ARTIFICIAL INTELLIGENCE & TECHNOLOGY
Why Visual Intelligence transforms the underwriting process
24 May 2022 · By Irene Martínez
Policyholder behavior has changed significantly in recent years. Technology is becoming increasingly integrated into people's daily lives. From being able to make a latte at the click of a button thanks to our coffee maker to paying for a train ticket with a contactless card, ordering dinner via an app or catching up on the day’s news with Alexa.
What’s more, there is an increasing demand for faster, more agile and more immediate processes. If Amazon is able to deliver purchases in two hours to the indicated address, why is it necessary to sit on the phone for over a half-hour to deal with the insurance company? Most ecommerce are able to confirm purchases instantly, so why can’t policyholders get an immediate answer to their request when they contact the company?
These may seem like simple questions, but with the constant evolution we are experiencing, the answer is more important than ever: offering a stand-out experience can become the main factor when it comes to a policyholder choosing one insurer over another.
Visual Intelligence, the technology that transforms the policy underwriting process
For motor and home insurers, offering a faster and simpler underwriting process has become a real priority. Now that many companies are competing on price, they are homing in more than ever before on the importance of experience for their potential customers.
Achieving a faster and more agile process is not easy, nor can it be achieved overnight. However, change can be accelerated with the right technology at hand. This technology is Visual Intelligence.
These types of solutions are capable of speeding up traditional underwriting processes from 5 days to 6 minutes thanks to their digitalization.
What are the advantages that Visual Intelligence technology offers to underwriting processes?
Digital and remote underwriting. Thanks to these solutions, the policyholder can take out their policy using their mobile device, wherever and whenever they want.
Self-driven process. Insurers are aware that they have to devote their attention and processes to making their policyholders' experience faster and simpler. For this reason, they use self-guided processes that assist their clients throughout the entire underwriting process, for example, with simple texts that help them understand exactly what they have to do and the information they have to provide.
We help experts make decisions. Thanks to technology, we help adjusters focus their efforts on those cases that require more attention. In motor insurance, we even provide excess recommendations where necessary.
Time reduction. For all of the above, we allow insurers to reduce the time it takes to sign up for a policy from 5 days to 6 minutes, offering a better experience to the policyholder by giving them an immediate response to their request.
Streamlined and simpler underwriting processes are no longer the stuff of science fiction, they are a reality, and it’s easier than ever to start implementing them in your company in order to offer a better experience to policyholders.
New Available Whitepaper
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.