Using Video in Insurance in 2020

ll big insurers and smart players in the claims supply chain have been using video in their claims processes for a couple of years now.

LV=, for example, is using our video and streaming technology to reduce the number of home claims requiring a site visit by 80%. In their motor business, they’ve co-developed our Uploader product with us, which provides 50 times faster access to policyholdersubmitted video like dash cam footage, allowing LV= to validate and settle claims much faster.

There are three clear reasons why I believe video will be a hot topic in insurance this year – reflecting some of the risks and opportunities ahead. 1. Business continuity and social distancing At the time of writing, the UK is still in the low hundreds of confirmed Corona virus cases, and insurance and claims businesses are busy updating their business continuity planning, readying themselves for social distancing recommendations from the Government.

Video has quickly become a key pillar in these crisis plans, with some of our claims customers now offering policyholders the option of a live and recorded video assessment, over a visit to their home. One client has seen take-up of this assisted self-service option treble within the first couple of days of offering it in the context of social distancing.

To protect their workforce, many of our customers have ramped up the use of video for inspections and loss adjusting, carrying these out remotely or sending as few people as possible to site and avoiding repeat visits. Experts and third parties can be patched in on live and recorded calls, ensuring decisions can be made there and then. Both for business continuity and social distancing, the ability to shift the majority of the claims process away from the office is key. Our customers are ensuring now that their claims handlers are set up to access eviid remotely from home, either directly or with eviid technology integrated into their claims management platforms.

2. Claims in the fast lane Another challenge (or opportunity!) this year will be the launch of the small claims portal as part of whiplash claims reform. It is expected that this will exert huge pressure on claims processes to maintain margin. Speed will be of the essence.

Video can help you speed up your claims life cycle and, crucially, get to the heart of the claim faster. Whether you’re representing the at-fault party and are trying to bring the other side into your supply chain, or whether you’re an agile credit hire business keen to make the non-fault party an offer they can’t refuse: live video allows you to get right in there, establish the facts, triage, patch in decision makers and come to a settlement. Today, clever uploader technology like ours allows you to gather third-party evidence – dash cam and CCTV footage, mobile phone video, etc – in a fraction of the time it takes for somebody to pop it on a USB stick and post it to you.

3. But what about fraud? The more we rely on digitally created visual evidence, submitted remotely, the greater the opportunity for fraudsters.

‘Deep fake’ videos have so far mainly been a matter of entertainment, but the spectre of quickly improving deep fake technology raises serious questions about how insurers accepting video and photographic evidence will authenticate policyholdersubmitted media. Doing this manually can require laborious detective work that can easily eat up the commercial benefit of using remote evidence in the first place – especially for smaller claims. There is currently no way of easily authenticating digitally recorded media after the fact. That’s why we’re offering patented tamper-proof watermarking as part of our product. This technology makes it impossible to tamper with eviid-generated footage without leaving a trace.

Insurers and claims businesses investing in video technology today should keep a firm eye on the emerging opportunity for fraud, and ensure verification and authentication of digital evidence is part of their video strategies.