Mobile technology brings more profit, helps diminish risk, increases productivity and attracts new customers while maintaining current policyholders.
Insurance companies are facing a set of challenges due to supervisory requirements, a recovering economy and more demanding consumers. Embracing mobile technologies however, is showing up as a key part of a high-growth business strategy.
Smart device photos play a win-win role for both policyholders and carriers
Insurance is an extremely competitive business and growth comes only from seizing a great market share. Independent research shows that 2012 saw the strongest property - casualty market growth since the economy’s 2008 collapse. Premiums grew by $20.4 billion, or 4.2 percent, over 2011 levels. Independent agencies and their agents captured $12.5 billion of that growth, bringing in a total of $288.7 billion in premiums.
Pricing and reductions are influential, but precise rating and controlling fraud is essential, now more than ever. This is where insurers must shift to an almost completely automated process, using smart devices with a mobile photo documentation solution.
Photo reports are the new black when it comes to property insurance inspections
Insurers’ cost for property inspections builds up to $100 million per year, and there is a need for efficiency in regards to the time associated with documented these inspections. The smart device camera allows agents or homeowners to capture photos of every room or system for which you need to file visual proof. Annotating and commenting on the photo with details to convey the message in the most accurate way, plus time stamping and geo-tagging embedded in the photo, ensures the photo is originally captured at the relevant property address. Additionally, it is possible to incorporate home inventory photo documentation and store the information on the customer’s behalf. This value-added option can benefit the customer, but will also prove if any property possessions require additional coverage.
The bottom line: Photos contain powerful information and Photo centric reports are the better way to inspect.