This article is part 2 of 2 on predicted trends in the insurance industry, with this post detailing how Livegenic aims to achieve LexisNexis’ industry predictions for 2025. Be sure to read part 1, discussing how we met previous predictions for 2021 made in a 2019 LexisNexis claims study.
Risk Solutions experts LexisNexis recently released an outstanding case study on the Future of Claims. Last week, we took a look at how Livegenic aligned with the industry predictions from 2019, and how our platform has helped insurers meet the key trends:
- Accelerated Claims Automation
- Alignment with Consumer Desires
- Increased Virtual Claims Handling
Across the board Livegenic met every projected metric for 2021; so today we wanted to look to the future and see how Livegenic plans to align with the trends of tomorrow, as predicted by LexisNexis.
– More Than 80% of Auto Insurance Claims Will Be Processed Virtually
Livegenic is already well on our way to helping make this a reality. Even today, insurers and claims organizations are already using our virtual collaboration tools to process a growing percentage of claims, in some cases well over 80% of their volume. Even in cases where a more thorough personal inspection is necessary, remote inspection is frequently used as a convenient precursor to determine whether or not to send field staff, IAs, or other restoration vendors. The trend shows no signs of slowing down as consumers and carriers alike increase their familiarity with the capabilities and benefits of Virtual Claims Processing.
– Half of FNOL (First Notice Of Loss) reports for non-injury claims will be automated and generated by a few clicks from a smartphone or reported through a connected car.
As mentioned in the previous prediction, the Livegenic Platform has already helped make this reality possible. Thanks to our comprehensive API coverage, integrating Livegenic into your digital FNOL process is not only simple, but any documentation necessary for First Notice can be easily captured and submitted right from the policyholder’s smartphone via our suite of customer-facing solutions. As more and more carriers begin to see the possibilities and benefits of these virtual services, automated claim reporting will continue to expand into the industry.
– More sophisticated data acquisition, analysis, and integration will reduce total loss claim processing from weeks to days.
Let’s not mince words: Each of these elements is possible today through proven, widely available, and user-friendly technology. Virtual solutions provide a host of benefits for losses of all sizes, and at all stages of the claims process. From faster acquisition of information to more efficient management of data, these tools are already helping many insurance organizations shrink the claims process from weeks to days. In fact, a recent case study on one of our clients showed that 62% of their virtual inspections with Livegenic were complete within 24 hours. Their total cycle times shortened to an average 1.76 days, median 6.03 hours. These aren’t projected numbers for the year 2025; these are actual numbers happening here and NOW.
The process of implementing new technology is a frequent topic of conversation in the world of insurtech; and one of the biggest misconceptions that we hear is in the amount of time and effort required to implement our services. A common fear is that: “Setting up virtual capabilities will slow my business down and take weeks or months to complete.” But this is not the case for Livegenic, which was designed to make the implementation process as fast and simple as possible. Our platform can be configured and deployed in under 24 hours, and training takes less than 90 minutes - meaning your business can be up-and-running in days, not weeks.
In the LexisNexis report and many other industry case studies from the past year, one theme remains consistent: “The insurance industry needs to catch up.” Banking, retail, entertainment, etc. have all been setting the standard for digital services while insurance has maintained a risk-averse, “wait and see” strategy for years.
That risk is long over. This article was intended to ask how Livegenic was progressing with future expectations, but the answer is that the future is already here - all it takes is a step.