Innovating insurance claims with video call technologys

Fast and accurate verification of evidence is key to expediting a successful insurance claim. Obtaining and approving the necessary supporting documentation can, however, be time-consuming. Settlement can take weeks – even months – depending on the nature of the claim. And as customers everywhere – conditioned by the growth of mobile-first, app-driven digital experiences – expect faster, seamless service, speed in settling claims will become an increasingly important metric for the performance of insurance providers.

Spanish fintech startup Bdeo aims to address these customer expectations by making the process of verifying an insurance claim faster and more convenient. Its use of geo-localised video call technology, for example, allows claimants to submit documentary evidence remotely, while its AI-powered visual intelligence engine accelerates the verification and decision-making process.

Recognising how this innovative approach could be applied to its own insurance offerings, BBVA Mexico engaged the startup to collaborate on a proof-of-concept solution to be used with its local motor insurance product, Wibe. This was developed through BBVA’s FastTrack process in 2017.

Given an overall objective of reducing the time taken to process claims, Bdeo designed an end-to-end solution that would increase the percentage of successful verifications made via the Wibe mobile application, while reducing the time taken to integrate photographic evidence into every claim file.

During the year that the solution has been live, BBVA Mexico and Bdeo have worked together to fine-tune the service to improve the customer experience. The next step is for BBVA to explore where else in the banking group the solution can be implemented, and roll it out, where appropriate, to other products in its insurance portfolio.

Many digital challenger banks have from the outset built their customer onboarding processes around digital document capture and authentication alongside identity verification using customer-generated “selfie” videos, capitalising on the modern customer’s appetite for digitally-enabled convenience. When it comes to insurance, BBVA suggests that around half of its customers are happy and willing to use digital solutions such as this in order to expedite the claims process. This lends credence to an Accenture survey, according to which most insurance executives believe that “AI will revolutionise the way insurers gain information from and interact with their customers.”