Just like the rest of the P&C insurance industry, the world of claims is rapidly evolving. Here’s a quick look at recent insurance claims developments.
Reconsider contents restoration
Contents restoration has been a sticky issue for many insurers, because cleaning and restoring damaged belongings is often more trouble than it's worth. But for customers, it remains a valuable offering. "The trauma of finding precious possessions ruined by smoke or water damage is severe for customers," said Charlie Horn at Claims Journal.
Now, "innovative technology and a new network of affiliated service providers" may give new legs to contents restoration: including ultrasonic cleaning systems, automated hydraulic washers, and better inventory software.
Prevent water damage claims
This month Roost, a leader in home telematics for property insurers, announced a partnership with Erie Insurance, which will be testing customer engagement on the company's Smart Water Leak and Freeze Detector. It's a sensor notification platform that sends smartphone alerts to homeowners when it detects a leak, so they can address the problem before damages occur. If it's successful, it'll reduce claims and potentially boost satisfaction, too.
Matterport delivers virtual 3D floor plans of homes and factories before and after a loss occurs, so adjusters can assess damages more accurately
Binary Formations makes it easy for policyholders to itemize everything in their home, even if they're frequent shoppers, and share that data with their insurer
TRUEPIC determines whether or not the photos provided by a customer have been digitally altered, while confirming their date, time and location while it's at it - cutting down on fraud
Making insurance inclusive
According to the Center for Financial Inclusion, it's becoming more and more common for insurers to use insurtech innovations to reach and serve lower-income customers, both here in the United States and around the world.
More data, less fraud
Insurers are leaning on data analytics to bring fraud down. According to Michael Skiba, Ph.D., VP of counter fraud strategies for the Germany-based software company Inform, analytics equips carriers to maximize fraud detection with less effort.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.