As the COVID-19 pandemic continues to wreak havoc on the economy, businesses are facing new challenges as they find ways to take care of their employees and customers. In particular, the coronavirus is proving challenging to the property & casualty (P&C) insurance industry, where inspectors and adjusters traditionally visited properties in-person. Policyholders, afraid of the possibility of infection, are opting out of allowing outside individuals into their home. With the nation simultaneously struggling through a convective storm season, insurers are needed more than ever to provide coverage and settle claims promptly and efficiently.
Fortunately, using the latest technology, we can create solutions that allow us to continue underwriting and claims processing even during these trying times. Here are three solutions to COVID-19 P&C insurance business disruption.
Virtual Surveys in Underwriting
Traditionally, inspectors visited policyholders in-person to verify property characteristics and assess the risks and vulnerability of a property. With a virtual survey, underwriters can comprehensively assess risk without ever seeing or visiting anyone at the property site. Leveraging the power of high-resolution public and proprietary imagery sources, these images along with robust pre-fill data provide information on property condition and exposure. Software can be used to calculate valuation and coverage. Once underwriters finish with all their observations and valuation, they can review hazard risks and occupancy data to make a final underwriting decision.
Do-It-Yourself (DIY) Surveys in Underwriting
Policyholders can get involved in the process too. Now that all policyholders most likely own their own camera or smartphone, they can take their own photos, answer a few questions about their property, and then submit the information to their carrier in an instant. These images can be used to compile and create measurements such as total living area or external wall materials. Combining this information with public and proprietary imagery can allow underwriters to determine property conditions and exposures.
DIY Surveys in Claims Processing
Unlike an automobile claim, property claims typically require an adjuster to enter a home to document damages with measurements and photographs and then write an estimate. This in-person component of handling property claims combined with the pandemic is posing a serious challenge to the way P&C insurers conduct their business.
With virtual adjustment solutions, we can leverage forecasting and weather forensic services to remotely predict potential damages before disaster strikes. Afterwards, DIY tools used by policyholders can expedite the claims process and avoid the need for in-person visits amid the coronavirus pandemic. Policyholders can leverage a claims portal to have direct access to their claim; where they can take their own photographs and measurements of their property and upload them directly to a claims platform. This creates a direct conduit for sending and receiving information with the policyholder.
Virtual surveys and DIY surveys are less expensive than in-person solutions, providing cost effective solutions for carrier underwriting inspections and claims adjuster budgets. With modern technology, we can ensure that underwriting and claims, critical pieces of the P&C insurance industry, continue to operate amid COVID-19.