Darcy Bussell never entered the world of claims management, but if she had, she'd have realised that ballet can definitely teach the world of bent metal, personal injury and inundation of claims a thing or two. It all lies in the power (and beauty!) of orchestration and synchronisation. At 360Globalnet, we've pirouetted a little around the subject.
Claims management often suffers from silos. That's not a ballet term it is just that historical claims handling has involved a range of discrete processes whose lack of functional and technological overlap keeps them compartmentalised. Notification of loss, technical claims, fraud detection, supply chain management, settlement... all operating often in their own departments.
Operational efficiency in claims is now moving to the fore; it is one of the few under-exploited profit drivers in insurance. This means that those insurers who are integrating their claims handling using digital enhancements at all the different stages are the prima ballerinas of the troupe. They handle claims faster, more gracefully, with less friction and more satisfaction for the theatre audience - claimants!
The more manual processes left in legacy claims handling operations, the harder it is to compete. If you're out on the stage in wellington boots, however good you are, you can never be good enough to go toe-to-toe with low cost, high efficiency digitisation.
Inefficiency worked fine over previous decades. Policyholder expectations were lower and other industries were not changing people's minds as to the art of the possible.
Fast forward to the post-Covid digital era and much has changed. Retail now drives customer expectations and their frustrations grow if they are not receiving the full digital Swan Lake of automated processes and status notifications a claim lifecycle. Order a kettle and you know its every move before, during and after delivery. Make a claim for your home or car - the foremost capital and utility items in your whole life - and receive a paper claim form. It won't work any more... insurers have to step up.
If you’ve ever been lucky enough the see the ballet, you’ll appreciate the synchronisation and effortless beauty of a great performance where everything flows so seamlessly. Delicate choreography, bringing many performers together as one to tell a story through movement, design, costumes, lighting and music.
With 360Globalnet, we’ve spent a decade doing just that with leading insurers around the world. We transform claims process into a seamless and flowing digital masterpiece by using the incredible flexibility of a no-code platform to realise savings, speed and satisfaction in a fraction of the time and cost of typical hard coded systems.
We work with partners to orchestrate and choreograph the digital claims automation necessary to deliver the performance your audiences now expect and demand. All parties to a claim come together in a synchronised act giving full visibility to all involved, driving down operational costs and boosting the customer experience.
Let us show you how and what we could do to make your performance more like the Bolshoi Ballet than a school disco.
Other links you may find interesting:
More of our insights can be found here.
Our unstructured data technology is enabling our clients' to access and analysis 100% of the claims data, reducing fraud and boosting business intelligence.