Let’s take a look at an example that involves a personal lines use case.
For this number crunching exercise, we will suppose that we are going to do work with 1000 personal lines new business policies per month.
We will assume that via predictive analytics, 30% of the policies (300) are having a traditional, exterior, inspection completed, at a cost of $30 and a delivery window of 28 days. Total cost for this traditional approach is $9,000.
The work flow process will be that the invitations are delivered to the policyholder from that Agent at your agent portal. The invitations go out via email and SMS.
80% of the new business polices (800 policies) will receive invitations to complete a ViewSpection. The CSR or agent will have inquired the clients willingness to complete a self-service inspection. Some percentage of polices will automatically go to traditional inspections based on your parameters.
The window for completion will be 8 days. 2 reminders will be sent out.
At 8 days the results are that 65% of the 800 policies were completed with ViewSpection at a rate of $10 per inspection (based on volume and length of contract). Cost of the 520 ViewSpection’s is $5,200. Of the remaining 280 policies, where no inspection was completed, you decide to inspect of them at a total cost of $3,000.
End result is that 620 inspections were completed at a total cost of $8,200. That is an increase of 206% at cost that is 91% of the cost to do 300 traditional exterior inspections.