Telematics, home automation, analytics, drones and a host of other emerging technologies – combined with changing customer preferences – are driving a remarkable transformation in the insurance industry towards touchless claims processing. Touchless is the next evolution in automated claims processing, which is already helping carriers increase efficiency, reduce loss adjustment expenses and accelerate cycle times, not to mention improve customer satisfaction.
All of these benefits could grow exponentially if insurers continue to move from the traditional high-touch practices of going into the field to inspect cars or homes and preparing estimates, to more virtual low- to no-touch practices.
In any claim, there are three things you need to do right from the start: gather information, analyze it, and act on it. Each step in the process adds time to the claim. With the traditional approach, an adjuster might have some of this information at hand but will have to put significant effort into gathering missing information. However, technology can help reduce risk by providing more accurate data and automation to the claim process, including touchless claims.
While we often speak about the positive impacts of claims automation with insurance companies, we also see these changes benefiting independent adjusters (IA) who embrace claims automation, data and analytics. The key for IA firms is to deliver similar technology and data driven automation to field inspections to mimic as much as possible the benefits offered in the virtual appraisal process. This can include utilizing public data access to gather contact information and avoid contact delays. Additionally, the IAs can create automated text messaging on their mobile phones to alert customers with updates on estimated arrival times for field inspections. Perhaps, future IA claims processes will include an immediate electronic transfer of appraisals to the customer from the inspection site while leveraging public records data and other claims automation solutions to deliver a customer experience most similar to a virtual claims experience. This focus will help IAs grow their business concurrently with insurers as they continue their claims automation journey.
LexisNexis® Risk Solutions can also support IA firms by giving them access to complex information from a variety of sources, including departments of motor vehicles, public records and proprietary databases. LexisNexis’ Accurint® for Insurance (AFI) makes claims and investigations processes more efficient by giving you the big picture on individuals and businesses in minutes. Independent adjusters are empowered to move from claim to resolution as quickly as possible with unmatched claims data, innovative linking technology, 24/7 customer support, and easy to access standard and customizable reports. Data ranges from an advanced person search to motor vehicle reports to claims and carrier discovery along with police records and even social media reports and vehicle locator services.
Claims automation will have a huge impact across all insurance claims operations. While touchless claims will impact a high percentage of simple claims, IA firms that embrace change, automation and real time data will benefit with rapid growth as the industry continues transformation to claims automation.
Getting started is simply a phone call away for IAs. The process involves first contacting a LexisNexis claims account manager to help walk you through the contracting and credentialing process. The credentialing process validates the identity and permissible purpose for the IA to gain access to our comprehensive data assets. Once the account is set up, training and best practices are provided. Then the IA can access reports and purchase reports as needed. You can purchase the reports online or from a mobile device if using our AFI mobile app.
To learn more about the claims solutions offered by LexisNexis you can contact Bill Brower, VP Claims Product Management at William.firstname.lastname@example.org or reach out to your local LexisNexis account representative.