Written by: Matt Anderson and Ally Momot
Business today looks very different than it did as little as 2 weeks ago. Coronavirus (COVID-19) has impacted businesses across the globe, forcing companies to seek alternative ways to maintain “business as usual”. While this forced change will impact all businesses in both negative and positive ways, we’re seeing businesses across the nation step out of their comfort zones in effort to keep their team and society safe.
A large part of this “new world” we’re all living in is the replacing in-person interactions with virtual ones. This is pushing industries that you never thought were capable of hosting virtual anything to being fully virtual companies. Brick-and-mortar businesses are finding ways to function remotely. Live events are being streamed over the internet. Toddlers are continuing their education through virtual classrooms.
The Virtual Impact in Property and Casualty Claims.
The insurance industry is no exception, especially in the claims processing department. Traditionally adjusters would investigate claims on-site without being worried about social distancing or putting the policyholder’s health at risk. With the COVID-19 pandemic numbers rising, Insurance Carriers needed a quick solution to handle claims without running the risk of potentially spreading this rapidly growing virus. Aside from the use of hand sanitizer, N95 masks and rubber gloves, Carriers are turning to virtual adjusting to help continue to process claims. While claim volume is low right now, virtual adjusting also proved to be a cost-beneficial way to process claims quickly and safely.
What is Virtual Adjusting and how does it work?
Virtual adjusting is a platform that allows adjusters to use video collaboration with the policyholder to assess damages. Once the software is implemented, the adjuster sends the policyholder a secure link to their phone. This link will give the virtual adjusting software access to the policyholders phone camera while geo-tagging the location to reduce the risk of fraud. Experienced licensed adjusters can guide the policyholder through the property to assess the damage while taking measurements, photos, and videos. Once completed the measurements and photos are sent to the estimating platform. Some solutions even offer real-time integration with your estimating platform.
The Benefits of Virtual Adjusting Beyond COVID-19
Right now it’s hard for some companies to look too far in the future, especially with the uncertainty of when the Country is going to be “back to normal”. While Virtual Adjusting is a timely solution for this pandemic, it’s going to become a long-term solution for many carriers as wellThe benefits of claims that can be handled virtually stretch beyond COVID-19 and are proving to be considered a valuable part of a company’s claims handling process. Some of the benefits we’ve seen from our clients are:
Decreased claims cycle times. The speed of settling claims has always been one of the first components of quality. In most cases it could take an adjuster more time to travel to/from a claim and upload the pictures than it would to completely process a virtual claim.
Better customer service and quality reports. While some policyholders will always prefer an on-site Field Adjuster, Virtual Adjusting gives you the ability to accommodate policyholder’s preferences with more options. Virtual adjusting provides more than a solution for social distancing by offering convenience and an improved claims experience - resulting in better customer service.
Broader reach. Carriers often struggle with having active adjusters nationwide, which is why they often rely on independent adjusting (IA) firms. IA’s that offer virtual adjusting could potentially double the amount of accessible adjusters. Since the adjuster can handle claims faster in the comfort of their own home, you eliminate the barrier of location.
What Does This Mean to Field Adjusters?
Virtual adjusting or virtual claims handling shouldn’t make field adjusters feel intimidated or nervous.This should be looked at as another tool for adjusters to utilize. Certain claims will always require an adjuster to be on-site. Some policyholders even prefer an on-site adjuster because they feel comfortable being able to see what’s happening and ask questions without picking up a phone. It’s like the people who never use online chat or email because they prefer to just call if they have a question.
Field Adjusters should embrace Virtual Adjusting. Find IA firms that offer Virtual Adjusting and apply to be on their roster. Usually they will front the bill for any required Virtual Adjusting software and train you in the process.
Whether you’re an insurance carrier or field adjuster, virtual adjusting will become a standard industry term well beyond this pandemic. Uncertainty can create innovation as companies are forced to survive in circumstances they may have never imagined. Carriers that may never have considered virtual adjusting are not only using it, but are experiencing the benefits. Our advice is to start small. Whether it’s the Field Pros Direct virtual adjusting platform or another provider, choose simple claims to start with, smaller losses where coverage is clear. Once you see how it works with your claims process, then decide whether you want to completely add this to your claims process.
