Virtual claims handling is the process by which a customer or vendor captures damage via photos or streaming video, then uploads those images to their insurer, where an adjuster conducts the assessment remotely. No insurance employee conducts a physical on-site inspection of the vehicle or property.
According to LexisNexis, 38% of insurers now utilise virtual claims handling, resulting in cycle times of 2 to 3 days as compared to 10 to 15 days for those using traditional methods.
This content outlines three key benefits associated with virtual claims handling:
1) Decreased cycle times and increased processing speed.
2) Decreased loss adjustment expenses (LAE) and the ability to reallocate human resources to more complex claims.
3) A more seamless customer experience and increased satisfaction.