DropIn: A Game Changer in Insurtech Claims

Emilio Figueroa, CEO, DropInEmilio Figueroa, CEO
The aftermath of a loss for an insurance customer is a traumatic experience. While addressing the property or damage relating to insurance policies, the key stakeholders in the insurance process—insurance underwriters, field adjusters, and claim managers—aim at delivering top-notch service for their customers and closing cases with faster and accurate assessment. “The way to an insured’s satisfaction and happiness largely depends on speed and efficiency of the insurance carrier,” begins Emilio Figueroa, CEO, DropIn. In this scenario, DropIn brings in its game-changing live streaming platform that has upped the ante in the claim settlement process. “We offer an on-demand live streaming video platform to streamline the claim and inspection process for our carrier partners. The goal is to make them more efficient and effective to manage claims by forming a partnership with insureds,” says Figueroa.

The company’s technology-driven claim service— ClaimsDirect™— reduces frauds, injects transparency in claims assessment, and accelerates carrier processes. It also adds positivity to the emotional and human response and leads carriers to build a community of content customers. “Using our platform, adjusters can reach out to insured, inspect damage remotely, and process 17 to 25 claims per day,” says Figueroa. ClaimsDirect™ connects the policyholder and claims adjuster. At an appointed date and time, the adjuster guides the insured in collecting essential media assets—a part of the claim assessment. The insured broadcasts a live video stream feed and carrier captures all required videos and photos. All photos and videos of damaged property or any physical asset are uploaded and stored on the DropIn platform. For assessment, carriers can download photos, videos, and GPS coordinates and adjusters, besides, underwriters can view the damaged site. DropIn retains or deletes this data, which is stored in AWS, as per the carriers’ requirements.

Using our platform, adjusters can reach out to insured, inspect damage remotely, and process 17 to 25 claims a day

With live claim process via video streaming, ClaimsDirect™ augments efficiency and minimizes travel expenses for adjusters. Its built-in real-time digital measuring tool eliminates on-site errors and maintains 98 percent accuracy in claims assessment. Its user-friendly dashboard presents a complete history of past stream sessions and provides functionalities for sorting sessions by date, reference number, and searchable address. The platform can be integrated with any system irrespective of programming framework used by the carriers in their existing suite of applications and systems.

In addition to its cutting-edge solution for claims processing, DropIn leverages the power of drone technology through its Droperator™ network that overcomes challenges in the physical world. Currently, DropIn has 1200 registered drones and aims to increase the strength to 8000. Droperator™ has been solving real-life problems with its capability to air video and photos in real-time. For instance, using Droperator™, insurers expedited CAT claim processing in Florida even though they had no direct access to the sites. The carriers could keep track of ongoing processes in different claim sites and aggregate video data to trace the complete CAT picture. DropIn has solved a gamut of problems for the national carriers wherein the clients can convert the individual claimant into a partner in the claims process using DropIn’s solution. This transformation has carved a way to improve customer retention and fraud detection.

While ensuring that the claims process is a success, DropIn follows regulatory frameworks. The firm enables carriers to adhere to regulations in different geographies and harnesses the power of Amazon AWS for following data privacy and safety regulations.

To meet the evolving business needs in the insurance industry, DropIn aims to add more innovative features to its platform. In tandem with the technological transformations, the company has plans to beef up its existing suite of offerings with the power of artificial intelligence.