Imagine being able to train your staff on how to investigate a water or fire damage using virtual reality without them ever having to leave the office? Or having a camera that provides real-time information in the event of an auto accident or theft? And if your insured’s car is in an accident, how do you seamlessly move it from the accident site to a garage or wholesaler? Believe it or not, there’s an app for that.technology
The technology options available today for insurers are geared toward solving a host of problems — both the simple and the complex. Some InsurTech expedites gathering information for the first notice of loss (FNOL) and assists policyholders in capturing the damage to their homes, cars or businesses. Other tools allow policyholders to go from FNOL to payment without ever encountering a human being unless they want to speak to someone about their claim, and even then it could be a chatbot rather than a live person. And other services allow for a claim payment to be made directly to an insured’s bank account instead of cutting and mailing paper checks. The right innovations can have a positive impact on whether or not a policyholder renews with a carrier after a claim.
“A positive customer experience in the claims area can be game-changing,” explains Sankar Narayanan, chief practice officer at Fractal Analytics. “Think about how you can reduce the overall customer effort. Creating a positive outcome comes from helping carriers streamline the claims settlement process, and many are using artificial intelligence in significant ways.”
Machine learning and artificial intelligence are just two of the technologies changing the claims experience, and as insurers update their computer technology and the programs used to interact with policyholders, vendors and adjusters, there are a host of new innovations providing unique solutions to some old problems. Here is an introduction to several of them.
Teaching new adjusters how to identify water damage and its causes, or how to fire a difficult employee requires training and expertise. There’s a new tool that can help to effectively train employees on a host of hard and soft skills. Talespin is using artificial intelligence and extended reality, which includes augmented, virtual and mixed reality to create real-life scenarios for training purposes. Trainees can learn through task-based scenarios or gamified simulations to understand how things work, as well as leadership and communication skills.
The company creates training scenarios that can be retooled to teach new skills-based training as employees’ responsibilities change. One carrier utilizing this type of virtual reality training has found it is a more effective way for adjusters to learn, fully engages employees in the training process, helps them to better retain what they’ve learned and actually improved their decision-making accuracy by 22%.
Each scenario takes approximately four months to create and the company is building a library that encompasses topics such as water damage, fire damage, mold inspection and claims investigations across several different types of damage for property and casualty, in addition to process and object training related to autos and construction. It is a new way to cost-effectively train employees without having them lose time for travel and it allows them to schedule training in between other responsibilities.
Video cameras provide eyes into many places, delivering security and information. Owlcam is a video camera for vehicles that is able to automatically send video to a cell phone. In the case of a break-in, the camera can send an alert through the 4GLTE network, plus turn on LED floodlights to illuminate the vehicle and hopefully scare off the would-be thief. The camera is able to store two weeks’ worth of video, which can be helpful in the event of an accident or theft.
If there is an emergency, such as a medical issue or accident, it can call 911 to request help if needed. The product is interactive and asks questions of the driver such as: Are you safe? Do you need me to call 911? Do you want the video? And, should an enterprising thief steal the Owlcam, it can be tracked with GPS and the video downloaded remotely to help law enforcement capture the offender.
By combining technology, analytics and rules-based intelligence, Omadi has found a way to use software to blend the needs of consumers and insurers following an accident with towing and automotive services.
Depending on the severity of the accident, the Omadi app provides access to a towing network that will move the vehicle to a designated repair shop or to an auto auction site. It can also dispatch claims for adjusters, optimize routes for tow trucks and schedule a tow after a claim has been written. The goal is to provide a simple solution to connect all of the critical players after an auto incident and give them an easy way to communicate.
No one wants a claim to go to litigation, but as insurers know, it happens all too often. However, there are some new tools that can provide carriers and their legal teams with insights on opposing counsel and how they may proceed. ClaimsScan can help insurers identify claims at risk, provide data insights into those types of claims and analyze different aspects of the claim to help improve outcomes. It analyzes data based on the county where the claim is filed, the type of claim, the plaintiff lawyer(s) involved, the cycle time for these types of claims and the possible outcomes. LitigationScan analyzes the court, the judge assigned to the case, the type of case involved, looks at opposing counsel and provides insights into the best lawyer to handle this type of case for the defendant.
Insights include determining whether or not opposing counsel has a winning record in a particular jurisdiction on certain cases; how the judge has ruled in similar cases; the likelihood of an attorney to file, litigate or settle; and the attorney’s win-loss record overall in that jurisdiction. It provides data-based predictions about future actions based on past performance.
KATANA Personal Safety System
In a world where claims adjusters and other emergency responders are often called to go into unfamiliar and dangerous situations after a disaster, this personal alarm can help warn others if you’re in a threatening situation or need help. The KATANA safety system attaches to your cell phone so you’re never without it.
The system offers three different aspects of defense: a quick-trigger alarm, the option to connect to an on-call response center, and an app that can notify friends or family that you need assistance. The alarm offers two options — a piercing alarm to attract attention and scare of would-be attackers or a silent alarm that notifies the response center in case of a physical or medical emergency. It can track your location and text a map to those you’ve designated to be contacted in the event of an emergency.
All of these technologies provide options to improve performance, keep employees safe or capture information related to a claim. Finding ways to work more efficiently or close claims faster and smarter can be the difference between losing or keeping a policyholder after a claim.