The fundamental value proposition of insurance is to help people get back on their feet when disasters happens. Not only is it important to pay valid claims in full, but to pay them as swiftly as possible.
The period between a disaster happening, a customer’s loss and the response of the insurer is crucial in offering a streamlined claims service. As an insurance market, Lloyd’s is always looking for ways to innovate and improve its claims offering, putting customers’ needs first and giving them the confidence to move forward.
That’s why Lloyd’s invests in new technologies to streamline the claims process, and to access more insight and data to help underwriters understand the true scale of a disaster before others can.
Wildfire claims are a great example of this. Lloyd’s market underwriters are now able to rapidly access satellite imaging technology to remotely confirm damage to insured properties, before the fires are under control and the area is accessible on the ground.
In some cases, Lloyd’s have been able to pay claims based purely on satellite imagery, without needing to visit the policyholder in person to assess the damage. Listen to the full story in our claims video below.
You can also read about Lloyd’s proposed, next generation claims service on the Future at Lloyd’s website here.
Harnessing technology to speed up claims payments
Dramatically reducing the time it takes to pay is central to Lloyd’s vision to build a next generation claims service. We’re investing in new technologies to give our markets claims professionals greater insight, access to more detailed data and the ability to make faster, more informed decisions.