09.08.2023

How does VIEWAPP help insurance companies speed up transactions and settlements?

Insurance is an important aspect of the modern economy, protecting the property and financial interests of both individuals and businesses.

With the fast pace of life and competition, insurance companies need to process and conclude transactions quickly, as well as make processes such as damage settlement easy and straightforward to meet the needs of customers who are quickly becoming accustomed to digital conveniences and are sure to notice their absence, while digital services are becoming more and more prevalent across industries, not just insurance.

Insurance companies carry out inspections when taking on insurance and when settling a loss, meaning that for them, inspections are a very important part of their daily processes. If inspections are not digitised and are still done via snapshots and videos of a smartphone or camera without any security system, this entails not only a long and complex inspection process with possible breaches of inspection regulations, but also increases the risks of fraud, where the results of inspections can be falsified.

Falsification in turn can be uncovered, but even then it incurs losses, as investigating and suppressing fraud is also costly. What about if the fraud cannot be detected at all? The losses can be very significant, as insurers deal with many different types of property, including those with high value. VIEWAPP makes it possible to prevent fraud at the earliest possible stage - this is one of the key advantages of this technology.

With VIEWAPP, insurance inspections can be carried out immediately according to a script that takes into account all the regulatory requirements of the insurer. Both the insurer and the policyholder can carry out the inspection, which is the most efficient method of inspection and reduces the time and cost of the procedure. As a result, not only the speed of transactions will increase, but also the procedure of compensation for damages will be reduced, which will generally allow the company to increase turnover and receive more profit. Clients in turn will have a higher level of satisfaction and loyalty to the company and this, of course, will also have a positive impact on the stability and growth of the client portfolio.

The great news is that it is easy to implement digital inspections and checks, our experience shows that it is possible to digitise inspections in a period of two weeks to two months, and all the benefits of digitalisation will immediately work for the company.