How the supply chain can assist insurers in an increasingly competitive market place?
As pressure increases on insurers – a result of competitiveness in the market place and increasing costs – they are now turning to their wider supply chain to assist.
Recently Ernst and Young announced (INSURANCE TIMES) that they predict two years of underwriting losses for home insurers, with a net combined ratio (NCR) of 101%. The news is another setback to home insurers who looked like they were beginning to make a recovery.
But how can the wider supply chain assist? It is widely reported that the insurance industry has unfortunately lagged considerably behind others in embracing technology to enhance the customer experience. In addition to adding value to the sector and its customers, technology and technical innovations are now determining its very growth and evolution. By looking to its supply chain to be innovative and dynamic, insurers can ensure that their customers are receiving the very best service at the most competitive price.
What is DASA doing to assist insurers?
Metrix – our unique claims management tool
DASA was the first underground services company in the insurance industry to embrace this unique and innovative claims management system.
This constantly evolving tool is bespoke to our needs and has become a vital tool in the management of our customers’ claim journey from FNOL to fulfilment. DASA Metrix will be the system that our competitors aspire to for years to come.
This year we are launching the DASA hub. Directly linked to the Metrix system the hub will allow insurers (and customers) to view their claim with complete transparency, self-survey the claim and book appointments directly themselves, offering a cohesive service between insurer, customer and ourselves.
The insurance industry is notorious for its outdated processes. Filing a claim in many cases, looks the same today as it did decades ago. Unfortunately, this outdated approach is no longer acceptable to customers, in this digital age.
Self-Survey is something that many in the industry have been exploring which essentially enables a customer to file their own claim.
DASA is this year launching its Self-Survey tool through the Metrix system. The tool enables customers to file details of their claim directly to us. In some circumstances we can desk top the claim making a decision within minutes of the customer sending the photos through.
We are at the forefront of technology, constantly looking for new and alternative methods and equipment to reduce the impact on the customer and the cost to insurers. We work closely with technical innovators who share our passion, in recent years we’ve invested in the highly bespoke ITouch system cutting edge CCTV inspection and reporting solutions.
We are also looking into systems such us, Eviid, a patented technology which turns videos and photos captured on a smart device into reliable evidence that is suitable for use in claims, The technology also enables live, secure and recorded video calls between field and base, as well as integrating advanced workflow and reporting features, enabling us to in many cases make a decision on the claim on our first visit.