Interview: Insurance carriers can pay claims virtually Special
Snapsheet, a leading provider of claims technology, has partnered with KeyBank, to launch of Snapsheet Transactions, a payment solution for insurance claims. To discover the advantages we spoke with Alex Meisner, director of innovation at Snapsheet.
Snapsheet produces virtual claims technology for the personal and commercial insurance marketplace, and KeyBank is one of largest bank-based financial services companies in the U.S.
The partnership sets out to transform the way insurance carriers send payments to claimants. An important objective is to simplify claims, while maintaining an optimal customer experience and a seamless payments solution.
To discover more about the new Snapsheet Transactions payment method, Digital Journal has spoken with Snapsheet’s Alex Meisner.
Digital Journal: What are some of the major challenges facing the insurance sector today?
Snapsheet's biggest competitor is the status quo, challenging the way claims have traditionally been processed. There are smaller competitors to parts of Snapsheet's business, such as carriers that do photo estimations internally or digital payments, but there is no other company with an end-to-end solution similar to Snapsheet.
The insurance industry is facing mass disruption. However, unlike a lot of InsurTechs that are out there today, Snapsheet’s goal isn’t to disrupt the industry but to help the industry innovate and make their current processes more nimble, efficient, and customer-friendly.
DJ: Why is so much paper documentation still used by the insurance sector?
Paper documentation is a byproduct of the insurance industry relying heavily on legacy technology and manual processes. Until recently, the majority of back-end technology couldn’t support innovation in the form of automation, let alone digital payments. However, we’re rapidly seeing carriers undergo digital transformation, opening up the industry to new technology, which in turn paves the way for InsurTech companies to support these organizational goals.
DJ: Please explain what Snapsheet is and how it works.
Snapsheet is the leading provider of virtual claims technology used by auto insurance carriers to optimize workflows, speed up claims processes and provide superior service to their customers. Our cloud-based software enables carriers to virtually process a claim with photos taken by the user via their smartphone.
Through a multitude of technologies housed on our platform, we’re able to help insurance providers process claims quicker, allowing customers to be paid faster and back in safe, repaired vehicles sooner.
DJ: What’s different about Snapsheet Transactions?
Most carriers are cutting physical checks for claims payments, but checks are slow. If a user is submitting an auto claim, chances are high that they’re depending on that payment in order to get back on the road.
Recent events, like Hurricane Harvey and Irma, have made this more apparent. In these cases, people may not have a current address to send the check and need the payment in order to recover and get back to normal as quickly as possible, this technology changes that.
DJ: What are the key benefits of Snapsheet?
Using Snapsheet, carriers can process 90 percent of all claims by photograph, and automate 70 percent of all customer communications.
The self-service nature of Snapsheet's model, in combination with the scalability of its platform, makes it easy to service a range of carriers, from small insurance companies that process a low volume of claims, all the way to the industry’s biggest players. Snapsheet processes more than 400,000 claims a year, and is built to manage millions. Our versatility and ability to help insurance carriers of all sizes are a major differentiator against other solutions.
Especially with the newest addition of Snapsheet Transactions, we’re truly able to streamline the claims process from start to finish. While some InsurTechs focus solely on the disruption of the insurance industry, we have an unmatched understanding of the intricacies of insurance workflows and strive to make implementation easy for carriers.
DJ: What types of insurance areas is Snapsheet applicable to?
Snapsheet is the industry leading provider of virtual claims technology to personal and commercial auto insurers. In addition to insurance, we also have technology solutions for rental car companies, ride-sharing companies, and third party administrators. Snapsheet Transactions is a solution suitable for all lines of insurance, not just auto.
Photo by digitaljournal.com
DJ: What has been the response to Snapsheet from the industry?
The response from the industry has been fantastic. Like I mentioned earlier, our role is to work closely with carriers, not disrupt the industry. Thanks to our partnerships with carriers, we’re on track to process almost 450,000 claims this year.
To date, Snapsheet has raised over 40 million dollars, including strategic investments from 4 insurance carriers.
DJ: How have consumers responded to Snapsheet?
We’ve seen more customers using their carrier’s apps more than ever. Nearly 75 percent of adults own a smartphone with apps accounting for 89 percent of mobile usage. Consumers are using apps for everything from ordering food to hiring a contractor, so it’s become logical for customers who need to process a claim to reach for the phone first, and we want to make it easy for them to do that.
DJ: Which partners are you working with?
We recently came together with KeyBank, one of largest bank-based financial services companies in the United States, for the launch of Snapsheet Transactions. In addition to that, we work with more than 50 carriers across North America.
DJ: What was the main challenge with the development of Snapsheet?
Snapsheet originally started as BodyShopBids, an app that provided estimates and auto shop contacts to users who sent in photos of a damaged vehicle. However, we quickly realized that customers were using our service to determine if they should file a claim with their insurance carrier, thus we decided to pivot our business and address the needs of insurance carriers and their customers.
DJ: How do you plan to expand Snapsheet in the future?
The launch of Snapsheet Transactions has made us the leader in claims technology because we take claimants through the entire claims journey. Our plan is to continue to be great at claims and innovate cutting-edge solutions to help carriers save money and optimize customer experience, as well as assist claimants and make the process as easy as possible for them.
Snapsheet has also caught the attention of the International market, we are currently evaluating this opportunity to determine where and when we should make our software available.
DJ: What other types of technology interest you?
IoT and blockchain technologies are very exciting as they have the potential to change the way carriers assess risk and process claims. These technologies and their use cases are still in their infancy and the industry is excited to see where they take us.
Chicago based Snapsheet is a provider of virtual claims technology to personal and commercial auto insurance carriers. The company services major auto insurance carriers through Snapsheet’s Virtual Insurance Claims Exchange platform, with the aim of improving the estimation process for auto repairs from virtual photo submission to final repairs and payment.