It makes it possible to give them the answers to what they need to know within seconds rather than hours or even days, which is why Spears hails it as “the ultimate solution of removing uncertainty for customers.”
When people have to put in a claim for damage, they want to know: is it damage repairable, or does it amount to a total loss? If it is to be fixed, how long is going to take, and how much is it going to cost?
Normally, they would have to wait for the appraiser from the insurance company to make the initial determination and then authorize an amount to cover the costs of the repair itself plus that of a rental car in the case of a collision or a rental in the case of severe damage to a home. Waiting on that information in order to make plans increases the anxiety for customers.
That’s why the goal of the business at the time should be to, “accelerate those customers through the journey, so they know what’s coming next and feel like they are in control,” Spears said.
The acceleration of the claims journey can be quite substantial: reducing what could take as long as five days to just 15 minutes. That means not just hours but days of uncertainty removed from the equations, which increases customer satisfaction score and retention rates.
Spears noted: ”We know when we see those types of transactions, those are the ones that don’t leave.”
The upside of using Tractable’s visual AI – easily accessed on a mobile app – is not limited to insurance claims. It can alleviate a lot of the uncertainty inherent in other car processes like buying a car with a trade-in.
In the past, people had to just rely on estimates that were written after meeting with an appraiser. But now they can use Tractable to upload the 360 degree view of their car to get an accurate valuation figure from the dealer.
In effect, Tractable’s visual AI bridges the digital and physical to give customers the answers they crave on the spot. With information at their fingertips, customers feel better about the process and the business that engages with them, so it’s a win all around.
Photo credits: Megan Schiereck and Runo Emmanuelle