In September we launched another module of our end-to-end digital motor claims management solution, AudaENOL. The innovative solution delivers full control and visibility for policyholders at every stage of the claims journey.
In line with the launch, we are releasing three new Insight Papers that look at the current state of play in the motor insurance market, and what the future holds for digital motor claims. The first Insight Paper; ‘What’s next for the progression of motor insurance claims’, is now available via Audatex’s Digital Claims Centre.
This Insight Paper focuses on the technology-powered shift, which has taken place in the insurance industry, to better serve the ‘I want it now’ generation of today, which will not accept anything less than a fast, easy, transparent and increasingly personalised experience when making a claim.
This shift has been largely driven by the vast array of technological advancements, we all encounter every day in our lives and which are now being adopted across the industry. In only the last few years, there has been a step-change in the progression of the automotive industry. For example, once a far-fetched vision, semi and fully autonomous, and intelligent vehicles are gradually becoming more of a viable option for drivers, throughout the vehicle ranges.
The claims side of the automotive industry is also starting to wisely embrace advancements such as Artificial Intelligence (A.I) powered technology and blockchain. A.I can provide predictive analytics capabilities to damage triage, helping to rapidly contextualise images and advise insurers and consumers on the next best action.
To obtain a complete view of the current experiences and expectations of motor insurance customers, we surveyed over 3,000 U.K adults with a motor insurance policy. The overarching finding was that there is a huge appetite, especially from younger generations, to increase their own use of technology when making a claim. However, with less than 1 in 10 (7%) of respondents claiming their insurers require them to use the latest solutions, the responsibility has shifted to insurers to embrace the solutions now available, such as intelligent claims management, to give customers the experience they desire.
It is well known that the insurance industry as a whole has an understandably steady and cautious approach to innovation. However, the paper explores how, in order to remain competitive tomorrow and meet customer needs of today, insurers must embrace the technologies that are readily available and drive forward the adoption of an increasingly streamlined claims process.