In the case of claim settlement, for example, video allows customers—who not long ago had to report a claim, fill forms, submit them, and often schedule a visit with an adjuster or a company representative—to follow a straightforward, less cumbersome virtual approach, video-document the claimed damage and send it over to the insurance firm. Such a video evidence is valuable for two reasons: not only is it difficult to forge by the average person, rendering it effective against claims leakage, but it can also reduce the time it takes auditors to review a case, allowing them to audit more claims, curtail the risk of fraud, and reduce the rate of unwarranted payments. Considering a claim leakage occurs in nearly one out of three claims, increased auditing can save any business enormous expenses.
Endsleigh, a UK-based insurance firm, wanted to enhance customer loyalty and reduce the average claim settlement time. Consequently, it came up with a “one touch & settle” service, which allows the customer to use virtually any mobile smartphone camera to visually walk claims agents through an issue. Thanks to video, Ensleigh’s resolution time has gone from a five-day turnaround down to just a few hours– increasing customer satisfaction and significantly reducing the need for costly on-site services. The company now consistently achieves satisfaction scores of 10 out of 10 in its customer insight program.
With an increase in life expectancy, a growing number of patients with little to no access to medical facilities (e.g., elderly, non-ambulatory, living in rural areas), and the proliferation of mobile technology, modern healthcare institutions are gradually adopting remote video-enabled healthcare, also known as telehealth, to meet patients’ demands, alleviate the pressure on healthcare facilities, and cut their maintenance costs. Despite telehealth being a relatively mature technology, after many years of slow, stready growth, in the last few years its implementation into existing care systems has grew exponentially. According to a 2017 survey, three out of every four healthcare delivery organizations are either using or are planning to use telehealth solutions soon. Other than supporting this industry through live, two-way conversations, consultations, and even remote monitoring, a patient can also record symptoms that are difficult to describe in writing in order to empower remote yet reliable medical diagnosis. Moreover, video can complement medical records better than most written evidence by providing the ultimate audio-visual combination. Considering the fact that close to 75% of all doctor visits could be handled safely and effectively over video, and the fact that 70% of all patients are comfortable communicating with their health care providers via video, video-powered health services seem to be a vital need in today’s health industry.
The American Veterans Health Administration (VHA) has been using video-enabled monitoring to track vital signs for patients with chronic diseases or who have been recently released from the hospital. The results showed that this monitoring technology reduced hospital readmissions by 44%-51%. In addition to improved care, VHA’s Clinical Video services increased their patient satisfaction rate to 94% .
Machinery downtime is every manufacturer’s worst nightmare: one hour of downtime costs a factory that produces 600 units an hour with an average profit of 12 Euros per unit a whopping 2500 Euros in lost revenue and more than double the cost when it comes to automotive manufacturers. With a price tag of 45-90 Euro per minute, every extra second of downtime counts. According to research, the average manufacturer deals with 800 hours of downtime per year, an overall loss of millions of Euros, not to mention depleted inventory and wasted labor. But what if manufacturers could reduce downtime to a minimum using video technology? While standard fixes require a technician to arrive at the scene and examine the device or machine on-site, video allows technicians to perform immediate and effective remote troubleshooting for the most common machinery issues, including components identification, software review, performance assessment and optimization, among others. As a result, faulty hardware can be back up and running a lot faster.
In the near future video is expected to become a crucial part of the Internet of Things (IOT) and enhance a variety of smart operations in order to further improve resolution time in manufacturing.
Video for Simplified Troubleshooting Case Study: Xerox
The global print and digital corporation giant Xerox wanted to reduce downtime for its printers and improve the company’s service quality, all while maintaining its operating margin. Before shifting to remote maintenance, customers would call Xerox’s Welcome Center whenever they needed help. A field engineer would then be dispatched to the customer’s headquarters, diagnose the problem, and resolve it on-site. Xerox transformed its maintenance service into a mostly-remote one to simplify the process and reduce resolution times. Customers can now take a video of a printer, point out the matter in question and send the clip to a professional remote technician who is qualified to tackle most technical aspects without attending the scene. As a result of its video-diagnostics, the company realized a 67% improvement in First Time Fix (FTF) rates.
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