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Look Up At the Sky! It’s an Insurance Drone

Blog: Kofax Journal

Ok, I get it…drones are cool. But what do they really bring to the insurance industry?

Not a day goes by that I don’t see at least one article or newsflash about how drones are going to “revolutionize” the insurance industry. Some tell dramatic tales of drones flying into dangerous areas, providing never-before-seen insight into the damage caused by a catastrophic event. As the stories go, these drones enable insurance carriers to streamline and expedite the processing of claims. Other articles tell less-dramatic stories of adjusters simply checking out a hail-damaged roof in person with their feet planted firmly on the ground.  There are all great stories and great examples of how drones can be used to support the insurance industry. But this narrative raises an important question:

Are insurance carriers prepared to receive and find value in the information delivered via drone?

While their design and utility are clearly dynamic and exciting, drones are ultimately just another channel for information to get into the claims process—a  distant, much cooler relative of the fax machine, the email server, mail room and the human claims adjuster.  There’s no doubt they can and will safely obtain more information about a claim earlier in the process than perhaps their human counterpart could, but then, what? Or more importantly, where? As in, where will that information go? Will you be able to use it to streamline that that claim, or better yet your overall claims process? Will you use it to change how you accept risks in the first place?

Processing insurance claims involves a large volume of information that can enter the process at different times, from different sources—including drones—and in different formats. Insurers that automate capture, routing and access to all of the information related to a claim can provide claims examiners and processors with instant access to the first notice of loss (FNOL) and all related information. This helps insurers to not only expedite claims processing, but also make more informed decisions that reduce risk and improve compliance.

Recognized as an industry leader, Ageas Insurance Limited insures approximately seven million customers in the U.K., and is the country’s third largest private car insurer. With more than 450 employees handling more than 60,000 claims, the claims department at Ageas was bogged down with a slow and inefficient process for collecting and leveraging information.

By implementing an industry-leading enterprise content management solution, Ageas is now able to efficiently capture and leverage all claim-related information, enabling claims handlers to make better, more informed decisions and provide better customer service.

If you’re an insurance carrier, don’t be fooled by the drone hype.  They are definitely going to advance information collection, but it’s how you leverage the information they collect that will truly revolutionize the insurance industry.

Learn how to create the better claims experience. No drones required.

 

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