There’s no denying that the insurance landscape has rapidly changed. The digital age has given insurers new tools for determining who, and what, represent the greatest risks and costs to their customers and their bottom line.
Consumers want quicker underwriting and claims experiences. Senior-level insurance executives recognize the importance of digitalizing auto claims as a top priority. But too many Insurers are fixated on crash detection and missing the bigger picture of what is truly possible. What is your organization doing to improve the claims experience and bring claims costs under control?
Your claims management process has a unique place in determining your competitiveness as an insurer.
Escalating claims costs are separating profitable insurers from unhealthy businesses on both the personal and commercial lines sides.
Claims costs consume nearly 80% of policyholder premium in the form of claims payments or processing costs.
The claims experience represents the moment of truth when insurers either delight (retain) or disappoint (lose) customers.
IMS’s Connected Claims telematics solution, is a low-cost suite of telemetry-based services that transforms collected telematics data into appropriate analysis that positively impacts the policyholder experience and an organization’s claims costs. IMS’s Connected Claims solution includes ongoing training and implementation consulting, along with expert support services.
With over 10 years of global experience in claims telematics programs, IMS’s use of telematics data poses the best and most economical entry point into your claims digital transformation journey – at an area of affordable cost and immediate ROI to your existing claims operation. An investment of 2% of premium expense in IMS Connected Claim’s proprietary technology is enough for an auto insurer to unlock a claims quantum benefit of more than 6% – and without requiring any FNOL change of process!
IMS’s Connected Claims telematics solution goes beyond accident detection leveraging telematics data to reduce claims costs in two additional claims costs areas: liability and handling – which together deliver 80% of the overall benefit to your organization:
Featuring Claims as a Service as another component of the solution, experienced members of the IMS team will provide expert witness services (including court attendance as needed) and training of in-house teams coupled with our proprietary Telematics Technical Statements.
Best of all, because the Connected Claims solution sits within the market-leading IMS DriveSync platform, insurers can quickly and easily develop this initial claims solution into a fuller suite of services across your book of business – including rewards and engagement, safe driving, analytics and scoring and more.
Technical statements form a unique and important part of IMS’ Connected Claims professional service component known as Claims as a Service (CaaS). Technical statements encapsulate the core insights from captured telematics data, and with the help of our CaaS claims experts helps insurers realize the following benefits across all telematics claims:
IMS’s Connected Claims solution provides an economically-sound approach to augment your existing claims operation with driving data. Telemetry data is collected from policyholders via a hybrid combination of:
In turn, insurers are provided with a bespoke claims portal which enables access to minute-by-minute details of the driving journey, including moments preceding accidents, and second-by-second data of the impact itself. Insurers have a choice to either use their in-house claims teams to directly manage the claim themselves, or leverage IMS’s experts to provide guidance along the way.
Details provided via the claims portal include pre-accident photographs and second-by-second telemetry data showing:
GPS location – assessing course and speed
Accelerometer data – visualizing and measuring impact severity
Gyro data – visualizing and measuring vehicle rotational movement
Course over ground – accurate assessment of vehicle directional change
Second-by-second visualization – in Google Maps & Street View
Accident reconstruction – animated replay of second-by-second impact to the vehicle
Accident detection – driving efficiency and customer contact
Claims services – direct portal access for bespoke technical support`
IMS' Claims as a Service (CaaS) not only streamlines and improves the claims experience, it helps insurers eliminate the risk of fraud or litigation with claimants and bring claims costs under control.View CaaS infographic
IMS is an experienced global company helping insurers worldwide embrace their claims telematics implementations. UK and European insurers currently lead the way, serving the industry with a solid hotbed of claims transformation success – all of which can be achieved by progressive and tech-savvy North American insurers who are also quickly moving forward on their claims journeys. Notable claims achievements realized by IMS’s customers include:
Immediately begin assisting the policyholder with the best course of action.Explore Incident Detection for FNOL
Contact Us and Learn How To Leverage Telematics Data to Cut Claims Costs