Great analysis and advice from Patrick Hayward and Altus. Download the full analysis using link at bottom. Hayward describes key claims management impacts and below we offer proven solutions already adopted by insurers from Australia to the UK to the US.
"The industry is experiencing a surge in Travel and Business Interruption claims, which, alongside the need to move staff from offices to home working, is placing significant pressure on claims operations."
Insurers in Australia and Germany have already deployed Travel Portals to manage cancellations and curtailments and a queue is forming of others seeking solutions.Follow link above to see the video.
Hayward continues "Whilst still early days, we would anticipate a notable reduction in motor claims due to the decrease in road activity, and this will, for some, offset the cost impact in other areas. Volumes may, however, raise above normal levels after the restrictions are lifted, if fuel costs remain low."
One major UK insurer has been in dialogue for over 18 months and Covid-19 has been the catalyst for transformation. Its whole motor and home claims operation has been migrated to digital claims management platform 360Siteviewin two weeks.
You could be forgiven for thinking that pie-in-the-sky. I wouldn't blame you. That is the reality and benefit of no code, cloud-native platforms that deliver transformation for all categories of claims. With no CAPEX and lower OPEX.
Altus continues "The operational challenges will compound the impact of recent surge activity, in particular those relating to the recent weather events."
Having processed over 3 million claims for household name insurer we have some amazing KPI statswhich show how to free up claims adjuster time and be more efficient.
360Siteview reduces 50% of inbound calls as it updates and informs policyholders in real-time. The status of auto repairs, updating every advance with the claim. Customers feel in control.
Over 30% home insurance claims are voluntarily withdrawn with eFNOL. Why, because opportunistic fraud is soon exposed by the claimants themselves who quickly backout freeing up yet more claims adjusters time.
"There will be immediate logistical challenges, with loss adjusters unable to attend sites where occupants are self-isolating." Hayward Altus
Customers came to us with this problem and we will announce later today our digitally assisted visit experience. We're calling et DAVE and with his solution you can replicate the benefits of face-to-face visits and even improve on them. And in the process gather the evidence in a single digital record to manage the claim through to settlement. Look out for announcements on this. It has taken us longer to produce the video than build the product. That's agile development for you!
"The impact to the wider supply chain may create challenges in fulfilling claims within normal timescales (e.g. reduced staffing at repair centre, potential for tighter restrictions to affect property damage restoration work) and insurers will need to work closely and flexibly with suppliers." Altus
360Siteview is far more than a FNOL tool- it is an end-to-end digital claims management platform that includes:-
- Orchestration and Comms with supply chain
- Same with brokers and agents
Covid-19 adds more disruptive pressure which makes these benefits all the more compelling.
"Greater scope for fraudulent activity, where it is known that the industry is having to adapt to new operational challenges in Claims." Altus
We anticipated this.
360Siteview gathers evidence from diverse and multiple data sources internal and external. WE can automate the machine reading of all this unstructured and structured data. We match, join and analyse this complete data view of claims and automate the application of fraud rules to help insurers address these challenges.
And don't forget the added benefit of analysing the real-time data generated when you deploy digital clams management like 360Siteview.
Leading insurers have already deployed our unstructured data, analytics and fraud platform 360Retrieve. It really comes into its own when deployed fully integrated with 360Siteview.
There is far more than just claims addressed in the Altus report which you can access via the link below.
Disclaimer: All views added to the excerpts from Altus in this blog are those of 360Globalnet and are not endorsed by Altus Consulting which has no connection with 360Globalnet or the author of this blog
There has been a seismic effort to date to move front-line and support teams from offices to home-working and implement business continuity plans. As the dust begins to settle from the initial operational impact, there will be a need for a structured approach to understanding and responding to the lower-level impacts across the business, from claims management through to policy administration, managing broker relationships and updating products and underwriting rules. In our analysis, we focus on how COVID-19 will shape immediate response plans and take a longer term view of what this will mean for the industry, breaking this information down into the key capabilities that enable an insurer to do business.