ARTIFICIAL INTELLIGENCE & TECHNOLOGY
3 must-haves of an AI-powered property claims experience
09 December 2022 · By Ana Navarrina
The insurance industry is undergoing significant change. The emergence of the digital customer and the increased competition are shifting the paradigm on how insurers interact with policyholders. And while some companies have embraced these changes, others continue to struggle with how to provide a seamless customer experience across their business units and channels.
This means that customers aren't getting the level of service and expertise they want, especially when it comes to making claims. In fact, according to an Accenture/EY study, 80% of consumers say that their insurer has not delivered on expectations when it comes to handling claims.
In order to remain competitive, insurers need to provide services and experiences that are relevant to policyholders. They also need the ability to respond in real-time to customer needs. This will help drive down costs by allowing insurers to maintain a higher level of predictability for their business operations, while also improving the customer experience through automation.
Worry no more - Artificial Intelligence is here to help. Here are the reasons why Artificial Intelligence, and Visual Intelligence in particular, should be part of your home claims management process.
Fast, even immediate response to a claim.
An AI-powered Property Claims experience is faster and more agile than a non-AI-powered one. With new customer behavior on the rise - we have, after all, become used to immediacy - now is the time to be prepared to respond in real time to customer needs.
As we move into the era of "customer experience," or CX, insurers will need to find ways to engage with customers and help them manage their risks with minimal fuss. According to the Insurance Information Institute, insurance companies spend more than $16 billion on CX initiatives each year. It's not surprising that insurers are investing heavily in this area: after all, customer experience is key to building relationships. Customers don't want to waste a minute—and neither do insurers.
When implemented in the process, AI can analyze pictures and/or videos of the damage and offer a damage repair cost estimate in a matter of seconds.
Now more than ever, policyholders are reluctant to let people into their homes. Thanks to Artificial Intelligence, home damage can be reported remotely, from the policyholder's own smartphone.
Furthermore, by performing an analysis of the damage, AI can offer a conclusion on the origin of the damage. This avoids the need for professionals to visit the home who are not the right ones to repair the damage in question.
A digital experience that can be accessed anytime, anywhere and on any device.
It's increasingly important to provide a great experience for customers who are moving away from traditional channels and embracing digital means of interacting with their insurance providers. In fact, according to a recent survey by Insurance Business America (IBA), the majority of consumers prefer to use digital channels when dealing with insurers:
74% of consumers prefer to use digital channels (web, mobile or tablet) rather than phone calls when dealing with their insurer.
75% want to be able to interact with their insurer using social media platforms.
Artificial Intelligence facilitates this kind of experience by automating certain processes, so human interaction can take place in the cases that most need it with no rushes or time limits.
A property claims experience must be fast, remote and digital, and any insurer who is not developing an experience like this in 2023 could be left behind or struggle with competitors. Luckily, it is easy to implement, since you only need to find the right technology partner. Contact us today for a demo!
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Visual Intelligence applied to the insurance industry
Artificial Intelligence in general, and Visual Intelligence in particular, are very present in our days. Perhaps, much more than we imagine.