Research Shows Over 70% of Insurance Professionals Will Deploy Video-Enabled Services
Published on: 9th Nov 2017
Embedded video technology leader Vidyo, in collaboration with Efma, an association of 3,300 retail financial services companies in more than 130 countries, today released its 2017 research study documenting the insurance industry's transformative turn to video enabled services. Respondents hailed improvements to the efficiency of claims management processes and increases in customer engagement and satisfaction as forces behind sweeping plans for adoption.
The study polled 84 insurance services professionals from 34 countries leading the insurance sector into the digital age, where video has emerged as a critical channel for interacting with customers, delivering advisory services, selling insurance and more.
"This is the year we see technology dismantle the last barriers to industry-wide video adoption," said Vidyo CMO Elana Anderson. "The ease of embedding Vidyo's platform into secure, mobile services is helping innovative companies, like DEKRA, meet the expectations of the digital era while passing on savings to customers."
Key findings highlight the benefits of engaging a new, "digital" generation of customers who prioritize the convenience of mobile interactions over physical branch visits. More than 70% of respondents have plans to initiate or operate video-enabled services for claims management, loss adjustment or remote expertise, while over 60% plan to deploy video for sales and advisory services.
"The survey reveals how and where today's insurers are planning to meet the needs of their modern customers: virtually, over video connections, in the blink of an eye," said Efma CEO Vincent Bastid. "Vidyo's unique ability to provide easy to use video communications that can instantly scale is driving a real shift to video-enabled insurance services. Our researchers report a surge in value for insurers and customers alike."
Over 50% of all respondents reported the benefits of video-enabled services include faster customer service (with lower average case handling costs), while two-thirds pointed to increased customer satisfaction driven by the humanizing experience of face-to-face consultation.
Still, one benefit loomed even larger for the majority of respondents: the ability of high-quality mobile video to streamline the claims management process, lowering costs for the insurer and delivering faster results for the customer - a win:win by all measures.
The ease and accuracy with which customers can use a mobile device to show damages to their adjusters led over half of surveyed professionals to support virtual evaluations of claims up to $10,000, while 24% of respondents reported they would be comfortable using video to resolve claims of any size.
For many, this confidence is based on existing operations. "As of today, about 25% of all (our) claims are being processed via video," said Reginald Vogelzang, Global Innovation Manager of DEKRA. "Our adjusters can manage more claims in a single day and we can offer more competitive prices to our customers. The claimant experience is also significantly better thanks to higher convenience and faster claim resolution."
In the aftermath of many recent natural disasters these savings - and the enriched, face-to-face interactions that sustain them - have never been more important. Click here to view the full report and learn more about how video will fundamentally change the way insurance services are delivered in the years to come.
About Vidyo, Inc.
Vidyo is the leader in integrated video collaboration for businesses that require the highest quality, real-time video communications available to directly embed into their business processes. Millions of users around the world visually connect every day with Vidyo's secure, scalable technology and cloud-based services. Vidyo has been awarded over 170 patents worldwide and is recognized by industry analysts for its cloud platform and APIs. Thousands of enterprises, service providers, and technology partners leverage Vidyo's technology to create innovative HD quality video-enabled applications. Learn more at www.vidyo.com, on the blog, or follow Vidyo on Twitter @vidyo and on Facebook.
As a global not-for-profit organization, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, webinars and international meetings. True to its vocation, Efma has recently developed an Innovation portal which aims to identify and award the most innovative projects in the retail financial services arena.
For more information: www.efma.com