Page 1

Tablet Revolution – A Boon for Adjusters February 2014 BLOG POST

Tablets can enable adjusters to work more efficiently than ever before Consumers have become more tech savvy today and they expect to be serviced more efficiently, smartly and in advanced manner through smart applications. Insurance industry is no exception to this. Today, consumers expect insurance companies to offer mobile services as a part of doing business.

Tablets can help streamline the manual claims process, which is time-consuming and leads to inefficiencies Efficient and effective claims management is an integral part of the insurance business and is as fundamental to customer retention as it is essential to profitability. An insurer’s reputation and financial stability is at stake based on the quality and efficiency of its claims operation. On an average, of every dollar collected in premiums, two-thirds is spent on claims paid out and one-tenth on claims expenses. In a typical P&C claims investigation process, a claim adjuster is dependent on manual, paper-heavy process of claim processing and settlement. He/she also carries a bag full of devices like cell phone, camera, laptop, voice recorder, and GPS locator for document verification, signing documents, taking photographs and recording statements. One should not forget that all these activities take place on field and adjusters have to validate details, retrieve backend information with the back-office staff and also re-punch this information on desktop computers in their offices to build an estimate. Tablet devices can significantly improve customer service by streamlining this paper-based and laborintensive claims process. Fitted with mobile insurance applications, tablets can become a single solution to all challenges faced by adjusters and can certainly act as a boon for them. It can not only save time in the overall claim settlement process but also bring efficiency and accuracy by eliminating manual process of entering and validating information. Farmers Mutual Insurance, a US-based insurer embarked on a major technology upgrade for its claims staff. The insurer felt that it could significantly improve customer service by streamlining its claims process, with the help of latest mobile technologies. Farmers equipped its claims adjustment staff with mobile claims solution including Fujitsu Tablet PC and mobile claims software. Use of tablets and mobile claims software resulted in an increase in productivity, reduction in the amount of time it takes to process a claim, more accurate claims and, ultimately, improved customer responsiveness.

Tablets can help differentiate P&C offerings and provide a competitive advantage to insurers P&C insurance industry has become highly commoditized with very little scope for product and price differentiation. The crowded nature and highly-competitive environment add to the challenge for improving the top and bottom line in the business. In such a market place, tablet devices for customers and agents can provide better services and can certainly provide a competitive advantage to an insurer.

Tablet Revolution – A Boon for Adjusters

Page 2

Customers would definitely prefer to do business with an insurer which provides superior services in the form of tablet insurance applications for self-service and sets itself apart from the pile of P&C insurance policies, which are homogeneous in terms of coverage and price. Independent insurance agents who represent the offerings of multiple carriers would definitely prefer to have a relationship with and push products of an insurer which would provide them with customized apps and help them sell more and service better. John Hancock, a Boston-based life and annuities insurer, is among the carriers that have launched distribution-focused initiatives that take advantage of tablet features. The company has released an app, i-Illustrate, which allows producers to adjust illustrations of their life insurance products in real-time while they are presenting options to consumers. Similarly, the Columbus, GA-based Aflac group has also created an iPad app to help its agents improve the customer experience and maximize sales.

Conclusion Some insurers have already understood and accepted the fact that tablet revolution cannot be ignored and one who takes initiative in this direction will surely going to reap benefits in the long run. Devices are converging, and technology has never been better from an ease-of-use standpoint. More importantly, customers are taking to touch-screens like never before. As mobile technology continues to gain adoption with internal and external stakeholders, the industry will look for new and innovative ways to use tablet devices.

Source: Fujitsu, Insurance and Technology, CSC, Press Articles

Tablet Revolution – A Boon for Adjusters

Page 3

Tablet revolution a boon for claims adjusters