“automating Claims Processing: Technological Advances In European Insurance”

“automating Claims Processing: Technological Advances In European Insurance” – Insurers are looking for ways to improve the processing of accident claims from start to finish, using artificial intelligence and computer vision to improve the accuracy and efficiency of claims and assessments.

Technological innovations in machine learning, artificial intelligence, the Internet of Things, automation, telematics and data analytics are changing the way claims information is captured, organized and analyzed. Some of these technologies have a direct impact on claims handling and the overall business model of customers and their vehicles.

“automating Claims Processing: Technological Advances In European Insurance”

In particular, artificial intelligence and computer vision can automate vehicle and damage inspections and generate full reports in a short amount of time. Powered by artificial intelligence, the intelligent system learns to separate the entire image into its components, separating the healthy parts and performing a comparative analysis to determine whether the parts are truly damaged. Given certain parameters, AI can perform classification and severity analysis. The system evolved into an expert system with sufficient test cases and improved detection analysis without human intervention.

The Imperatives For Success With Automation Technologies

The digitization of the claims function has great potential for the real estate and casualty industry. Capturing the value of a digital claims system requires a focus on improvement – ​​customer experience, efficiency and effectiveness.

Claims handlers and adjusters perform complex tasks manually, producing highly variable results. Digital tools and systems can simplify and standardize manual processes, resulting in faster, more accurate and consistent estimates. Standardized reporting and calculation methods also give customers a comprehensive view of how their claims are calculated, resulting in better customer satisfaction and less follow-up, recalculations or litigation.

Creating this seamless claims experience requires digitizing every point in the customer journey. Starting with a simple design phase that uses design thinking techniques to create the best customer journey, successful players move quickly from the drawing board to prototyping. A minimum viable product combined with early customer testing provides a wealth of feedback that is then continuously integrated into an evolving digital solution.

The impact means that new digital applications and requirements can be seen in new capabilities for inspection, assessment, evaluation and review.

Step Checklist For Optimizing Your Claims Process In 2022

The inspection is the first step in the car insurance process. Deep learning can automatically detect scratches, dents, rust and cracks. Damage and severity can be checked automatically by creating a 360° overview of the image or video summary. After the inspection, a report can be generated with a list of damages and a repair estimate.

Typically, the manual FNOL accurately captures only 30% of the total loss. The rest is not properly identified as a total loss until a week or two later when the vehicle goes to the shop. This is because customer service representatives are usually not trained appraisers. However, carriers can now hire expert appraisers powered by AI solutions that are 90% accurate in determining FNOL current loss amounts.

After the FNOL and throughout the rest of the process, operators usually decide on the appropriate next steps, such as scheduling a meeting with an adjuster or providing information about a direct repair program at a local repair shop. Instead, supporting the entire journey through automated processes is essential to creating a truly end-to-end digital customer journey. Digital assessments can automatically determine the best next steps for a given customer journey, reducing manual touch points and significantly speeding up the claims process.

AI can make all the subjective decisions that humans normally make in the evaluation process, such as which parts are broken, which parts need to be repaired or replaced, how many repair hours are required and automatically schedule an appointment with FNOL’s own repair shop.

Top 10 Best Claims Processing & Claim Work Flow Software Administration

In addition to efficiency, carriers see greater accuracy in damage assessment because algorithms ensure consistency. The algorithm records the same rating every time for the same vehicle with the same damage. Carriers also use artificial intelligence to check ratings provided by companies, internal raters and even PVs.

Even with the use of vehicle history reports, insurance professionals still rely on unscientific, subjective, educated guesswork, which often results in errors and inconsistencies in the assessment and settlement process during claim handling.

Advanced assessments today use data analysis to provide more accurate assessments. VIN-specific data sources take into account the unique historical footprint of each individual vehicle, helping carriers determine its current and future value. The history-adjusted vehicle rating analyzes a number of factors such as number of owners, vehicle usage, crash and accident severity, title issues, flood/hail/fire damage, CPO history and other variables not available through physical inspection.

With the right tools and resources, analytics-based valuations are more accurate in determining the right payment for vehicles, keeping customers happy and maintaining healthy margins for each vehicle portfolio.

Laboratory Claims Management Software Solutions

The insurance industry has been talking about contactless claims for a while because it benefits so many different players. FNOL customers have increased freedom of thought. They can find out in minutes whether their damage is repairable or a total loss. Carriers take a full week for the application cycle. Repairers experience 70% less total loss because their vehicles are properly inspected. Parts suppliers receive parts orders faster because FNOL carriers now have the most accurate estimates.

Digital-first initiatives raise the bar through a simple and intuitive customer interface. Smoother cross-channel communication is needed to support these efforts. Customers who start their journey online but want to speak to a claims representative or agent halfway through should be able to do so without repeating steps or information. Only insurers that rapidly and radically transform their claims function can hope to meet new, higher customer expectations while improving claims accuracy and efficiency.

Is a leader in auto claims management – ​​our technology enables contactless video delivery to leading insurance companies around the world. Email us at info@.io or visit www..io to change your claims experience.