As auto insurance premiums converge due to increased competition, policyholders are beginning to place more importance on both peace-of-mind and engagement when evaluating their relationship with insurers. While price is still the critical factor impacting policyholder acquisition, how insurers engage with their policyholders and create peace-of-mind drives retention.
Directly following a crash is the point in the insurer-insured relationship when much of the policyholder interaction takes place and when policyholders’ peace-of-mind is most likely to be tested. J.D. Power reports that claim servicing is the top driver of policyholder satisfaction in the auto insurance industry.
So how can you use telematics to improve the claims process?
The telematics-driven claims process opens a whole world of possibilities for insurers, from automating first notice of loss to driving a more streamlined claims process.
- Get first notice of loss within minutes – Octo is constantly monitoring telematics data so that when a crash occurs, it is detected immediately. You are notified in near-real-time and a crash dossier is provided, giving detailed information about the crash. This allows you to become involved in the process much faster than traditional FNOL methods. Detailed data in the crash dossier ensures you have enough data to begin the claims process right away. In addition, crash notifications can be set for policyholders so that, for example, parents can be alerted in the event of an accident involving their teen driver.
- Send the help your policyholders need, when they need it – By receiving first notice of loss as soon as a crash occurs, you can follow up with your policyholder immediately and determine their needs. Whether your policyholder needs emergency services, or just a tow and a rental car, you can provide these services to your policyholders at their moment of greatest need. Faster response translates into lower costs for you and greater peace-of-mind for your policyholders.
- Get your policyholders back on the road faster – Instant FNOL ensures you can utilize preferred providers for towing and repairs while detailed crash data drives a faster and more streamlined claims process. Octo’s integrations with third party providers such as Agero ensures crash data is actionable from day one. Your policyholders experience a shorter, better claims process and walk away as more satisfied customers. You save money and experience greater retention.
Most insurers in North America with telematics programs are leveraging telematics solutions to improve their risk models and attract new customers through usage-based insurance products. Innovative insurers have experienced these benefit of UBI and are looking for new ways to leverage their telematics data for even higher ROI. Telematics-driven crash and claims management is emerging as the next big area of opportunity for data-driven insurers.
To learn more about how telematics can be used to improve your claims process and loss ratio, please stop by booth #5 at the 2018 Insurance-Canada.ca Technology Conference, join us for our session entitled New Opportunities: Integrating Telematics Data in Claims for Immediate and Future Value or visit octousa.com/be-there.
Nino Tarantino is the North American CEO of Octo Telematics, the global leader in insurance telematics. Under his leadership, North American operations recently surpassed three million telematics users, increasing 50% over one year. Nino is also Board Director of the Connected Vehicle Trade Association and is a frequent speaker at industry events.