Everyone has heard of Google Glass—but that’s just a tiny tip of the iceberg. The mobile technology market will surge from USD 14 billion in 2014 to USD 70 billion in 2024—according to the report Wearable Technology 2014-2024: Technologies, Markets, Forecasts.
This trend has great potential for developers. And it will transform companies in various sectors that intelligently use these new opportunities. These scenarios illustrate ways in which Google Glass will streamline the insurance sector.
I. Google Glass improves claim adjusters’ productivity
Today, claim adjusters require multiple resources to determine (i) whether or not an insurance customer should be compensated and (ii) the amount of the compensation. An adjuster’s toolbox contains items such as a camera, flash disk, GPS, laptop, mobile phone, tablet, and tablet stand.
Adjusters preferably perform several tasks at the same (i.e., taking notes and photos of damaged items). If adjusters lack knowledge about objects that they must evaluate, then they need to call experts for help. Afterward, all data are entered into the insurance company’s IT system, which can be complicated and time consuming. If, for example, they must balance themselves on a ladder to inspect a roof, then the job becomes even tougher.
But if adjusters use Google Glass, then they can take photos and talk with colleagues without needing to use their hands. And if a virtual keyboard is available, then notes can be taken on the spot.
Using Google Glass requires only a single unit for managing all tasks required to do the job. And because the glasses are connected to the internet, data transfer time to intermediary systems is eliminated.
II. Self-reporting customers
Damage reporting to insurance companies is very time consuming, and customers often don’t have the information that the insurance company needs—information that’s difficult to gather afterward. Clerical staff must spend a lot of time helping customers fill in all the forms and attach all required documents.
If customers wear Google Glass at the scene of an incident, then they can take photos while insurance company employees guide them through the situation. Being able to take the same perspective as the person on the site provides unique opportunities for immediately managing cases, which saves time for customers and insurance companies.
III. Reckless driving transparency
Because insurance companies do not have data on how drivers actually behave in traffic, risk assessments are based on statistics such as age, gender, and number of miles driven. But these data are not necessary applicable to the way in which individual actually drive.
Insurance companies have tried to address this problem with telematics. So far, this has not been particularly successful. But if motorists regularly wear Google Glass, then reckless drivers will be increasingly revealed via videos and photos that are uploaded to the internet, because it will be even easier for others (pedestrians and other drivers) to take photos and upload them. Using this information for risk assessment and pricing gives insurance companies a big advantage.
Download this Cognizant white paper that describes more applications and details about Google Glass opportunities for the insurance sector (pdf).