The insurance industry is well known to be conservative and is generally deemed slow to adopt new modern technology. However, recently, one technology began triggering fast adoption even in the insurance area, and for several reasons.
This technology is the mobile real-time visual communications deployed to streamline remote claims damage assessment directly from the policyholder. First, and foremost, this type of technology provides fascinating ROI when it comes to improving the effectiveness and efficiency of the claims operations, but it also capable of reducing business related risks, improving business process cycle times and more.
What can automotive collision industry learn from insurance market innovation and are similar benefits available to increase efficiency of collision operations? Let’s take a look at the benefits of this technology and what it can do for your business.
Centralized Damage Appraisal
There are different types of collision businesses. Some are larger than others, but most have the same challenge in growing the business – a lack of skilled resources to provide damage appraisals and estimations. At the moment, the pattern is to have at least one local damage appraiser in each facility location, which usually means hiring a person that specializes in handling this task, or training and certifying an employee to attain this skill set.
This means that in order to expand collision operations statewide or even nationally, each facility has to have a specific resource with specializing in appraisals and estimates. Real-time visual technology, however, is able to centralize the damage appraisal and adjustment resources to be conducted out of a single facility remotely by the same team regardless of geographic location of the vehicle. There are also opportunities to utilize claims and adjustment organizations to acquire outside talent with experience and expertise to deliver damage appraisal services remotely when needed, instead of having to hire or train an employee.
Business Process Improvements
Central damage appraisal unit has significant business process improvement benefits. First, this department can be deployed to deliver a centralized claim handling for any insurance activities, such as processing claims payments and settlements, conducting estimations, and reviews. It also makes things easier to centralize and coordinate employee training, certifications, and business process enhancement rollouts.
In addition, all business operations are aimed to establish a standard set of repeatable processes in getting things done. A centralized unit can help oversee quality review and quality control, performance tracking and monitoring, and customer service and experience.
As real-time video technology concept is proven by insurance organizations, it does not only mature, but also influences the development of additional features. Current real-time video platforms are becoming not only affordable, but also easy and simple to acquire by simple subscription to SaaS based real-time visual platforms that can be deployed without depending on internal IT resources, or requiring significant training.
The main question is whether it’s value is recognized in existing operations and whether it is on the radar of organization’s roadmap.