Several previous Insurance Insights blogs have already touchedon the digitizationof almost every transaction around the world, impacting andinfluencing every consumer touchpoint. When it comes to shopping,customers want fast, easy, and convenient transactions, from howthey shop in retail spaces to how they manage their banktransactions. So it should be no surprise that consumers arelooking for the same type of experiences when it comes to theirauto insurance. And that includes the way their claims areprocessed.

LexisNexis Risk Solutions interviewed 24 auto insuranceexecutives to capture their thoughts on automated claims handling,with an eye toward transitioning to touchless claims. Through thistype of claims handling, no claims adjuster or insurance carrieremployee is involved in the claims process at all. As such,technology is used to report the claim, capture damage or invoices,run a system of audit and communicate with the customerelectronically. If the claim meets approved criteria, it isautomatically paid without human intervention.

Our infographic below illustrates some of the findings. Forexample, carrier respondents who are utilizing Virtual ClaimsHandling are experiencing 80% shorter cycle times than carriers whoare using Traditional Claims Handling methods. Additionally, allrespondents believe telematics data will be used in claimsinvestigations within the next five years.

The 2017 Future of Claims Study: Touchless Claimswhitepaper takes a deep dive into the results – you can downloadthe study by visiting www.lexisnexis.com/futureofclaims