The future of technology is coming to insurance claims.
While information derived from usage-based insurance telematics hasn’t fully been utilized in the claims process, the benefits that it can provide – consistency, efficiency, and accuracy – offer a way to reduce claims costs.
Telematics is considered an accurate way to predict loss costs for insurers in Britain already. They have been implementing telematics information as the first notice of loss. But how can telematics change the insurance future?
Outside of the U.S., every LexisNexis client using telematics data in its claims processing is experiencing significant savings. Should an accident happen, the information is transmitted back to LexisNexis. The information is then used as a first notice of loss (FNOL). A message alerts the carrier of the insured’s accident. The carrier can then reach out to the insured and send help to the scene.
The insurer can also expedite repairs! They can send a tow ...