Insurance works a bit differently from other businesses. With millennials equipped with the latest smartphones and market knowledge at their fingertips, they are reluctant towards adjusters doing onsite visits and putting up with long claim lifecycles. It is no surprise customers do not associate fun with their claims experience.
Insurance providers have made progress by assessing loss adjustments remotely to improve claim processing time and customer engagement. But how do you organize, store and analyze all those video
sessions and images as evidence under legacy methods? Having said that, how can managing audiovisual evidence improve customer experience in the overall claims management process?
Challenges Faced by the Insurance Sector
Let us address the elephant in the room, or in this case “onsite,” to assess the gravity of the situation.
The sector is rife with problems: a mature market, low customer retention, outdated technology leading to a lengthy claim lifecycle, costly insurance investigator and adjuster onsite visits to assess damages, and increased claim leakage from determining which claims are fraudulent/authentic. All the essential components to make the claim experience frustrating and time-consuming.
Additionally, the requirements from the financial services regulators demand that institutions, including the insurance companies, record their customer calls and prepare transcripts for legal purposes. As more responsibilities pile up, the burden of manually typing transcripts and reviewing entire recordings spill over to the customer side by providing a frustrating experience because of longer claim lifecycles.
Be Present, From a Distance
Vidyo collaborated with Efma to conduct study polls with 84 insurance services from 34 countries in 2017. Research showed that video was critical for improving customer experience and claim processes, selling insurance, advisory services, and more.
The survey indicated more than 70% of respondents had plans to initiate or operate video-enabled services for claims management, loss adjustment or remote expertise, while over 60% plan to deploy video for sales and advisory services.
With video evidence captured by truck dash cams, insurers can separate facts from the clutter of “he said-she said” false claims and deliver a quality experience, acquitting truck drivers if they were not at fault.
Spanish startup Bdeo and German company DEKRA revolutionized the vehicle inspection and insurance process. They simplified the claim assessment process and reduced the claim risks associated with lack of evidence and high costs of onsite visits. As rivals follow suit, companies like DEKRA and Bdeo set expectations in their policyholders’ minds.
This virtual approach also overcomes the global pandemic caused by the COVID-19 outbreak, where social distancing is mandated, lockdowns are implemented, and no insurance provider could anticipate quantifying risks.
Growing Volume and Variety of Insurance Evidence
It seems things have progressed as documentation sharing, visual explanation of paperwork, and genuine face-to-face interaction are improving customer relations.
By doing away with annoying chatbots, formal meetings, drawn-out email conversations or lengthy and arduous phone calls, customer experience is getting better by providing virtual claim assessments.
But some gaps still need to be addressed in managing visual evidence and improving claim experience in the long run:
- Where to securely store large audio, video and image evidence?
- Who gets to access these files?
- How long does it take to organize them for subsequent retrieval?
- Is there a way to cut down the review time of loss adjustment session recordings without facing burnout?
- Can some of the back-office workflows be automated somehow?
- Who keeps a track of these files and maintaining an unaltered chain of custody (who received the files from claimants, who made the changes, when were these files shared, moved, copied or deleted)?
As the number of policyholders increases, so too does the volume and variety of the evidence; different insurance types (property and casualty, health, auto/vehicle, worker compensation and others) and various video capturing sources like smartphones, in-vehicle cameras, drone cameras, CCTV surveillance and more.
VIDIZMO DEMS Has Got You Covered
VIDIZMO DEMS is a comprehensive solution that streamlines the loss adjustment workflows from content ingestion, managing and analyzing digital files, helping insurers mitigate risks from claim frauds, leakage, and inefficient workflows to deliver a positive customer experience.
Digital Evidence Management System (DEMS) is needed to cater to the number of afore-mentioned challenges. Not only does it securely store and share large audio, video and image evidence files, but it enhances insurance provider’s productivity by smartly organizing random files with machine-generated labels called auto tags. Drastically cut review time from loss adjustment recordings, preparing transcriptions in a matter of minutes, and providing a secure audit trail.
Automatic redaction is also present to conceal Personally Identifiable Information (PII) and meet privacy requirements as per GDPR, HIPAA and other country-specific data privacy laws. Through custom categorization, organize evidence with filters such as insurance investigator assigned, insurance type, specific artifacts found within videos, spoken words, and other identifiers.
Insurers can narrow internal communications down to departmental and user levels. Securely share video, audio and image evidence with key stakeholders by creating multiple link versions to the files so you can decide from a single video file who can edit the files, view a certain number of times, or have limited time to access them.
With a litany of evidence formats, this system can store any file and view 255+ formats with recordings and images coming from various capturing sources like body cams, dash cams, CCTV footage, drone cams, smartphones etc.