Mark Chamberlain, Chief Evangelist, Lokulus, explains why insurers are increasingly viewing video as a crucial source of evidence
There were 2.1 million car insurance claims alone in 2020. Of this number a large percentage is written accounts by the injured party, detailing their distressing incident. Alternatively Insurers experience £190 billion false insurance claims per year causing higher premiums for everyone. When we think about the man hours and bureaucracy that goes into this, it’s clear insurers need an alternative solution and video might just be it.
Video is fast becoming a crucial source of evidence for the insurance process, whether that’s upon taking out insurance or using video to make a claim, video offers auditability, clarity and precision for the insurer and a more enhanced and less arduous process for the claimant. But with insurers having to commit to investment in technology and a shift in process that in some cases dates to the previous century, what’s the real benefit of investing in video and ensuring it’s intrinsic to the customer experience journey?
Positive brand reputation
Consumers can make financial savings on administration and professional costs with a video insurance claim. This can be significant especially for larger claims where a claimant employs a Loss Assessor to act on their behalf and they endure extra costs. By accessing video the loss assessor can audit remotely, therefore saving time, travel costs and expenses. All these savings are immediately felt by the consumer, positively impacting on the insurance brand as a forward thinking, non- bureaucratic organisation, making life easier for people when they need it most.
Video is time saving for the claimants, which is particularly valuable for home insurance claimants who want to get life back to normal as quickly as possible. By creating a seamless customer experience for claimants, insurers will secure lifelong loyal customers.
The bigger customer picture
If video is integrated into the whole customer experience platform, you will ensure your teams have the full context in front of them. They can see all interactions, the history of the customer, their transactional data, any previous relevant imagery or video, email, chat etc so your team has a full picture of who they are speaking to and how they can best help.
With video new customers can be audited remotely and quickly by insurers. This process is reassuring for both parties as the video captures the goods enabling the consumers to have confidence they are properly insured and if there is a claim to be made, there is less likely for a loss adjuster to be involved. This is particularly interesting for collectors of niche items, such as modified cars for example. With video, both the insurer and the customer are confident the item is insured correctly and accurately.
Empathic customer experience
As the pandemic has revealed we are more likely to use video call than ever before. This can be particularly reassuring to an older claimant who may need further explanation, or comfort at a distressing or confusing time for example, and has the option to invite a family member onto the call with them.
A one to one sensitively handled conversation can be reassuring for the claimant and also be beneficial to insurers long term brand reputation with that customer and their peers.
Reduces Fraudulent Claims
With a clear video or auditable materials created during the onboarding or updating of a policy, there is less opportunity for false claims on home insurance. This is particularly useful for situations where loss adjusters are economically disproportionate to the claim.
As the evidence is indisputable for the insurer and claimant, claims can be settled quickly. This saves time and money on both sides, creating a greater customer experience and less time management for the insurer. Loss Adjusters are less likely to be needed so claims are cheaper to resolve as the insured belongings in question are audited.
Thorough Onboarding Process
Not only does video and photography evidence and record insurable items and their state at time of insuring, for example locks and overall security of the environment are also correctly documented for claiming purposes. By reducing the margins for dispute enables a quicker and cheaper resolution for claims.
Lokulus’ Self Service Product has purposeful technology that enables businesses to connect with their customers seamlessly. Video integrates into the customer experience platform to allow teams to have a full picture of the customers’ journey with the business so they can provide the very best customer experience, keep their teams fully informed and their audit trial indomitable.
If you are interested in finding out more about Lokulus technology solutions visit www.lokulus.com