LexisNexis Risk Solutions interviewed 24 auto insurance executives to capture their thoughts on automated claims handling, with an eye toward transitioning to touchless claims. Through this type of claims handling, no claims adjuster or insurance carrier employee is involved in the claims process at all. As such, technology is used to report the claim, capture damage or invoices, run a system of audit and communicate with the customer electronically. If the claim meets approved criteria, it is automatically paid without human intervention.
Our infographic below illustrates some of the findings. For example, carrier respondents who are utilizing Virtual Claims Handling are experiencing 80% shorter cycle times than carriers who are using Traditional Claims Handling methods. Additionally, all respondents believe telematics data will be used in claims investigations within the next 5 years.
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