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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™