Improving the Insurance Claim Process with IoT Connected Devices and Smart Data

#News(General) [ via IoTForIndiaGroup ]

Hitting Higher Marks in Customer Satisfaction for Policyholders

Customer satisfaction can be difficult to maintain in the high-stress claims management process. IoT devices can improve customer satisfaction by providing insurers with data in real time when a loss is detected so as to expedite and mediate the claims management process.

As an example, consider a policyholder who owns a connected car and gets into a wreck while driving on the interstate. Through the vehicle’s sensors, the internal computer system detects that a high-impact collision caused tires to blow, windows to shatter, the steering wheel to lock, the engine to throttle, and airbags to deploy. The vehicle’s emergency response system automates a notification to the insurance company in real time that a crash has been identified with the vehicle. With this immediate data, an insurance claims representative has the unique opportunity to make the initial contact with the customer through their preferred method of contact at a given time after the crash. By reaching out first, the insurer can alleviate a level of responsibility and stress from the policyholder and can take the opportunity to express care and concern for their customer’s situation, opening the claims process in a positive way.

Increasing Accuracy with IoT Data

Connected devices inside vehicles and homes are collecting data constantly. Devices, such as home smoke detectors, security alarm systems, and connected cars, can surmise damages involved in property losses promptly at the time an incident occurs. There is a high level of accuracy that comes from data that is collected immediately. Before a collision is moved off the roadway, for example, a connected car can determine time and place of impact, areas of the vehicle affected, and details about the driving practices, such as speed and breaking. The data that is collected is neutral and based on metric facts, and, therefore, can serve as a strong basis for a claim that can be supplemented by later reporting. This use of neutral, metric-based IoT data for insurance claims management also can minimize the potential for fraud.

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