The transformation of insurance companies in the digital age, from a claims management perspective

“Insurance companies’ transformation in the digital age, from a perspective of claims, is necessary for us today and must become a job for everyone, where we must be looking for adaptations that meet the strategic objectives of customers.”

The main actors of the insurance value chain in the world and Colombia are not immune to the digital age, transform (or die). In daily life, we ​​see how the large sectors of the economy incorporate new elements that lead to a complete transformation of the traditional model, to which the human being was used to in the way that they responded to their needs by the different areas of customer service when they demanded service or product; both tangible and intangible, aimed at covering your daily needs. From how to order your transport through multiple safer applications and with conditions that help your economy, going through ordering your food at home with great discount and instant benefits, to even an inter-connection of your favourite chain store with your refrigerator when it runs low in some countries, or for the specific case; the purchase of personal insurance, for your company or business.

It is there where the great questions of traditional industries such as the insurance industry are born: How to transform ourselves into the digital age? Many questions arose from each of the areas and from the different actors; Reinsurers, Insurers and Insurance Brokers. Starting with a new structural model for the commercial areas, reaching the placement and dispatch areas and involving the areas of service and attention of claims, where they were born in the previous decade, questions about how to market the different insurance products based on the digital age? Online payment methods? How to ship online? generate automatic renewal processes and expiration reminders of both policies and personal products in the lines of business and funeral lines, life, home, cars, personal accidents, car accident insurance, among others, reaching schemes where for more complex lines this type of sale in branches such as machinery and equipment, joint ventures and ECL, among others, wherewith the great challenges mentioned and to satisfy the needs of customers, some local or multinational companies have listed these products online, under parameterization of companies’ tools, or under schemes that involve insurance agencies and brokers that have been at the forefront of technology, which have allowed the client to experience until today multiple ways of acquiring their insurance through platforms and in stores of consumption where direct sales are located or that can be charged to their banking products or in some cases in public services.

Seeing these market needs, it is imperative that if reinsurers, insurers, agencies and insurance brokers are already in a line of digital age, aimed at a greater degree of attention and satisfaction in the face of the processes that involve taking insurance for a natural person or legal person, it is imperative to evaluate as adjusters from our perspective of service and attention at the time of the materialization of the policy the different options that allow the insured or claimant third party to see the transformation of insurance companies in the digital age.

From this perspective, video-appraisal tools are created that when implemented and from our global and local experience in LossAd Criteria Colombia, not only gives a greater degree of satisfaction to the insured, reducing the times in which their event is served in real-time Instead, it structures better results in the conventional and traditional service levels carried out through a digital loss intervention that we, as adjusting firms, must commit to the sector in order to meet the needs of the digital age.

What is Video- appraisal at a Global level and projected to Colombia?

The visit is projected to be carried out in most massive and in some complex cases in a virtual way, through the application that allows a remote connection between sender and receiver, and can be viewed and recorded in real-time. This will lead the insurance sector to greater degrees of satisfaction and confidence based on the following pillars that Criteria, at the global and local level, intends to cover:

Immediacy

That is linked to the expert technical support of the team of adjusters in real-time and in the achievement of images that determine the loss.

Comprehensive appraisal management

Increased technical quality of event images with cost reduction linked to all actors in general.

Time management

At this point, it is highlighted to reach places where the insured risks are far from the geography and allow a much greater degree of opportunity, as well as a reduction in contact times in main cities where displacement is made difficult by external and population factors, thus as well as for the time management demanded by the schedule of the insured’s inspection day that they can carry out from his mobile phone requesting information from the customer and closing the expert opinión report in less time than usual.

Qualified technicians

Qualified experts with the support of technical departments that are managing the video expertise, which would allow the insured, as well as the insurer, to have total satisfaction with the professional who assists the event.

Customer satisfaction

This point is how we enunciated it at the beginning, the one that determined comprehensive management of all the processes that were already harmonized towards the digital era from the beginning to end, from the purchase and payment of your insurance to the expert opinion and payment of the incident that occurred.

The Application

It must have a continuous improvement and improvement according to the needs of the system of each local insurer, as well as international, with its computer developers that integrate their own platforms in order to generate a high degree of satisfaction, integrated within a system that makes the activity of the stakeholders.

Georeferenced graphic record

Taking photographs, recording images and video through georeferencing that allow comprehensive and satisfactory management for both the insured and the insurer, since developing this item allows for real-time location of the insured risk, and captures images, videos and interviews of the insured or affected third party with the georeferencing of the risk.

Connection to third parties

Possibility of reviewing the digital appraisal by managers, specialists, etc.

On/Off flash Tools

Measurement tool, image editing in real-time, a tool that when implemented would comply with the necessary components to transform the current attention of claims in the Colombian insurance sector.

The transformation of insurance companies in the digital age

From a perspective of the attention of claims, they are necessary for us today and, it must become a job for everyone, where we must be looking for adaptations that meet the strategic objectives of the customers, but to a greater degree, work the perspective customer satisfaction aimed at the digital age, linked to how practical it should be for the consumer; make claims in events of low value to claim, such as the joint work that must continue to be developed by the entire sector and the commercial areas, placement, issuance, payments, and claims.

Our social purpose as adjusters in the current pandemic exposes the need for tools such as video-appraisal, which do not remain in a mere way of satisfying the client, but rather extend to being part of the non-contact solution, thus reaching Two pillars that must be paramount: responsibility and service to provide for our customers, partners and their policyholders with satisfactory but responsible customer service for employees and employers in the case of business insurance, as well as with policyholders and their families in mass insurance. Since they lead to effective claims service that does not impact their service standards and protocols and give a high degree of trust so that society, in general, feels supported by the insurance sector, our current customers count on LossAd Criteria Colombia with this tool at their total disposal, which allows them to have the best technical, medical and legal team available at our 6 main branches (Bogotá, Barranquilla, Medellín, Cali, Manizales, and Bucaramanga) carrying out inspection tasks in real-time, as in some other cities in our geography that support the high degree of cases that may require having an ally that has state-of-the-art technological tools available.