There’s a lot to be said for the hellish world of insurance getting with the times and adopting the latest in cloud and AI technology, introducing InsurTech. No more filling in endless forms, no more waiting for a police or crime number, no more praying the payment will come through. At least if the service offered by Lemonade is anything to go by.
A New Year blog post by the firm highlights how one New Yorker had his expensive coat stolen. Submitting a claim by video to explain the circumstance using his smartphone. The claim was instantly reviewed by A.I. Jim, the company’s claims bot, and it paid in just a few seconds.
Consider that to the last time you had to file an insurance claim! The trauma of a burst pipe or lost luggage, the shock of a home or auto burglary. Then the help lines (“we value your custom, please hold”), the wait for the post (“you are a valued customer, stick around”), filling in the convoluted paperwork (while referring to subsection c, paragraphs i, ii, iii and iv – all in five point text) and more waiting.
Of course, there would have been follow up checks, and we’re not sure what would have happened had the coat been recovered. But this instance highlights how AI can improve customer service in the insurance industry and shake things up for those players who think customers will just resign every year a policy comes up for renewal.
InsurBot your life
It is not hard to imagine auto-insurers using AI to act on a claim the moment the incident happens. The AI can interrogate the car’s computer: Was it driving at the speed limit? Tick. Were there any previous dangerous lane changes or braking? No. Were all passengers strapped in? Tick – claim approved – a garage can collect and fix your car now! How cool would that be.
All of this could save on huge amounts of stress for customers, and reduce the cost of insurance as the business can streamline its claim management processes. So when your next policy comes up for renewal perhaps look for the smarter option, rather than just ticking renew. There might be some potential savings!
If you’re interested in more InsurTech firms, you should check out our market overview post.
YouTube: Lemonade in 60 Seconds
Photo credit: Lemonade