Iconic image of high volume, low value property claims management is rapidly becoming obsolete - Innovation Group
Property claims handling and risk management in the UK is on the threshold of a technological revolution similar to that being experienced in the motor market, according to a new report: ‘Future Now,’ published today by The Innovation Group.
The report said the ‘Internet of Things (IoT),’ the creation of home eco-systems and a new focus on risk mitigation are all contributing to transformation of the household property claims market.
Innovation Property UK managing director Paul Irvin said “the iconic image of high volume, low value property claims management” was rapidly becoming obsolete.
“In a technology context, property claims handling has lagged motor claims, primarily because houses are immovable. Investigation and repairing them requires a more diverse and bigger fulfilment and supplier network. When making an insurance claim, today’s tech-savvy customers expect the same level of technology-led digital service that they experience in motor claims and outside the industry,” Irvin said.
“Technology will rapidly increase its role in simplifying the claims process and will provide complete connectivity and transparency to all parties involved, providing real time information and valuable updates.”
“Homeowners will no longer have to project manage their own claims and interact with various parties themselves – policyholder self-service, appointment booking, providing information via image or video and hassle-free participation in the claim lifecycle will be the minimum expectations from insurers and their customers - in essence a joined up automated event that simplifies process, reduces lifecycle and improves the customer journey.”
In the report, the Royal Institute of British Architects said a “joined-up approach” was needed to housing development in high flood risk areas, better flood risk mitigation in housing design, and the adoption of a more strategic flood risk management policy, using green infrastructure and water-sensitive urban design.