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Motor underwriting experience must-haves

18 November 2022 · By Ana Navarrina

Customers have the entire world at their fingertips these days. No matter what they need, they can do it with their smartphone. Unsurprisingly, those looking for motoring insurance are looking for the same level of convenience.

Customers looking to take out a new motoring insurance policy are looking for modern features, ease of use, personalization, and technology. Crucially, they’re looking for features that restore trust between the insurer and policyholder. 

Today, we will look at the essential motor insurance underwriting experience must-haves for modern customers.

The top modern motor underwriting experience must-haves

Modern technologies 

In a recent survey of policyholders who had switched insurers, 100% of participants stated they switched due to the customer experience. This outweighed any other reason for switching, including price and company values. Of those asked, 36% further specified that they were looking for a better digital experience and 37% for faster claims processing. All of which can be dramatically improved with modern technology. 

We can start with artificial and Visual Intelligence.  

AI can help insurers automate the time-consuming tasks that stop agents from building real connections with the policyholder. Almost everything from fraud reduction to claims procession can be automated with AI, producing results faster than humans ever could. This helps attract customers looking for a more streamlined and efficient experience. 

Visual Intelligence can also streamline the user experience. Visual Underwriting is a process that uses VI to automate the underwriting of a motoring policy. VI can help speed up the underwriting process from days to minutes. And this powerful technology can help insurance companies set up self-guided processes for customers, make suggestions about excesses, and more. 

It can also be used as an advanced tool for damage detection and cost estimation. By scanning every pixel of evidence and checking against previous data, it can quickly and efficiently report the severity of any damage and an estimated repair cost. This same process can be used simultaneously to check against fraudulent cases and ensure fraud attempts are caught early.

Ease of use

As we start looking toward 2023, it’s clear that modern customers are still wary of the insurance industry. This caution comes from a lack of understanding or outdated views of the industry. Continuing down the established path of innovation and customer-centricity will do a lot to overcome that and help bring new, modern customers aboard. 

The more we innovate as an industry, the better tools we will have to make it easier for our customers. New technologies enable insurers to spend more time with their customers, but just as important is how it makes it simpler for policyholders to help themselves. 

AI-powered chatbots have already made an impact. These automated assistants have made it easier for customers to perform simple tasks and contact their insurers outside standard hours. 

Mobile apps are also game changers for policyholders. Policyholders have ultimate control over their policy through an AI and VI-powered mobile app. They can gather highly accurate evidence through a guided process, update contact details, check the status of claims, and much more without needing to speak to a human agent. This self-service ability is a huge plus for customers looking to switch providers and will help retain existing customers.

Ready to modernize your insurance company?

It’s time to get a leg up on your competitors. Partnering with Bdeo can give you these must-have motor underwriting experience features and more. We specialize in Visual Intelligence, and we can show you and your policyholders how much better the insurance industry can be. 

Contact us today for a demonstration!

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