Insurers may look at their challenges as a shopping list of requirements and then seek each of the ingredients on the list. That’s fine when baking a cake.
But building an effective insurer with thousands of moving parts is more like assembling a car. You wouldn’t tick off engine, chassis, gearbox and suspension from different sources and assume they would all knit together and work.
With insurtech, point-solutions may be sensational on their own but cobbling them all together into a seamless machine creates friction, cost, integration rabbit holes and testing nightmares. As a result, Insurers run the risk of increasing complexity in the claims process – the very thing they’re trying to avoid. The practicality of trying to knit together every point-solution will, in reality, do nothing to change the complexity of Insurers IT.
In a recent article by Insurance Thought Leadership, it was stated that the industry was too focused on what they described as “the shiny objects” like AI, and not enough on the issues that really matter to customers and corporate bottom lines. Here at 360Globalnet, our concentration is on delivering all the essentials - which is not easy – such as all the interconnectivity between every claim participant, workflow and process, with all the key digital capabilities included out-of-the-box. All wrapped up in our easy to configure no-code technology, that can work as a standalone platform or as a digital wrap-around to spring legacy software back to life.
2020 changed everything for everybody. For insurers, the list of challenges is exceptionally broad and highly complex. But it’s possible to grasp them all simultaneously with 360Globalnet.
If you’d like to know more about our award-winning digital claims platform, you can find out more here. Alternatively, get in touch, we’d be delighted to help.