Transforming Auto Claims Appraisals
The pace of digital transformation is accelerating in many industries due to COVID-19, and nowhere is this more evident than in automotive insurance.
At the start of the pandemic, carriers and collision repairers had to find new ways to minimize in-person interaction between employees and customers.
This resulted in the rapid adoption of virtual, or photo-based, estimating and served as a tipping point for claims automation.
Virtualization supports the need for social distancing, accelerates the claims-handling process, improves efficiency and increases customer satisfaction.
According to LexisNexis Risk Solutions, 95% of auto insurance carriers are embracing virtual claims handling, with many setting their sights on touchless estimates. By 2025, the global data and analytics company predicts that more than 80% of claims processed will be virtual, and up to half of non-injury claims fully automated.