Reducing claims costs is an important objective for insurers that until recently has been mired in past-generation techniques. Fraudulent claims, disputes over the nature of accidents or losses, and a lack of verifiable data about incidents can complicate judgements and cloud settlements.
A comprehensive and complete approach to claims cost management - beyond basic accident detection (which represents only about 10% of the proportionate benefit that can be truly achieved with telematics) - offers a valuable means for insurers to reduce a broad grouping of expenses in this area.
With telematics enabling insurers to realise extraordinary, deep cost savings and loss ratio improvements, this case study looks at how Zurich leveraged telematics data to improve claims services for its customers.
• Claims cost categories - areas telematics can improve.
• Features of claims-as-a-service (CaaS) solution.
• Business outcomes and improvements.
• Using telematics data as evidence.
• The future of insurance telematics and claims.
• Cost savings benefits for personal & commercial lines insurers with CaaS.