Traditional insurers are coming under increasing pressure from insuretech companies who are slowly starting to shape the future of insurance. In addition to adding value to the sector and its customers, technology and technical innovations are now influencing its very growth and evolution.
Many believe that the insurance industry has been lagging behind other sectors and failing to keep pace with increasing customer demands for online solutions and faster more flexible service options. Although there has been considerable investment in IT within the insurance industry it is likely that in order to digitalise and overcome the challenges of legacy systems UK insurers will need to look to more agile and technologically driven solution providers.
Since its inception BVS has worked alongside its sister company PJ Web to move the market forward through the continuous development of our online claims platform MetrixTM. We were first to market with our online appointment booking tool, interactive customer portals and supply chain claims hub. More recently our Surveyor App has been developed to enable payments to customers direct from site, vastly reducing claims lifecycles, improving customer satisfaction and reducing the administrative costs.
Whist we continue to focus on the development of advanced technological driven claims solutions for on-site property surveys we have recognised the increasing demand from insurers to deliver the speed and flexibility that insuretech start-ups such as Lemonade are delivering for their policyholders.
By tapping into the insurance claims experience within the BVS Group and the digital capability of PJ Web we have been able to develop a Self Survey solution for Buildings and Contents claims. Customers are now able to submit a survey report from their home in minutes and at their own convenience.
The outputs of the survey can be validated through use of our building repair scheduling tool, which has been designed for use by insurance claims handlers with little or no previous scheduling experience.
An insurers own schedule of rates can be input into the tool or a schedule of rates can be provided as part of the tool to meet insurers individual requirements.
Detailed contents inventories can easily be created by the customer and sent to panel suppliers via their insurer for valuation/replacement with the added capability to integrate with content validation software.
The Self Survey tool is ideally designed for use on any smart phone or tablet; however the Self Survey can also be completed using a PC and digital camera.
Through EXIF data stored within the images submitted by the customer, we can check the date and time they were taken as well as the location they were taken from, subject to the customer's phone settings.
Our in-built fraud checks reduce the risk of fraudulent claims being submitted via the Self Survey. The Self Survey is already live and in use with two UK Insurers who have embraced the technology. It is proving a success in reducing claims lifecycles and the cost of handling low value claims by approximately 80%.
We are already taking steps to develop the Self Survey further and we are excited about pending developments such as the inclusion of video/live streaming. We also recognise the potential for integration with other IT platforms to enable fulfilment of building repairs.
In the longer term there is the potential for integrating the Self Survey with insurers own claims platforms so that big data can be utilised to automate the settlement of claims.
2018 is set to be a big year for the BVS Group as we work with our insurer clients to overcome the challenges of legacy systems and play our part in the digitalisation of the insurance industry.