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:

  • Allow customers to use a mobile app to submit images of key documents like their driver’s license, vehicle registration, insurance cards, bank cards, license plates, VIN numbers, etc.
  • Allow customers to submit multiple images of the crash damage.
  • Automatically process these documents and images, achieving straight-through processing and reducing handling time per document from minutes to seconds while removing human effort.
  • Use predictive models to declare a total loss or generate a repair estimate.
  • Reduce the average time to settle a claim by 68%.

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