Handling claims manually can cause a financial drain on your resources. Sending an adjuster for a field inspection even for smaller claims is not just a waste of money but also wastes a lot of time and unnecessary workforce. In an age where every business operation is being automated, why should adjusting be left behind?
Let’s see some key reasons why Virtual Adjusting is soon to become the future:
1. Better Performance Gains:
With manual adjusting processes, an average claims cycle, from the time of FNOL to settlement, runs for over a month. The huge variety of claim types along with complex cases, especially during the CAT season requires a lot of resources that delay claim settlements. With self-serving inspection tools along with digitized measurement services which also reduce inspection costs, insurance carriers can escalate their performance when it comes to field adjusting.
2. Better and More Accurate Results:
Damage inspection and publishing reports showcasing estimations not only takes a lot of time but is also prone to error, thereby widening the customer satisfaction gap that insurance carriers are always wary of. With digitized platforms handling sensitive processes like estimations and damage inspection, backed by machine learning and AI capabilities that learn on the go, such interventions will only make the process of adjusting more efficient and accurate in the future.
3. Better Customer Service:
Currently, customer executives and adjusters function as intermediaries between policyholders and insurance carriers. All administration processes that require human intervention will be replaced with technologies such as deep learning, natural language processors and automated, data-driven chatbots that will provide virtual advice. AI enables a more efficient administration process by not only offering enhanced customer interaction but also by handling various communication channels simultaneously at a much faster rate than ever.
4. Better Reach Across Locations:
Claims can surface from anywhere. Insurance carriers spend quite a lot of resources and money to set up their services in different locations worldwide. In addition to this, adjusters traveling to these locations for inspections and handling various assignments take a great amount of time. With virtual collaborative and communicative tools, insurance carriers can provide online services at a faster rate without compromising on quality. Policyholders can interact with insurance adjusters directly via such technologies right after filing an FNOL instead of waiting for scheduled inspections, and allowing adjusters to undertake remote inspections for faster processing of claims.
These changes will rapidly transform adjusting as well as the entire operation involved in handling claims across different levels. Be it a small claim or a large one, virtual adjusting will provide better and faster results and enhance the experience for adjusters, policyholders as well as improve the credibility of insurance carriers.