Small-Sized Risks

Small-Sized Risks & FNOL

Global insurer (Top 10 in Europe)

Small-Sized Risks
  • 13x more time effective

    Average claim processing time drops from 4 hours to just 20 minutes.

  • Greater accuracy

    Instant FNOL visual information before claim evidence is disturbed

  • Less manual

    Reduction in manual data gathering and shuffling information between systems

  • Eliminate fraud

    Identify fraud via real-time enhanced checks

  • Higher satisfaction

    Improved customer experience.

This insurer had a process in place where the operations department collected all claims-related information, including photos, from clients via WhatsApp. The operations team would then manually upload media files to the claims management system for the claims department to use. This became significantly more challenging when claimant volume was high, as all cases were being managed via a single company WhatsApp account With this process, the average data collection time per claim was 4 hours while claim settlement took a further 20 minutes.

This lack of procedure and structure caused unacceptable delays in processing a claim to a swift and agreed conclusion. Following the deployment of Virtual Risk Space [VRS], the claims team was able to rapidly identify and settle ‘attritional losses’ within an average of 10 minutes, while only involving the operations department in more complex or larger claims. The operations department could then process these ‘high touch’ cases within 1 hour, meaning that the overall claim processing time for the entire book now averages 20 minutes, a 13x improvement on the base case.

Claims handlers now obtain real-time loss information at almost the same time as the first notice of loss (FNOL) notification arrives, meaning that the physical evidence which can support the claim is still available. [VRS] empowers claims adjuster to perform basic fraud checks (real-time GPS check and ID of the insured) and decreases leakage in claim costs. [VRS] also makes it possible to obtain all the documents, audio and visual data as well as images in real time to justify the claim settlement. All the data is transferred and stored in compliance with GDPR without requiring the claimant to download any application on their smartphone.

Furthermore, during the pilot phase, the company identified two fraud cases in real-time while undertaking remote video inspections of the damaged asset, with the pay-out avoided being equivalent to six months [VRS] subscription cost!

Customer surveys confirmed that adapted quickly to the digital real-time experience and were happy with the swift claim settlement process they experienced.

VIRTUAL YET VISIBLE TOUCH

Contact us to request a demo and start using an intelligent risk assessment platform now.

Please enter your name and surname.
Please enter a valid email address.
Please enter your company name.
Please read and accept the Privacy Policy
* required fields
Sending...
Virtual i