Insurance is one of the most important services in the world today. It is also an industry known for its adaptability & agility constantly evolving to ensure the services offered are innovative, competitive & relevant. Following the Covid19 pandemic outbreak globally, insurance companies were the first to embrace the new normal modifying their product offering to include coverage for Covid19 related hospitalization or death. The insurance sector has also pioneered the digitalization drive in most contexts by adopting/ innovating tools to make processes that were hitherto perceived as tedious simple and more efficient.
Today almost all services offered via insurance companies are delivered online. From offering an aggregate for convenient product comparison to accepting premium payments & paying insurance claims, every step of the process has been automated for speed, efficiency & accuracy. One product that has revolutionized how insurance is perceived and consumed is DigiEye.
DigiEye is a Motor insurance claims management solution via which the insurer can access the geolocation of an accident and assess damage via a livestream. This is a welcome improvement to the previous claims process of having to waste time on the road, at the site of the accident, until an agent arrives to carry out an on-sight assessment. Due to the new service, the claims process has become simple, more efficient & hassle-free.
On-sight assessment has become more impractical due to Covid19. With travel and interpersonal contact restricted due to the pandemic, the more sensible way to achieve the same outcome is to take the service online – which is precisely what DigiEye helps insurance companies do. The service can be digitally accessed 24/7 and offers a multitude of other benefits to the claims manager as well as a customer such as collating documents such as driving license, claims form, vehicle registration documents, etc through digital means and performing routine work such as garage inspections, underwriting inspections remotely.
The most important benefit to all stakeholders is that services like DigiEye save time & money; it is also a highly safe, encrypted service which guarantees confidentiality for all information relayed through the app. The app can be integrated with companies’ existing products/platforms & vice versa.
DigiEye can be installed and initiated with no investment as it is a pay-as-you-go platform. Different insurance categories have, similarly, come up with relevant tools to expedite & consolidate their services which is a benefit to the insurance company as well as prospective customers who have hitherto avoided it due to unnecessary complexity.
Motor insurance, however, is not avoidable. If you ride or drive a vehicle it is mandatory that you obtain insurance for your wellbeing and that of others on the road. Now that the services are in place to serve you better, learning & exploring insurance would be a great way to use the services availed in a productive manner.
Generally, motor insurance comes in two categories: Comprehensive & third party. Third party insurance – the most common of the two – only offers coverage to damages caused to the ‘other’ person/party in an accident where as Comprehensive, which is self-explanatory, covers third party liabilities as well as compensates the policy holder.
Most insurance companies have over the years become more creative & competitive in terms of services offered; some of the most common add-ons auto insurers offer customers currently include: Coverage for depreciation, engine protection, roadside assistance, tyre protection & consumable cover for maintenance costs.
Due to the diversification of services, coupled with digitalization, insurance is pursued with greater interest by the tech-savvy millennial generation when compared with their predecessors. The industry is confident the interest will only soar in time to come.
CEO/Co-Founder at DIGIServices.