We recently attended InsurTech Insights’ Global Insurtech Leaders’ Summit in New York. While there, our Vice President of Insurance Ryan McMahon presented about improving the customer and adjuster experience with telematics and artificial intelligence. Below is an overview of the presentation.
The data that comes from mobile sensors and platforms like DriveWell can tell incredible stories. Insurers have the opportunity to use these data-driven stories to improve the customer experience.
Rewind a few years to when chatbots were introduced to the insurance sector. They were supposed to make investigating claims more seamless for all parties involved. However, when considering what is aspirational technology and what is real technology, chatbots in insurance were aspirational technology. They simply did not improve the claims process in the ways it needed to be improved.
Claims adjusters have an extremely challenging job. Every day, they face a constant and seemingly impossible balance of providing a service to customers and fairly settling a claim.
The key to properly settling a claim is information. Unfortunately, adjusters often receive minimal information about an accident. Even after a lengthy investigation and many interviews, the information gathered is not guaranteed to be accurate or enough. As a result, it is difficult for the adjuster to deliver good, timely service to their customers.
The claims process is equally frustrating for the customer. No one starts their day planning to get into an accident. After they do, they’re not only stressed but responsible for finding potential witnesses, documenting damage, contacting the tow vehicle, and delivering the facts of loss. Then they have to wait for the claim to be settled.
The solution is empathy through AI.
In claims, people cannot be replaced, but AI can be deployed to help people deliver high-quality and empathetic customer service.
AI is revolutionizing the entire claims process. It takes telematics data and produces independent and unbiased information.
For example, CMT’s DriveWell Claims powered by AI quickly analyzes crash data to create a picture of what happened at the scene. Within minutes, a crash report with detailed information is sent to the insurer. Before the customer picks up the phone to file the claim, the adjuster has the location, time, number of impacts, and severity indicator. They also know if the airbag deployed, if the vehicle flipped over, and if the vehicle drove away from the crash site.
Insurers also have the opportunity to offer real-time assistance at the scene of the crash. When an impact is detected, the insurer has the option to reach out to the customer or automatically deploy emergency services to the crash scene. A precise location in the alert means no time is wasted searching for the crash site.
AI-based services shorten the claims process and remove the burden of reporting off of the driver, but do people want the technology that enables these services? According to CMT’s 2019 UBI & Telematics Market Demand report, the answer is yes. It found that 83% of consumers want a program offered tools to keep their families safer on the roads, while 78% want emergency roadside assistance.
Today’s technology represents an exciting opportunity for insurance carriers and consumers.