Insurance Claims News and Information

Telematics: A Claims Adjuster's New BFF

By Karen Pauli, Principal, Strategy Meets Action

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Boston, MA (May 23, 2017) – Nobody can have too many BFFs (that's best friends forever in today's texting-driven vernacular). That statement goes double for claims adjusters who are frequently seen as "bad guys" because of all the difficult-to-understand complexities of the adjusting process. The reality is that claims adjusters do not get enough recognition for the many times they go the far distant extra mile to help a customer after an auto accident. Claims adjusters need all the tools they can possibly get to deliver customer service at the high levels they want to deliver. And telematics is here to the rescue!

BFF KeyboardMany insurers see telematics only as a new way to rate auto insurance coverages, perhaps even replacing traditional rating criteria as some InsurTech innovators are doing. Other insurers only see telematics as a new way to underwrite auto policies, replacing traditional and sometimes complicated criteria with usage-based facts. These are all real situations. But what most insurers do not yet see is that telematics can be a way to give claims adjusters a customer service tool that, incidentally, improves claims financial outcomes. And who doesn't love a win-win!

A new claims adjuster, right after getting a company ID badge and signing up for company benefits with HR, learns that the sooner the company is advised of a claim, the better the odds are the company can assure a successful outcome and control costs. That's Claims Adjusting 101. Many insurers have addressed this by directing the first notice of loss from the consumer through a company contact center or service provider. More recently, companies have developed FNOL apps for mobile devices so that claims reporting can kick off shortly after paperwork is exchanged at the site of the accident. But, what if the FNOL could be generated as the accident happens? As a matter of fact, state-of-the-art telematics can actually do this.

Leading telematics technology can generate the FNOL from the actual impact dynamics. Appropriately implemented, this means that an emergency medical response could be automatically initiated if the impact details warrant it. In the event of a serious crash, this could make a critical difference in treatment outcomes. Towing services could also be initiated, getting the vehicle off the roadway sooner. Body shops and storage facilities could also be looped in as appropriate. Being the technology-enabled "first on the scene," and providing much-needed assistance at a stressful time puts any claims adjuster on the fast track to BFF status. And, returning to Claims Adjusting 101, it helps with the positive management of claims costs.

The benefits of telematics in auto claims adjusting don't stop there. Read more.

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)


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