There used to be nothing like a good brew and a chat at work to catch up, laugh and learn about sport, Trump, Brexit and insurance (in that order!). With Lockdown III now in place, unfortunately, it’s not something any of us can do in person for a little while longer.
At 360Globalnet, we all took the time to reflect on the oddest of years and look forward to the most challenging. Because 2021 is where what the industry thought were temporary work-around challenges are revealed as permanent, tectonic shifts.
Yes, we’re in digital ‘adapt or die’ territory no matter what IT departments are telling COOs and CEOs.
Many Insurers are still trying to find their feet after the COVID shockwave of 2020 (and beyond!) but the change has been driven also by regulatory and consumer changes on a seismic scale. The FCA’s dual pricing ruling. The rise of Amazon, Deliveroo and online supermarket shopping changing forever the expectations of what digital updating and service management look like.
On dual pricing, the insurance marketplace was an early adopter of price differentiation between existing and new customers. Carriers may have come to rely on a technique being pulled out from under their feet faster than a greased rug on an ice rink.
In a hyper competitive landscape, this regulatory intervention has catapulted service and cost optimisation to the front row of the grid. And there will also be more cars in the race. With dual pricing regulated, a puncture in the market opens to those with the technology and lack of legacy to move fast. Whether its ‘insurance included’ business models from manufacturers or simply megacorps used to disrupting themselves who see the potential of a £6bn+ UK market to kick while it’s down.
And so we return to the central point of our business at 360Globalnet – cost optimisation and customer retention starts with digital claims handling. It is the biggest area of cost and has the most potential to keep insurers Combined Operating Ratios down.
Our cup of tea may have gone cold while talking to you… but make no mistake, digital claims are just warming up!
We power many leading insurers digital claims handling and wrap around the systems of others to fill the gaps. If 2021 looks like a challenge to you, we can help. If you’d like to find out how we can help with digital claims in less time and for less money, get in touch.