For many policyholders and carriers, gathering the right information can be a tedious process.
Recent insurance technology has enabled the rise of self inspection, which allows the policyholder to take pictures, video and directly log notes for submitting documentation to their carrier.
WaterStreet Company has partnered with Livegenic, a leading technology provider that allows the insured to simply and efficiently collaborate with adjusters and inspectors with live video. Carriers then have all the necessary documentation in one place to review, saving time and money in the process.
What are Self Inspections?
Self inspections are methods of allowing the insured to carry out their own inspections, sending all the required information directly to their carrier. This allows many benefits for efficiency, communications and savings on the insured’s overall costs.
People don’t often look forward to inviting inspectors to their homes, particularly during today’s pandemic. While the COVID-19 virus is an issue that will pass, the preferences of homeowners to bring strangers into the home is likely to remain.
Not only do self inspections allow the insured to submit their own inspections for approval, it also allows the insured to save on costs. Third Party Administrators (TPAs) add time and cost to the process and are the insured’s responsibility.
Carriers that choose to implement the technology for self inspections are at an advantage to attracting policyholders who enjoy the convenience and lower costs associated with inspections.
Top 3 Self Inspection Benefits
- Lower the costs associated with inspections.
- Offer faster service by accepting the insured’s images and video through a mobile app.
- Collect all the relevant information for policy administrators to view in one place.
How WaterStreet Allows Self Inspection: Livegenic
Livegenic, a remote virtual inspection app, has partnered with WaterStreet Company so that policyholders can send videos and images directly to carriers.
For inspections, such as when binding a policyholder, the Livegenic app helps to log safety measures as well. This can help to replace the need to bring in a Third Party Administrator (TPA), which could take weeks to complete an inspection.
Adoption of self service technology is led by policyholders who become informed of easier ways to communicate with their carriers. Get to know WaterStreet Company’s solutions and talk to us today about bringing next-generation technology to your policyholders.
Carriers & Self Inspections
Insurance carriers are growing more comfortable with policyholders who can follow simple instructions.
Self inspection technology allows the policyholder to take pictures of smoke detectors, sinks, home exteriors and other insurable assets. This allows the insured to directly upload images to a cloud-based file location and attach to a policy. Underwriters are able to review the data collected from the app for approval.
Without self inspections, the responsibility and power to complete the inspection is in the hands of the TPA, a vendor who comes into the mix. Instead, with an app such as Livegenic, self inspections shorten the cycle of time, allows companies to get claims checks out faster, allow carriers to provide better customer satisfaction and saves money for the insured, all while bringing your company’s most important data into a single solution with WaterStreet Company’s robust API.
Livegenic is able to interface with policy administration features as well as claims administration features. Carriers can experience efficiency gains with even fewer middle men to communicate with the insured.
WaterStreet Company looks forward to the adoption of useful mobile technology that can easily integrate with our solutions.
Carriers, reach out to WaterStreet Company today to request a consultation and demo of our solutions.