Role of CPaaS in transfoming the insurance sector

CPaaS for insurance industry

Vehicle insurance is one of the sectors that typically requires a lot of physical intervention. Right from insurance purchase to an insurance claim or even insurance renewal, the assessor needs to be physically present with the vehicle in order to inspect it thoroughly. In the insurance claim process, for example, it is a given that a scrutiny of the accident scenario is inevitable for the insurance company to be able to gauge the extent of damages, cost of repair etc. This tends to take up a lot of time of the customer who then has to document the accident in terms of notes/photos and correspond back to the insurance agent.

With every industry being flocked with increasing competition, services like free vehicle inspection at your doorstep are becoming common. Though it does provide your company with a competitive edge but at the same time increases costs considerably. What if we tell you there’s a simpler way of doing this? CPaaS is the key to making this process flawless and yet reduce the hassle.

Communication Platform as a Service (CPaaS) is a cloud-based platform that enables your developers or system integrators to embed real-time communication features into your applications. It comes with open and programmable SDKs and APIs ensuring ease of use. The most prominent feature of this platform is the enablement of a video call capability within your insurance mobile app which allows you to have a “See-what-i-see” experience with the customer. Let us look at some use-case scenarios to understand this further.

 

INSURANCE CLAIM

Claiming insurance is often a lengthy and tedious process which requires the whole accident to be documented by the claimant in the form of pictures and then communicate the entire event to the insurance agent. Moreover, the on-site visit by the insurance adjuster not just adds to the cost but also reduces the productivity of the agent.

Now, if your application is CPaaS enabled, below is how this entire claim process is simplified-

  • The claimant makes a video call with the insurance agent from within the insurance mobile app. This allows the adjuster to view the situation live and assess the damage correctly.
  • The claimant can also click pictures or shoot videos with his/her smartphone and share them with the assessor in the app.
  • This feature can ensure geolocation tagging which can be leveraged by the adjuster to ensure that the claimant is interacting from the actual accident-location
  • These videos can be recorded and even archived and this recorded proof helps to reduce litigation

CpaaS makes it quite simple to be able to interact with the claimant all the while ensuring that the claim is a valid one. These convenient capabilities inserted in your insurance mobile app can enhance customer satisfaction by manifold.

 

INSURANCE RENEWAL

When submitting for insurance renewal, there is a requirement of a physical assessment of the vehicle. Renewal can be done at the end of insurance tenure or change in car ownership etc. Here’s how CPaaS helps-

  • Through the see-what-I-see experience, the assessor can inspect the vehicle in real-time to ensure if it is a valid vehicle along with the registration number
  • The insured can click pictures of relevant damages and send to the assessor before the premium is finalised
  • In case any new accessories have been installed that are being included in the insurance, a real-time video call ensures those are inspected as well

All in all, it reduces the effort that needs to be made by an assessor to physically be present with the vehicle which in turn reduces a lot of costs involved.

 

EXTENDED SALES AND ADVISORY SUPPORT

Another area where a live interaction with a customer can enhance customer experience is having advisory support available on video. Many times, customers are reluctant to reach out to the insurance provider’s offices or customer care agents find it relatively difficult to correctly assess the issues faced by the claimants, and this is where the see-what-I-see experience helps.

  • There can be an HD video consultation available within the app or website of the insurance company
  • A multiparty video call can also be organised with a 3rd party subject matter expert
  • Very importantly, CpaaS supports co-browsing and annotation which enable a very detailed and in-depth discussion between the concerned parties
  • E-signatures and end-to-end encryption of all calls and shared content establishes security and makes it a seamless transaction

Not just insurance; we, at EnableX, have seen many such sectors benefit owing to the inclusion of CPaaS in their customer interactions. You too can enhance your customer experience by introducing the EnableX platform for contextual communication in your offerings. Contact us for further details.


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