In a newly published whitepaper, global IT systems house and tech analyst Cognizant looks at the transformational power of digital and mobile technology in insurance and claims management – with a special focus on the instant potential of video applications (and eviid!).
In brief, Cognizant analysts found that:
up to 10% of claims costs could be saved in the validation, investigation and adjusting phase alone – with more to be unlocked across the rest of the lifecycle;
a reimagined, video-enabled property claims lifecycle could be shortened by up to 16 days;
early adopters of video technology in insurance are laying the data foundations now for the future use of emerging technologies like AI, machine learning and blockchain.
Cognizant also interviewed eviid customer LV=. Claims Director Martin Milliner explained how using video in property claims has dramatically streamlined decision-making at the insurer and has already eliminated the need to deploy third-party loss adjusters for site visits in 80% of all cases – with the potential to get this figure up to 95%.
The white paper offers a succinct overview of use cases and immediate gains insurers can expect from the implementation of video-driven claims processes, as well as covering some key considerations for making the deployment of video solutions a success.
Read the full paper here.
"The longer a claim takes to settle, the more it costs. By replacing the previous process with a video image taken by our customers, we dramatically shorten the decision-making process. It’s quite possible that we could be moving towards having most claims adjusted by the end of day one."
Martin Milliner, Claims Director, LV=