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9th October 2019
Ageas’ latest partnership with SightCall could set a precedent for the wider motor market, says GlobalData
Ageas’ latest partnership could set a precedent for the wider motor market, says GlobalData. Ageas has partnered with SightCall to leverage the benefits of the latter’s real-time video claims platform for its motor policyholders. The competitive nature of the motor insurance market means that any differentiator, particularly in the claims process, will undoubtedly be beneficial for the insurer, says GlobalData.
Ageas was the sixth largest provider of private motor insurance in 2018, holding a 7.2% share of the market, according to GlobalData’s UK Top 20 General Insurance Competitor Analytics. Furthermore, GlobalData’s UK Insurance Consumer Survey revealed that one in three motor insurance policyholders switched to a new provider at the point of renewal in 2018.
Daniel Pearce, senior Insurance analyst at GlobalData, comments “This data suggests that providers who fail to incorporate innovations into the claims process could begin to see their existing customers switch.”
The partnership will see Ageas claims agents use SightCall to undertake remote claims assessments through real-time video communications with policyholders. When making a claim, policyholders use the app to stream directly from the incident, allowing the handler to guide them through augmented reality annotations and gather the necessary information.
Pearce added “The partnership could set a precedent for the wider motor insurance market. During a pilot of SightCall’s technology, Ageas stated that around 35% of claims were settled on the first call. Clearly, incorporating technology that helps streamline the claims process in this way will be well received by motorists.
Moreover, in 2018, 70% of claims in the motor insurance market can be attributed to vehicle damage, according to the ABI. Any developments–such as this partnership–that streamline claims relating to damage will have a significant impact on the wider efficiency of an insurer in claims processing.”
GlobalData Trends(26 articles)
Ageas Trends(54 articles)