How Machine Learning Makes Touchless Claims Possible, with Michael Grant
Insurers must embrace digital business practices to transform policy issuance, service, and claims to deliver the optimized customer experience that the market demands. To meet modern customer expectations, all possible decisions must be made by algorithms at machine speed, leaving only the most complex, sophisticated, and high-touch tasks to highly-trained agents and adjusters.
A study by McKinsey found that U.S. auto insurers providing customers with differentiated customer experiences have generated two to four times more growth in new business and 30% higher profitability. The same study confirmed that satisfied customers are 80% more likely to renew.
The most obvious opportunity to deliver this differentiated service is when settling a claim.
One of the top eight auto insurers in Asia has achieved totally touchless claims, eliminating manual processing of claims documents, and automatically generating damage assessments and repair estimates using mobile phone images from the scene of the accident.
Michael shows how they: