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Scaling the Unscalable
Revolutionizing the Claims Process
with Real-time Video
by Alex Polyakov, CEO Livegenic
Key Takeaways
1. Live Video in Claims is coming Very Quickly!
2. The Market demands a Platform, not a Tool or Utility
3. Early Adopters will Experience Largest Gains and Benefits
Live Video Not a Novelty
By 2017, live video broadcasting will be the new "selfie“
-- Gartner
Technological Evolution
“The most important, and indeed the truly unique contribution of management in the 20th
Century, was the 50x increase in the productivity of the manual worker in manufacturer”
-- Peter Drucker
1909-2005
Technological Evolution
“The most important contribution management needs to make in the 21st Century is to
increase the productivity of the knowledge worker.”
-- Peter Drucker
1909-2005
The Claims Knowledge Worker • Field adjuster / appraiser • Inside adjuster / claims handler
Claims require adjusters to handle multiple things concurrently, magnified by
Frequent need for Additional Information Fluctuating Claim Volume Unpredictable Conditions Lack of Elasticity in Operations
Claims Process Complexity
Claim Process relies on Field Inspection • Delay • Lack of Control, Clarity, & Accuracy
Important Claim Handling Information
Comes from the Customer!
Interactive Damage Assessment
Precision and Context
Transparency and
Documentation
Increased Customer Satisfaction
Working with the Customer
Market Findings
Biggest Opportunities 1. Eliminate Field Inspection for Small Claims 2. Improve Triage for Larger Claims 3. Accelerate the Claim Process 4. Reduce Pending Claim Volume 5. Provide Scalability for Large Volume Events
1-5 % Large Claims
25-30 % Medium Claims
> 70 % Small Claims
Primary Scenarios
1. Acquiring Information from the Insured • FNOL • Subsequent Interactions
2. Streamlining Information from the Field to the Office
• IA to Inside Adjuster / Appraiser • Contractor / Collision Repair Facility to Inside Adjuster / Appraiser
3. Customer Self-service • Policyholder’s ability to capture video/pictures
Market Research - Automotive Claims
Cost Saving Opportunities 1. Average small vehicle claim ~ $1500, incurs
10-15% in field appraisal costs 2. Average cost of travel represents 15-25%
of the total assignment
Market Research - Automotive Claims
Photos are great for Simple Claims - Private Passenger Vehicles
1. Inaccuracy and lack of detail leading to re-inspections
2. Fast review process required to minimize re-inspections and delays
Market Research - Automotive Claims
Live Video ideal for Complex Claims that can benefit from Expert Guidance
1. Commercial & Specialty Vehicles 2. Supplemental Claims 3. Liability protection at FNOL
Market Research – Property Claims
Cost Saving Opportunities 1. Claim Adjustment - $200-700/visit 2. Field Adjustment, Claim Reporting Delays
• 1-7 days
Market Research – Property Claims
Pictures are limited, need Interactive Customer Communication
1. Photos acquired from customers, but rarely eliminate field assignment
2. Precision and detail necessary to triage and adjust a claim
3. Policy terms and the cause are vital
Additional Opportunities
Underwriting CAT Training Contents & Inventory Contractor / Restoration Quality Control and more
Lessons Learned
Success rates vary due to several factors and challenges
• Customer Awareness • Customer Comfort with Mobile • Demographics • Bandwidth Availability
The Market Demands a Platform
“48% of your team’s work week is spent looking for information, finding someone who has
the information, or processing email.”
-- McKinsey 2013
The Platform
Fits into the Business Process Requires no IT Support or Maintenance Delivers Specialized Claims Features
Defensible Claims Documentation • Video & Pictures • Timestamps, Audits, & GPS
Provides centralized Data Access and Collaboration Integrates with Existing Claims Systems
What’s Next?
Speech and Visual Recognition Holo Lens Visual Wearables (Google eye lens)
In Conclusion
1. Avalanche of Technology • What do you need to stay competitive?
2. Powerful approach that allows Insurers to leverage People,
Capital and Technology with great benefits
3. Live Video is a Feature – Its Important to Think About • Business process • Data management • Proof of value, not a proof of concept
4. Technology Readily Available for Use
• No IT support necessary • Easy to Adopt and Implement • Low cost of Entry
Questions Alex Polyakov apolyakov@livegenic.com Office: (844) 548-3436 Mobile: (973)493-2021 Stop by Booth 227!
Livegenic See What the Customer Sees™
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