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Could the Future of Claims be Touchless – Infographic by Lexis Nexis

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Article Synopsis :

Could the future of claims be touchless? This infographic from Lexis Nexis, based on a survey of executives across 24 P&C carriers, is a concise attempt to answer the question.

 The Digital Insurer reviews Lexis Nexis’s Report on Could the Future of Claims be Touchless? – an Infographic

Virtual tools help shrink claims cycle times as much as 80% 

The report divides claims processes into four categories:

  • Traditional
  • Fast Track
  • Virtual Claims Handling
  • Touchless Claims Handling

And carriers are set in one of three segments:

  1. Traditional: Relies heavily on in-field inspectors for non-complex claims. May be using Fast Track, but not using or considering Virtual Claims Handling.
  2. Semi-forward Leaning: Using traditional in-field and Fast Track. Also using or considering Virtual Claims Handling.
  3. Forward Leaning: Using Fast Track and Virtual Claims Handling while also considering Touchless Claims Handling.

Findings include:

  • 100% of respondents use the Traditional approach
  • 83% are using the Fast Track approach
  • 38% are using the Virtual approach
  • More automated approaches yield lower cycle times:
    1. Traditional – 10 to 15 days / 3 to 4 touches
    2. Fast Track – 4 to 6 days / 2 touches
    3. Virtual – 3 days / 1 to 2 touches
  • Virtual handling enhances the customer experience
  • Respondents already utilizing Virtual claims processes are more open to a touchless approach
  • Respondents expect the use of self-service options to increase over the next five years, driven initially by tech-savvy millennials, but eventually adopted by others
  • All respondents believe telematics data will be used in claims investigations within the next five years; most believe data and analytics will also be used to automate minor injury claims

Respondents expressed increased customer satisfaction, decreased expenses, and lower cycle times as benefits of claims automation.

Link to Full Article:: click here

Digital Insurer's Comments

Well, no surprises here. Digital automation of the claims process yields shorter cycle times, lower costs, and higher customer satisfaction levels. And carriers on the leading edge of digital adoption in the claims function are more likely to use more digital technologies moving forward.

What is surprising though is that only 38% of respondents are incorporating virtual tools somewhere, anywhere in their claims process. Given the proliferation of virtual tools and their ease of use, not to mention security and availability as a service in the cloud, this number should be higher.

Link to Source:: click here

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