21.09.2020

ViewApp - advanced technology of InshurTech

According to the World InsurTech 2020 report, formed by Capgemini and Efma (world-renowned consulting and analytical structures with broad representation around the world), there are several major trends in the insurance world that are emerging from the challenges posed to the industry by the "black swan" of a new coronavirus infection.

The investigation looks at the changing dynamics of the insurance business, from the global pandemic to the impact of BigTech on customer service standards. The main idea of the report is that all insurers will have to mimic in order to start using a new way of thinking, as well as to strengthen cooperation with other participants of the insurance ecosystem. We will discuss which industry trends have been identified and how ViewApp technology fits into the new coronavirus reality.

It is clear that the COVID-19 pandemic, in addition to having a negative impact on the whole of humanity, has simultaneously served as a driver of what has been quietly sleeping until now - rapid digitalization in all areas. The insurance market could not stay away from the increased digital appetite of its consumers. The impact of the pandemic turned out to be such that it is no longer possible to remain at the same level, because the whole world has changed: if before many seemed to remote work and service something not for everyone, then with the advent of quarantine and self-isolation, everyone immediately felt that many processes can be:

- Non-contact;
- Very convenient;
- Saving time;
- Safe;
- Available, etc.

And few people are ready to give up the identified benefits, so the consumer will go where they can get the proper level of service, and this encourages industry participants to reach new heights and follow higher standards.

Globalization of the market is emphasized by the creation of marketplaces, aggregators - platforms, which further accentuate consumers' attention to the digital standard of service, and it is unlikely that there will be participants without the use of innovative technologies operating in the old fashioned way. Moreover, all the processes in insurance have long been studied and are subject not only to automation, but also to full digitization.

InshurTech is a new concept, which consists in attracting innovative approaches to the insurance industry, for example, the use of telematic devices and analytics based on it. One such innovation tool is ViewApp technology and its application for digital inspection of various objects, and insurance is just one of the possible cases of its use.

But not only convenience and accessibility for the consumer are the drivers of innovation implementation, there is an even more essential point - it is a thorough reduction of insurers' costs for doing business, namely it eats up most of both material resources and human ones, reducing profits. The ViewApp technology allows to reduce expenses in times, and it begins to work at the moment of start of use of remote inspections. A decision to switch to the new technology is required:

- Rapid implementation;
- Guarantee the authenticity of the information received;
- Market recognized product with an untainted reputation;
- Rapid response time in implementation and support;
- Affordable price for acquiring the right to use the technology.

ViewApp fully meets all of the above requirements and already boasts high-profile partner names, such as Sberbank Insurance, AlfaStrakhovanie, VTB Insurance, Renaissance Insurance, URALSIB Insurance, etc.

Insurers have the process of inspection is present at several sites at once:

- When accepting an object for insurance and its evaluation;
- In the settlement of losses.

For example, the process of face-to-face settlement could cost the insurer up to 15 000 rubles and last up to two weeks, which, you must agree, now seems to be something inadequate. At the same time, the use of an individualized scheme of inspection through ViewApp technology reduces the inspection process to 10 minutes and the cost to several times.

Another important point is the remote sales of insurance products. With the ViewApp application, the insurer can make an inspection on his own in a short period of time and according to the approved scheme of the insurer, while all photo and video materials will be protected from counterfeiting and will be immediately appear on the server for further processing. Convenience and speed of ViewApp application are obvious.

Traditional business models become archaic, and the world is unlikely to be the same. The whole world community of insurers will review the priority of their actions, and the digitalization processes are already coming to the first place.

To get acquainted with the research results, please, follow the link: https://worldinsurtechreport.com/