“One of history's few iron laws is that luxuries tend to become necessities and to spawn new obligations. Once people get used to a certain luxury, they take it for granted. Then they begin to count on it. Finally, they reach a point where they can't live without it.” An astute observation Yuval Harari made in his 2011 book about the development of human expectations; Sapiens.
Today’s ubiquitous digital landscape has forever changed consumer expectations on speed of information regarding everyday interactions with the likes of online shopping, food deliveries and bank payments through to the latest news alerts and sporting results. Businesses that cannot provide timely and accurate visibility on progression between their service / product with the consumer will be viewed as “old fashioned and slow” which is now equivalent to ‘not good’ that results in ‘let us look elsewhere’.
In a report by PwC, ‘speed’ was identified as one of the key factors that resulted in high customer satisfaction. For the insurance industry, this is a concern. Claims processing is still firmly in the ‘old fashioned and slow’ category. Ignoring this shifting dynamic from luxury to necessity and focussing on improving ‘slow’ options for claimants such as business hour call centres, static claim forms (on-line or not) and ‘slow’ step-by-step claims processing methods is akin to fine tuning a Blockbuster Video outlet to compete with Netflix.
At 360Globalnet, we’ve been assisting local and global insurers and brokers through the necessity of rapid digital acceleration. Our award-winning no-code digital claims platform can standalone or wrap around legacy systems, endowing an insurer’s claims proposition with the agility and capability customers can no longer live without.
Digitally transforming claim interactions with policyholders is just the first step. The true value is in collapsing claims handling expense beyond FNOL by the automation of repetitive tasks and supply chain management. Furthermore, 360Globalnet’s no-code platform allows the real practitioners in managing claims, i.e., the claims business itself, to side-step traditional ‘slow’ IT development builds.
If you would like to know how 360Globalnet can help you beyond FNOL, with a truly digital claims handling process, we would be delighted to show you. Get in touch.
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