The Benefits of Virtual Claims Handling for Insurers
This issue brief explores why insurers are implementing virtual claims handling to reduce cycle times, improve customer experience, and reduce costs.
What's inside
Virtual Claims Handling is the process by which a customer or vendor takes photos or video of property/vehicle damage, then uploads those images to their insurer, where an adjuster conducts the assessment remotely. No insurance employee conducts a physical on-site inspection of the vehicle or property.
According to LexisNexis, 38% of insurers now utilize Virtual Claims Handling, resulting in cycle times of 2 to 3 days as compared to 10 to 15 days for those using traditional methods. In addition to delivering a superior claims experience with significantly reduced touch points, insurers using Virtual Claims Handling also see a reduction in the expenses associated with investigating and settling those claims.
Given the success of Virtual Claims Handling, shouldn’t more insurers consider a completely touchless claims process? Read this issue brief to learn more.
Learn more about virtual claims handling in this blog.