Why Insurers are turning to 3D laser scanning for Insurance claim settlements?

The insurance claims settlement process, especially in the realm of real estate and property ownership, is a rocky road to navigate. Insurers and claimants both suffer during this process. It is often delayed due to unending queries and disputes by insurance adjusters regarding damage suffered by property owners. On the contrary, the delay happens because of complications faced by the insurers in detecting and preventing fraudulent claims.?

To resolve these issues, Insurance Claims Solution has employed 3D laser scanning technology for claim settlements. 3D laser scanning, with its evolved tools, helps in mitigating risks regarding fraud. It also provides accurate documentation concerning loss and damage done, which is extremely helpful in creating authentic reports.??

How does 3D laser scanning fast-track the insurance claims??

3D laser scanning technology offers a unique and accurate advantage for the acceleration of insurance claims. Traditionally, the investigation process used to rely entirely on manual methods of data collection. Accident or disaster scene photographs and manual measurements were used as documentation.

You would like to explore how you can utilize BIM for Disaster Management

This led to errors and discrepancies in the insurance data, which eventually led to multiple site visits, delays in processing the claims, and in some cases unfair claims practices.??

3D laser scanning is a non-invasive technique of data collection. This makes it easier to acquire on-site data clearly without hampering the site or evidence in case of alleged fraud. The point cloud data accurately captures minute details with extreme precision. It has the capability to capture the most intricate corners, resulting in a thorough inspection of the site.??

In the case of complex properties, properties with historical significance, or high-profile cases, insurers go two steps deep and employ virtual of the damaged site.

The point cloud data collected by the laser scanners like Leica RTC360, or Faro Focus laser scanner can be converted into 3D models. A 3D model of the site allowed the insurers and the claimants a window to examine the damage from different angles.

Walkthroughs of the accident site acted as corridors for virtual revisits. Digital twins in insurance claims can simulate the events that led to the accidents. Such simulations can provide useful insights into the causes of incidents and help devise preventive measures for future precautions.

Hence making 3D laser-scanned documentation is one of the single sources of truth from initial policy decisions to claims handling.?

To leverage the benefits of 3D laser scanning technology many industry-leading insurance solutions providers have joined hands with laser scanning services. One such collaboration is Verisk Analytics X Matterport.??

This collaboration enhanced the sketching process on the insurance claims. With the use of Verisk's Xactimate- a property claims estimating software and Matterport TruePlan , insurance and restoration industries can now save both time and money in this process.

Matterport TruePlan is a tool that generates . SKX files that can be directly uploaded from Matterport models into Xactimate software. These files can be imported into two formats 2D floor plans and 3D views.?

This contemporary process eliminates the need for manual as-built sketches and documentation. This offers the insurance adjusters the opportunity to focus on clients, restoration contractors, etc.??

Other Purposes: ?

1. Risk Assessment?

3D laser scanning provides detailed information about the insured assets. These details include dimensions, materials, and structural integrity of the insured property or real estate. The insurance adjuster can use this data to make better risk assessments. The assessment analysis in turn acts as a foundation for Insurance companies to deploy risk models to draw premiums and policy terms.??

2. Fraud Detection?

Statistics state that approximately $40 billion is lost yearly due to fraudulent insurance claims. 3D laser scanning technology has innovative solutions to detect and prevent Insurance fraud. This fraud, a major headache for the industry, can be exposed by examining the detailed on-site documentation before and after the claim is made.

Also, features such as accident reconstruction can help determine the actual cause of the accident. This can later be cross-checked by the insurance company for authenticity and adherence to the company clauses.???

The Insurance Companies are inclining towards technological advancements. 3D laser scanning technology with its powerful features stands out as the perfect tool to make the insurance claims settlement process better, faster, and fair.??

Stay ahead of the evolution curve with innovative technologies like Tejjy's 3D laser scanning services .??