Helping insurers and their insureds share video footage and other information critical to them in their day to day decision making.
So what can VUEcloud do for you?
VUEcloud underpins a dramatic reduction in claims handling cycle time, global insurers can realise up to 70% reductions in claims handling time where video is available. This reduction in time to handle and therefore time to settle the claim saves substantial amounts in claims payouts.
As well as less cycle time it also reduces the number of touches per claim by making vital video evidence available at FNOL.
“Accurate triage of a claim is critical to reducing the costs of the claim. It also reduces in some cases the need to use expensive and time consuming claims investigators and adjusters.” – Head of Claims, Global Insurer
The availability of video evidence improves your ability to settle claims faster.
Using VUEcloud will improve claims defensibility as you can now confidently defend your client in situations where fault is unclear or potentially shared. Faster, more accurate liability resolution is critical to controlling the cost of the claim and having CCTV video footage either from a vehicle or from a fixed position available as early as FNOL gives you the ability to make decisions with confidence. This includes identifying potentially fraudulent claims early in the claims cycle, those so-called ‘Crash for Cash’ scams which cost the UK insurance industry hundreds of millions of pounds each year – Source : Association British Insurers (2014).
Being able to respond to your client in a timely manner by providing an intuitive, easy to use means for them to send you the information you want sounds quite basic but has eluded a lot of insurance companies to date. The handling of their claim might be the only time they actually interact with your company outside of signing up as a new customer so it has a big impact on how they perceive your company and how easy it is to do business with. In one example an insurer has reduced the time for receiving video from their client from more than 2 weeks to less than 12 hours by implementing VUEcloud in their claims handling teams.
However, VUEcloud is not just about sharing video. In the commercial market the ability to work directly with your clients and their brokers transforming all the data at your disposal (video, claims data, FNOL alerts, fleet telematics data) into a visualised form permits people to make decisions and then act on these decisions.
VUEcloud allows you to implement a framework for proper risk assessment and management across your client portfolio. And by offering this to your clients and partners you have the opportunity to deepen the relationship between insurer, broker and client. Before it was just claims handling and seeing them once a year for renewal. Now you can lead a joint risk management task force that can monitor overall fleet performance but also highlight the ‘hotspots’ where more support and focus is required for the client to achieve the desired results.
As a commercial risk management tool, innovative insurers are implementing VUEcloud not only in their claims departments but also using it in assessing individual risks, working closely with their risk managers and underwriting teams to establish a true risk based pricing model with an ability to monitor the risk going forward measuring against agreed performance targets.
VUEcloud is a cross class platform for sharing CCTV video footage, photos and other rich media.
It can be used in areas like Commercial Fleet, Personal Lines, Employer Liability and Public Liability.
Insurers are leveraging this technology into all these areas because the potential for minimising losses by having more data available earlier in the claims process results in claims being resolved faster with lower overall costs.
Being in the position to be able to minimise your exposure, your client's exposure and provide irrefutable evidence fast to get control of claims as fast as possible, eliminating those that are in any way fraudulent gives you the ability to make dramatic cost savings across all classes of business.
No more asking clients or their intermediaries to send in a DVD, SD card or flash drive (which let’s face it does not always happen) insurers now provide online access via their website or via a link in an email where the footage can be easily uploaded and shared.
FNOL teams ask the insured if they have video footage or photos available and if so they give them secure access to VUEcloud. The upload can happen from the actual site on the incident with claims handlers able to take control of the situation literally within minutes.