There are lots of things that the P&C industry could do to take better advantage of Mobile technologies. Right now they do two things.
- Facilitate the documentation and submission of a claim.
- They accept requests for quotes and applications.
But there’s a third opportunity to leverage mobile that the industry is just now waking up to: fraud and risk management. It’s no secret that carriers lose money up front when customers provide false or incomplete information and that large fraud rings go unnoticed until the damage is already done.
Larger insurers all have an app.
THe phone app is focused on the back end – expediting claims, etc.
But an app or at least a web application version is a crucial part of today’s UW process
What can it do? Well I can tell you whatt ours can do…or soon will be able to do.
- Capture documentary evidence – a title, utility bill, driver’s license etc.
- Capture property images, cars with prexisting condition, insured items.
- It can securely fix each image capture with a gps and time stamp – so you know that piece of property was in a specific location at a specific time
- Which means it can be used to validate a customer’s true home address “are you at home?’,”yes”….now we know the GPS coordinates for that claim.
- Seamlessly step from the web browser to the web application on the phone and complete the quote/application there if the customer so prefers.
- Seamlessly support agents by deploying the tool directly to his clients so that they can complete documentation/image tasks securely without admin burden.
a note on tech: phone apps require that the customer accept the installation of an application on their device. It’s not the right approach during the sales process…instead very light, purpose built web applications are deployed to give the sense that there is a unified phone app down to integrating with them.
More and more customers are using mobile devices to transact their financial business. It is essential that carriers leverage this trend to both reduce fraud and improve the customer’s experience. We are VeracityID and we are focused on doing just that.
