‘Transformational’ is a bold claim to make for technology, but there is a growing body of proof to show that evidential video capture is proving to be just that for the insurance market.
While still a relatively new technology, the ability to capture secure, time-stamped video evidence via an everyday smartphone (a patented technology pioneered by eviid) is proving to be a game-changer.
It is significantly improving business processes and policyholder experiences while also saving time and money – a win win.
I’ve written a longer article on the topic for the latest issue of Modern Insurance Magazine – but here are some key extracts.
Video evidence dramatically speeds up what has historically been a cumbersome, paper-based claims process.
In a recent white paper, technology analyst Cognizant estimates that evidential video technology could cut up to 16 days from the lifecycle of a typical property insurance claim.
Insurers who are using video technology for policyholders report that their customers find it quick and easy to use and are very positive about the experience. In some cases, customers have received settlement within hours of uploading their footage.
Improving customer experience in this way can create a strong competitive advantage for the insurer.
Saving time of course equates to saving money, too. Cognizant estimates that using video could save up to 10% of claims costs in the validation, investigation and adjusting phase alone.
A major insurer using eviid’s video technology has found that in 80% of cases there is no need for third party loss adjusters to carry out site visits. It predicts this could rise to 95%.
Such statistics demonstrate the genuinely transformational nature of this technology. It is not just about adding the technology into an existing process – forward-thinking insurers are using it to fundamentally reshape the way they work, and they are seeing benefits throughout the whole of the supply chain.
John Ridd, CEO