Top three motor insurance trends you need to watch in 2021
As our society becomes more connected, investment in technology across all sectors and industries continues to grow. In 2020, 59 per cent of technology executives were looking to accelerate their digital transformation initiatives according to research from KPMG. [1]
At EstImage, we anticipate investment in automated digital solutions to be critical to the growth and sustainability of the motor insurance industry in Australia. We’ve identified three key trends that will influence motor insurers and repairers in 2021:
1. Increase in remote working technologies
A key change in 2020 was the rapid transition to remote working models for many industries, including insurance. This will continue into 2021, as the Australian workforce embraces the flexibility offered by remote work. To support this, we anticipate there will be continued interest and investment in cloud-based technologies and solutions that support the working from home user experience. For example, our cloud-based EstImage Motor solution lets insurance employees, assessors and suppliers remotely access the software whether they are connected with company networks, or via the public cloud depending on their authorised level of access and need.
2. Increased accessibility
In addition to cloud-based solutions, we’ll see a rise in companies investing in more accessible tools for mobile and tablet devices, such as EstImage Online. Investing in solutions that empower users to organise repair and insurance work from tablet and mobile devices increases the amount of non-shop-based repair or remote repair work that can be conducted. Having the ability to complete repair work forms through mobile devices means repair shops can increase the number of jobs they do each day with the support of mobile repairers, which can have a positive impact on the bottom line.
3. Improved claims and communication technologies
The increased digitisation and flexibility that Australians experienced through remote work in 2020 has spilled over into our everyday lives. As a result, many consumers want to conduct their personal business with as much ease and as few touchpoints as possible.
We therefore expect to see an increase in insurers and repairers investing in technologies that let customers complete claims more easily without needing in person assessments. Solutions like the new EstImage Connect platform help connect customers with client services personnel to guide them through collecting information and images relevant to their claims in real-time, streamlining the process for all parties.
Many changes for the insurance industry were ushered in throughout 2020, but the biggest impact was the transition of digital transformation from a ‘should have’ to a ‘must have’, and we expect this trend to continue through 2021 and beyond.
For more information on how EstImage can help support you through this transformation, or to request a demonstration of our solutions, contact the EstImage team today.