Remote Inspections: New Superpowers for Underwriters?
Part 1: Insurtech to the Rescue
Property underwriters are under pressure to generate renewals and new business with limited resources – and the coronavirus isn’t making life any easier. Find out how remote inspection technology could come to your rescue.
US-based commercial and high-value residential property insurers traditionally assess risks by means of in-person customer visits. While these physical visits return better-quality data than remote assessments, they usually require more manpower and a longer turnaround time. In recent years, the industry has increasingly been exploring digital risk assessment solutions that speed up and streamline the process to save time and lower the cost per policy.
Covid-19 and all the home quarantine, self-isolation, and travel restrictions it entails, are merely forcing insurers to speed up this transformation to maintain their ability to adequately assess risks prior to binding for new and renewal businesses.
The fundamental question is this: How can insurers assess properties remotely that would normally require a physical visit?
In the last few years we’ve seen tremendous growth in vendor solutions that not only speeds up the risk assessment process, but uses a set of tools and processes to do things more cost-efficiently via remote inspections. As Covid-19 gives this shift even greater momentum, an increasing number of InsurTech companies are emerging to support the transition.
Remote Inspection Technologies
Remote inspection technologies are the way forward. Over the past few years, we at Synpulse have performed vendor analysis studies for multiple clients and worked with various technology providers. We’ve seen with overwhelming clarity that adding a remote inspection capability into the underwriting process significantly improves and streamlines the end-to-end underwriting process. We’ve also found that it’s helpful to organize these technologies into four categories (diagram 1):
- Geospatial Imagery Assessments
- 3rd Party Data Assessments
- Customer Self-Inspections
- Remote Video Inspections
Click below to continue reading and get all our insights on the four Remote Inspection Technologies.
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How Synpulse Can Help
At Synpulse we’ve helped dozens of major insurers in the vendor research phase and implementation delivery to bring new tools to their enterprise. Often this takes the form of initial conversations to understand the real problem areas of the underwriting and risk engineering teams and use workshops and interviews to find a target solution and the accompanying approach. We have had extensive experience with insurers of every size, and we often see that a new perspective is very helpful in transforming teams and organizations. Now is a crucial time for every insurer to strategically position themselves with the right risk assessment technology to remain competitive in 2020.
If you’re interested in learning more about the opportunities available in terms of remote inspection, get in touch with us now to discuss:
- How you can identify the best solution to match your current situation and pain points
- How these tools can better equip you to respond to Covid-19
- How these tools fit into your process to enable or replace site visits
- How much you have to spend and which tool will give you the most value for your investment
- How you could incorporate these tools into your existing system landscape to create an automated E2E journey