The opportunities and advantages of digitalisation in property claims
Thomas Verduzco-Weisel, Director Central Europe at CoreLogic Protect, goes behind the scenes of the property claims process, and relates the impact that real-time collaboration and communication can have on the claims journey – not only for the policyholder but for insurers and supply chain partners as well.
Whichever way you look at it, making a claim is stressful for everyone involved, but when it comes to property claims, the impacts are understandably heightened. Property claims are not just about bricks and mortar – these claims are about people’s homes, their memories, treasured items, their future plans and sometimes even their livelihoods.
For insurers, this is a time when communication, understanding and empathy are critical to meet the needs of customers during what is often a highly emotional and stressful time.
The processes adopted by the property insurance sector for handling claims, however, are not always as good as it could and should be. Traditional routes include physical visits for initial assessments, postal services and email to send and receive documentation, and one-way dialogue for enquiries, orders and updates. The process can be cumbersome, slow, and inefficient.
In an age where customers expect 24/7 access to information and support, these age-old methods are no longer sufficient. The key to meeting the needs of customers is instant, round the clock access to information as well as clear and timely communication.
For property claims, this service can be achieved by embracing digitalisation – in particular integrated digital ecosystems. These single online platforms such as CoreLogic’s claims workflow and collaboration software “Claims Connect” offer multiple advantages to traditional claims processes. Not only do they have the ability to manage property claims from start to finish, but these single platforms can be accessed by all claims participants, including supply chain partners, customers and insurers, at any time of the day and night. And because they are online and therefore help reduce paper – and in some cases travel miles too – they can even help meet sustainability initiatives.
A picture says a thousand words
So, how does this work in the real world? Let’s say, for example,that a customer reports a property claim. The claims handler sends the policyholder a link that initiates a video app through the online platform. This allows the claims handler to carry out a real-time property damage inspection faster than a physical visit to the claimant’s property would take. What’s more, because there is no software to download on the consumer side, the claims process can begin immediately.
This direct action helps claims handlers better route claims based on their type and severity. For example, if a claimant reports tree damage to their house, over video call the claims handler could assess the severity of the damage and establish an immediate course of action. Is it, for instance, a large tree and a semi-destroyed house, where hotel accommodation for the policyholder is needed straight away? Or is the damage sustained to just one window in one room, which could be temporarily boarded up and, therefore, there is no need for the homeowner to vacate the premises?
As well as offering a faster route of initial communication, the video and all other claim documents are automatically stored on the online portal, allowing suppliers and other partners to also see the extent of the claim when they are brought on board to help.
This more streamlined and efficient way of working helps accelerate the claims process, and because information can be shared, accessed and managed in real-time by all claims participants, it helps improve transparency – thereby reducing inquiries.
It’s good to talk
These aren’t the only positives however. The online platform sends automated notifications about any changes and updates to all parties, and if the customer ever wishes to see what stage their claims journey is at, they can simply log in at any time to check – meaning they are no longer restricted to telephone calls to their insurer during office hours. Instead, they can quickly find out the latest updates on their claims journey with just a few clicks.
This open communication has further benefits too – from helping highlight any delays or issues (so they can be flagged and resolved faster), to ensuring enhanced collaboration between policyholders, insurers and suppliers. It is all about simplifying communication channels and keeping everyone informed at all times because with everyone on the same page, those once fragmented steps of the claims process can now become seamless – even for complex claims.
A further key benefit which digital claim platforms bring to insurers is the quality of data that can be readily accessed, not only at the point a claim is being managed but also after an event in terms of identifying any issues or trends – both of which provide valuable insights for underwriters when making decisions about policies and pricing.
By digitalising processes and bringing everyone onto one single claims platform, it means better communication throughout the whole claims journey. For insurers, such digitisation transforms workflows and allows them to operate and handle the claims journey far more efficiently – from keeping supply chain partners in the loop so they too can work more effectively, to ensuring that customers can receive help and support much faster, which in today’s competitive market can be the deciding factor between a renewal or not.
CoreLogic provides an enterprise software platform designed to solve the many problems property insurers are facing today. Its robust and comprehensive functionality helps insurers to improve the user experience for customers, employees and supply chain partners, and enables better collaboration and communication between all parties involved.
For further information about CoreLogic’s claims workflow and collaboration software watch the video, visit corelogic.com or connect with Thomas Verduzco-Weisel on LinkedIn.