According to Kelli Svymbersky, vice president of sales and business development for CCC’s Payments division, manual procedures, and inefficiencies still exist, and the processes have not yet been fully integrated.
Integration of artificial intelligence into the vehicle claims procedure has a lot of potential.
In the sector as a whole, she pointed out, there is a wait of more than 1 billion days between the creation and closure of an auto claim. This means that each claim may be settled in an average of 50 days or more.
Various Touchpoints and Numerous Transactions
Svymbersky stated that there are hundreds of transactions and multi-party choices that need to be made. Additionally, payments are still frequently made in the form of paper checks once the claim has been resolved, which is a labor-intensive and manual process for the insurer.
Making Claim Payments Digital
The consumer experience has improved thanks to the efforts of insurers. The digital channels that allow policyholders, insurers, claims adjusters, repair shops, and other vendors to collaborate effectively with one another toward the resolution of claims are being embraced by these parties.
In addition, by using technology to expedite the procedure, the actual route taken by claimants from making a claim to receiving payment becomes more clear and ultimately more user-friendly.
Multi-party payments are one such instance; this laborious process requires many parties to endorse a payment.