The Gig is Up in the Insurance Industry

WeGoLook is disrupting the way insurance carriers traditionally operate in the field to conduct inspections, verifications, and tasks. At InsureTech Connect, WeGoLook's Robin Smith spoke on a panel about how their mobile technology platform increases workflow efficiency to expand insurance operations. For example, if a carrier is needing to augment or supplement their labor force, WeGoLook is able to dispatch one of 30,000 + Lookers (agents) very quickly and cost effectively to capture data for underwriting and claims purposes.

The gig economy's disruption in the insurance industry and the existence of "crowdworkers" creates four main opportunities for insurers: a faster flow of information, claim process efficiencies, information customization, and cost efficiencies.

It's no mystery why the gig economy is a natural fit to disrupt B2B services across the globe. The gig economy is the entirety of online platforms that allow users to exchange goods and services, like short-term gig jobs, at the swipe of a smartphone.

Indeed, we at WeGoLook believe that all industries must take notice of the disruptive gig economy in order to remain smart and streamlined, adapting to consumer needs. And, they can achieve this mainly by making their workforces more flexible. For traditional carriers, the gig economy is up for the count.

Insurance Industry Growth and the Gig Economy

According to an Insurance Institute survey, over 40% of insurance companies plan to hire 100 or more employees between 2016-2017. And, a third of these jobs will be brand-new rather than replacements. This is becoming more standard across the board, as technology continues to change how the insurance industry operates.

The benefits an on-demand workforce can provide to traditional insurance carriers are plentiful, let's take a closer look. The word 'outsourcing' is often misconstrued with negative assumptions about offshore job movements and layoffs. This is not the case for the insurance industry, which can easily leverage gig workers and maintain a traditional workforce.

So why will it be important for insurance carriers to fully grasp this tectonic shift in America's employment model? Because it will affect how they do business, forcing carriers to explore outsourcing and freelance models. And this is a good thing.

The Gig Worker Landscape: What that means for insurance

Technology allows WeGoLook to direct our 30,000 + Lookers to capture the correct on-site data and perform tasks in a consistent manner across the U.S. (and now in Canada, the U.K., and Australia). The benefits of this gig model are numerous, and a Looker, or gig economy worker, can now:

  • Replace multiple vendors
  • Augment or supplement employees in the field
  • Augment, supplement, or replace employees dispatched from a carrier to verify assets or perform a task
  • Provide faster task completion at a lower cost
  • Capture and store all data in the same place and format

WeGoLook provides integration via personalized templates and API order/delivery through SSAE 16 SOC Type II security. This means we can securely store data and adhere to privacy issues with seamless integration. Many other field service companies providing auto inspections, property inspections, scene inspections, or notary services, unfortunately are not.

For an example of a vehicle report that we provide many of our insurance clients, click here.

The Gig Flexibility is a Customer Service Dream

Because of the flexibility inherent in gig work, there is a significant increase in flow of information to clients. For instance, companies like WeGoLook can provide an electronic "live" report, which allows clients to review photos and information prior to receiving a traditional report.

There is also the ability to support video, enabling a walk-through of an asset, a demonstration of a piece of equipment in operation, and much more. This walk-through can also be done live with the client if needed.

Gig employees can now immediately travel to the customer's home or place of business. The gig worker can take photos of the asset, deliver documents, notarize originals, and then deliver them to a shipper and submit all relevant information via an electronic report.

This allows the insurance company to view all information, verify all the documents are properly signed, and can then cut a check to a customer before the FedEx or UPS package of original documents arrive.

All of this flexibility allows for faster turnaround times, the elimination of multiple vendors, and enhanced customer service. In the end, what we have is a smarter and faster process, which is important, particularly when competition in the insurance industry is stiff.

The gig economy has officially stepped up to the plate.

Imagine what a workforce of 30,000 full-time employees would cost? But, you can now have those employees at your fingertips just as you would if they were salaried, by embracing the gig economy model.

As you can see, there are many benefits to embracing an on-demand workforce, particularly for traditional insurance carriers. This is not only because of a looming worker shortage, but because hiring on-demand workers will reduce costs, increase information flow, and will force the adoption to new technological trends.

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