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

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.

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.

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