In the time it takes you to read this sentence, there will be several minor auto accidents in Sweden, Estonia, England, Germany and a handful of other European countries. And all those fender-benders have something in common: insurers will have to navigate a dizzying array of technologies and devices to assess photos of the damage and process the claims. In a better-equipped system, policyholders can be paid out as early as tomorrow—and in some cases, by the time you finish reading this article.
Why operate so quickly, and with minimal (if any) human intervention? Because speed delivers value. By reducing the burden on claims adjusters of handling routine issues, insurers can lower claims costs by as much as 30%. But there’s more to it than that: Insurers are learning that by emphasizing speed and service, they can build customer trust and loyalty.
Reimagining the job of the claims adjuster is key. When they’re not bogged down by routine claims, they can focus on higher-value work such as tackling complex issues faster and delivering a better customer experience. And that’s good for business. McKinsey estimates that insurers taking this approach and emphasizing digital transformation can boost customer satisfaction 10-15%.
Cutting the clutter from claims
Speed is paramount, especially in the field, where an adjuster’s work is practically synonymous with paperwork. In a typical scenario, a field adjuster might fill out an intake summary, write up scene notes and observations, take photos, fill out inspection forms, take measurements and have claimants sign various forms. And that’s just for a start.
All that information has to be taken back to an office or car, manually entered into a system, and developed into a full set of summaries, notes, documentation and recommendations. That kind of time drain isn’t just inefficient; it’s unnecessary.
Estimates vary, but depending on the type of insurance and tools used, a field adjuster can save anywhere from 30 minutes to an hour per claim with a faster, more digitized process. At the high end of an eight-hour day, that’s four hours (or half a day) adjusters can save on paperwork. With more connected, mobile-friendly tools, adjusters can move seamlessly from the scene to submission without juggling multiple devices.
Fewer devices, faster workflows
Imagine it: an all-in-one utility belt that eliminates the need for multiple devices and, instead, speeds up the process of gathering and submitting information for processing. Adjusters can take photos on site and use real-time documentation features to record incident-specific details, as well as interactions with policyholders and witnesses.
From there, they can return to their vehicles, plug their phones into a portable monitor and immediately begin compiling their reports. With native mobile apps integrated into the claims management platform, they can upload high-resolution photos, complete inspection forms, and submit documentation on the spot. No re-entry, no emailing files to themselves — just a streamlined, end-to-end workflow that moves with them.
Speed to trust
Giving adjusters the tools and time to focus on high-value, complex cases is good for employee morale, too. Less repetitive work means higher engagement and, ideally, less burnout and turnover. (By one estimate, adjusters have a turnover rate of 83% after three years.) And faster, better-quality work results in superior customer interactions that, in turn, foster trust.
According to J.D. Power, 90% of high-trust customers are likely to renew their auto-insurance policy, compared to just 30% of low-trust customers. And according to PwC, consumers spend more at companies they trust — 46% purchased more, and 28% paid a premium.
Trust, it would seem, is the most valuable currency insurers can wield with both employees and customers alike. And earning it is all about delivering speed.
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