Starting Stronger: Early Telematics Data, Positive Ripple Effects
With the end of winter months, many look ahead towards spring, a time of year that tends to bring inspiration for new projects and initiatives. At the onset of any effort, most attempt to establish best practices and kick things off on the right foot – an informed first step can lead to a smoother path forward. The same can be said when an insurer evaluates their end-to-end claims management process. Telematics data, whether from connected vehicle technology through an OEM or crash detection via a mobile device, the influx of real time, data-rich accident details can help set a claim on the ideal path forward.
This applies both to insurers, allowing them to access timely insights quickly, and to consumers, helping meet their expectations for transparency and simplified, seamless experiences. In addition, automated notifications triggered by telematics can provide next step guidance during the stressful moments following an accident.
CCC’s Jeff Wargin, VP, Product Management, has spoken about this very topic during a conversation with Pankaj Risbood, CEO and co-founder of Zendrive. Listen to his comments on the role of telematics and what a large data set can mean for the industry:
Helping connect crash data to claims, Zendrive and Sfara have joined the CCC cloud network so that, ideally, beginning at FNOL, accident facts such as deacceleration, point of impact, direction of force, etc. can, in conjunction with AI-photo analysis, lead to earlier predictions of repairability vs. a total loss. Jeff explains more:
As you just heard, access to this level of data can be powerful on the insurer side, streamlining workflows, reducing claims costs, uncovering discrepancies, and more.
Beyond this, it may also bring a new level of empathy to the policyholder experience, such as seamlessly scheduling repairs and accelerating the path to claims resolution, helping them get back on the road and on with their lives. Hear Jeff’s insight:
Underscoring the importance of an enhanced resolution experience, national carriers have begun to discuss the power of mobile telematics data, and the potential of receiving actionable insights, with CCC.
By ingesting a robust set of actionable data from multiple sources, CCC has built a unique repository to power informed decisioning, but its applications extend beyond claim triage. The impact cascades downstream throughout a digitized claims process, bringing insurers closer to the industry vision of straight-through processing. You can follow a sample journey here.
And there’s more to come. CCC will continue to evolve, working to become more predictive, flowing more telematics and AI-driven data to solutions that can improve speed and efficiency, and better route to ecosystem connections, such as tow and possibly even emergency service providers, ultimately driving to build a more cohesive experience. Listen to Jeff’s closing thoughts:
The time to innovate is now. To learn how telematics data can improve policyholder journeys and accelerate the claims settlement process, contact Joe Armeni, VP, Telematics Business Development, email@example.com.
CCC and its’ affiliates have full discretion to make or not make any product or service described herein commercially available to any person in any form or under any conditions or any timeline. All screen images and similar demonstrations are simulated. © 2023. CCC Intelligent Solutions Inc. (CCC) All rights reserved.