successfully

49、Implement Live Video into the Claims Process | 10 Determining the right context to use a new technology, and how you will propose it, are the next steps to setting your company up for success. Which Claims Work for Video? Deciding which claims will produce quick wins is key to early success. These best practices have been used by our clients in successful digital video transformations. Property Damage Roof Damage Water Damage Minor Collision Windshield Repair Personal Injury Starting with low hanging fruit, identify any opportunities that will be