Insurance & Technology: Cognizant Business Consulting Experts Say Google Glass is Insurance’s Next Killer App

“Tablets and smartphones are already enabling improved productivity for insurance field employees, such as claims adjusters and risk engineers, giving them the ability to connect with claims and risk engineering systems in real time,” write Michael Kim, Vice President of Insurance Consulting, and Agil Francis, Senior Manager of Insurance Consulting at Cognizant. “But new technology innovation that pushes the envelope of miniaturization, portability, and human integration is capable of doing so much more to advance productivity and efficiency in the future. One such technology is Google Glass, which has captured the imagination of a wide audience and could potentially transform the insurance industry, shifting how insurers work and engage with customers.” Excerpts:

“By offering hands-free constant connectivity and the ability to access massive computing power, Glass could be a productivity booster for field adjusters and property risk engineers, who can easily compile photos and notes and collaborate with remote specialists…The time is right for insurers to consider the first-mover opportunities Glass presents for them and their customers. The upgrades in features and functionality offered by Glass may help reduce operational costs through increased productivity, efficiency, and effectiveness of field staff, as well as help improve claims submission experience for customers.

Whether it’s claims adjusters, risk engineers, or customers submitting claims, Glass can help the insurance industry in many ways. For claims adjusters and risk engineers, Glass cuts down the number of devices they need to carry to just one. Glass would give adjusters and risk engineers easy access to remote specialists via videoconferencing, and those specialists would get an exact first-person view, enabling quicker decision making. For insurance customers, Glass can assist with the claims submission process. Capturing vital information upfront could reduce claims settlement time and also improve the claims submission experience.

Looking ahead, Glass has the potential to be the next wave of the technological revolution, changing consumer behavior and disrupting industries with new ways of doing business. As customers adopt Glass, they will expect to execute insurance transactions using this technology, and insurers need to be well-equipped to meet these demands. And, as insurance carriers build business and technology use cases as well as architecture and services, for mobile devices, they must consider how and where wearable technology such as Glass fits into their roadmap.”

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