![[VRS]™ Virtual Risk Space](templates/template-default/view/assets/img/vrs-virtual-risk-space-logo.png){kind=logo}
Quicker claim settlement, on average 2 days earlier
Cost of inspection cut by half
Elimination of lead-time constraints that were required from an efficiency perspective
Reduced fraud possibility thanks to nearly real-time FNOL
Scalability of the solution that enables the penetration of the high-volume pre-risk market
Our client wanted to enter the motor insurance pre-risk and post-loss inspection business.
However, the prohibitive cost structure made it difficult to enter the pre-risk inspection market. Clients were asked to go to the locations assigned by the insurance companies to conduct pre-risk inspections, which was inconvenient for the insureds.
For the post-loss cases, the inspectors would need to book an appointment with body repair shops to see at least 5 vehicles at the same time to make each inspection cost effective. Given that this field could not be sufficiently monitored, there was cause for concern about potential fraud cases involving independent inspectors.
Typically, the time required to travel within the same city is around 20 minutes. An inspection takes 30 minutes while the time needed to write the report is another 20 minutes.
With technology deployment, the company eliminated the need to wait for minimum 5 vehicles to be in proximity and succeeded in settling each claim, including admin reports, within 20-30 minutes. In addition to cutting inspection cost by half, the company also enhanced customer experience by settling claims quickly while the clients could get back their repaired vehicles 2 days earlier on average.
With the cost effective and friendly, app-free user experience, the technology is already used for pre-risk for high volumes. The technology is now implemented as a semi-governmental central motor claims assessment platform, with initial plans in place to use the technology for 100,000 vehicle inspections per year.
