How Visual Intelligence assists with evidence collection in a home insurance claim
16 March 2022 · By Irene Martínez
Any insurance claim, however minor, affects the policyholder to a greater or lesser extent. Though this rule also applies to vehicle damage, it is of far greater relevance in the case of home insurance claims. It is precisely for this reason that minor property damage constitutes the most common cause of claims reported to insurance companies.
As Pepe Castelo explained at the Semana del Seguro conference, the main difference between these types of claims is that if the damage is minor and the vehicle is still able to get you from A to B, it can be overlooked or dealt with further down the line. However, property damage is something you have to live with every single day. Therefore, you want it resolved as soon as possible.
This damage generates a sense of unease for the policyholder, which often leads to frustration if the damage is not dealt with efficiently. Ultimately, the claim has a significant impact on the experience of the policyholder and leads to a drop in their Net Promoter Score (NPS) and an increase in the churn rate, among other metrics.
The question is, how can these claims be resolved in a simpler and more efficient manner?
The answer: Visual Intelligence solutions.
So, what does Visual Intelligence technology have to offer to insurance companies and policyholders?
Thanks to Visual Intelligence solutions, companies are now able to manage the entire evidence collection process in a simpler and more efficient manner. As a result, the process is as follows:
1 The policyholder contacts their insurance company to report the damage. This first interaction depends on the insurance company itself, as some prefer to do it via telephone, others via the app or even from the website of the company.
2 Once the insurance company is aware of the claim, they send the policyholder an SMS with a link. Once opened, a quick and brief discussion process in which the policyholder provides all the relevant information about the damage to their home begins: where it has occurred, what they believe is the cause (internal cause or a third party), which rooms are affected, etc. In addition, they send visual evidence of the damage itself. In other words, they take photographs of the incident and send them directly to the company during the same process. This way, the insurance company has all the information about the incident at their disposal.
3 Following this evidence collection, the Bdeo Visual Intelligence engine analyses the images and other information, and provides actionable inputs to the insurance company:
Identifies the cause of the damage. In these cases, it is important to know the origin of the moisture or seepage, as this will determine the rest of the information analysed.
Offers certainty with the identification of the cause, how certain are we that the damage has arisen for that reason?
Depending on the cause, the extent of the damage is assessed, which allows insurance companies to prioritise incidents. Which one should be dealt with first?
This makes it possible to identify which professional should attend to the incident location to carry out the necessary repairs. This saves unnecessary visits by experts in case the damage is not serious and accelerates its resolution, as the person who will repair it attends directly.
This three-step process reduces the time it takes to resolve domestic claims from weeks to a few days. Furthermore, when it comes to providing information to the insurance company, the traditional process takes days or even weeks, whereas Visual Intelligence reduces that time to minutes, allowing the entire resolution process to be put in place much sooner.
The truth is that, even if it feels like this type of damage is rare and won’t happen to us, we could suffer a rain leak in one of our windows, a leak from the neighbour’s bathroom... It is important to know that we can rely on our insurance company to resolve these issues as soon as possible and enjoy our home.
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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.