This week we were joined by Bryant Vernon, Chief Claims Officer of Aviva Canada, Tobias Taupitz, CEO and co-founder of Laka, and Marijan Mumdziev, CEO of Amodo on the topic of ‘Mobility, Claims and the Need for Speed’. We discussed the future of mobility, current friction in claims and new approaches to enhancing the claims process.
Here’s what we learnt:
When the world stops, mobility changes. Marijan Mumdziev points to major consumer trends that Amodo has seen in consumer behaviours – consumers are polarised between one third who have effectively stopped road travel and two-thirds who have increased road travel due to avoiding public transport. By adapting to the shifting ways in which people travel, insurers with usage-based products can more effectively serve their customers.
The most efficient claims are the claims that aren’t made. The industry continues to embrace preventative insurance measures to reduce claims. Bryant Vernon says that insurers can benefit from intervening before the claims trigger-event has happened – information campaigns can alter customer behaviour and reduce the cost of claims.
Innovative thinking can change the psychology of claims. Tobias Taupitz uses the example of product replacement rather than cash in a stolen bike claim. The incentive for a customer to submit a fraudulent claim is reduced, and the claims experience is improved because the customer has a new bike delivered for free is more convenient than having to buy a new one. By embedding insurance into a supply chain, an insurer can create more value for the customer.
Not all data is useful, but insurers need to reimagine how to acquire data. Claims processing is not always automatically helped by data – photo recognition is not foolproof, data structures are not always fully integrated. However, insurers can still do more to acquire data through ‘gamification’. When a customer sees direct value from offering up their data, the customer is brought closer into the equation and can offer deeper insights.
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Matt Kenyon is a content producer at Insurtech Insights.
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