The baseline for self-service inspections is that they are image oriented. So how can self-service inspections reduce claims?
In 15 to 30 minutes, your policyholder can walk you through their property and share with you a very detailed visual description.
As a P&C Carrier or agent, your filter for looking at those images is weighted toward the identification of risk, with the ultimate goal of leveraging self-service inspections to reduce claims. For an agent, there is also the focus on uncovering other insurable opportunities with your client.
The High Value of Photos
So when is a picture worth $25,000? Actually, lets list out the ways self-service inspections bring value:
When it identifies a claim waiting to happen (reduce loss ratio)
When it shows the extensive guitar collection that needs a rider (increase sales)
When you find out about the barn that is in the woods and was not on the policy
When you enhance your relationship with your client by having “toured” through their home or business and offer better risk management advice (improve retention)
When you offer them to do a photo survey of their vehicles if they are interested in adding auto to their property policy (upsell)
Will The Policyholder Do Their Own Inspection?
Yes, but because self-service inspections are very time constrained, you must be very selective of what you ask for. If you can engage your policyholder for 24 minutes, you are doing well. What images and questions can you get delivered back to you in that time frame? Our experience is that you will have ample to underwrite the policy successfully.
Leveraging the 80/20 Rule
By using the 80/20 rule, you can optimize your results. Rather than asking the future or current policyholder to respond to 80 questions, focus on the 20% that drive 80% of your losses. Once you start engaging your clients with self-service inspections, you will find that each image answers multiple questions. 20-30 images can cover 100 questions.
Will your clients avoid taking photos of defects? Will they only provide the most “attractive” angle of their building? Our experience has shown the policyholder is very transparent. They show the good and the bad. If a self-service inspection delivers 50 images, there is no hiding going on. Often forgotten is that the policyholder does not want a claim. They want your assistance in reducing potential claims.
How To Get 300% MORE Inspections Without Spending More
From a purely mathematical approach, a self-service inspection costs 70% less than a traditional inspection. You could complete 3 times your current inspections and not spend any additional money. What impact might that have on your claims occurrence?
Our “Residential Hot Button Hazards” demonstrates this concept by listing out the 50 top hazards which can be reported and documented by your policyholder. As you look through the list, be on the look out for your $25,000 photo!
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