Ventiv Technology

Liberty Mutual uses two technologies for this solution. The first enables customers to stream video from the damaged property to Liberty Mutual's commercial property claims specialists, allowing them to understand the damage better and more quickly. The second, a Liberty Mutual app, lets customers provide images of the damage from a smart phone or tablet, which claims managers use to accurately measure the impacted area. Customer Service How do you keep customers happy and loyal to your brand? Sometimes it just takes changing one part of the claims process. Progressive, the third largest insurance carrier in the U.S., introduced what it calls Immediate Response claims handling. A claimant can connect with a Progressive representative by telephone 24 hours a day and schedule a time for an adjuster to come out and inspect the vehicle. Progressive's goal was to reduce the time it took for an adjustor to see the vehicle (usually between seven and ten days) down to just nine hours. The process is very straightforward. The adjuster examines the vehicle, prepares an on-site estimate of the damage and writes a check on the spot (if possible). The biggest benefit is that claimants get faster service with less hassle. That results in greater retention since the claimant is less likely to leave Progressive because of an unsatisfactory claims experience. Also, the shortened time cycle reduces Progressive's costs dramatically. For example, the cost of storing a damaged vehicle or renting a replacement car for one day—around $28—is roughly equal to the expected underwriting profit on a six-month policy. It's not hard to calculate the savings this translates into for a company that handles more than 10,000 claims each day. Other benefits for Progressive are lower operating costs (less people are involved in handling the claim) and a reduction in claim payouts (because claimants often accept less money if it's given sooner and with less fanfare). Telematics Usage-based insurance is not a new concept, but it continues to gain traction in the industry. It is gaining popularity with consumers -- especially younger ones -- who are attracted to the idea of lower auto policy premiums based on driver performance. Telematic solutions can also contribute significantly to the claims management process. It can provide insurers with rapid notification of a claim's incident -- real-time -- while enabling the company to immediately begin assisting the policyholder and processing the claim. Its various sensors and data collection mechanisms can capture driving data such as rapid acceleration, braking patterns, airbag deployment and the GPS-location of the crash. Telematics can also help facilitate vehicle replacement or towing services for the policyholder. TOUCHLESS CLAIMS | 8

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