“It took 7-8 years from the start of the Digital Age in 2007, with the introduction of the Apple iPhone, for Insurance 1.0 to witness the emergence of Insurtech, and with that only 3-4 years to see the shift to Digital Insurance 2.0! Will you be ready for Insurance 3.0 and the future of insurance?"

Denise Garth SVP Strategic Marketing Majesco Jan 10th, 2019

McKinsey has already forecast that there is only room for 4 or 5 insurers in every segment. That means if an insurer is not ahead in the Digital Insurance 2.0 race it is in deep trouble.

Join those which have already processed over 3.6 million claims in a Digital Claims '2.0' platform which is future-proofed to complete the journey to Digital Insurance 3.0

James Harding Chief Operations Officer at 360Globalnet takes you through the evolution of insurance from the 1950's and how 360Siteview has presaged the stages of Insurance 2.0 and 3.0.


20th Century

Insurance 1.0

  • Insurance Agent – physical, re-assuring, and paper based
  • High Street Brokers – forms and postage, no meaningful access to Insurer
  • 80/90’s Direct Access to the Insurer – still forms and postage – Green Screen systems – still forms and postage – 2 estimates, pay the cheaper. Racks of files and failure demand very high
  • Early 90’s - Advent of the call centre – service improves, flawed however in busy times and overwhelmed during CAT events
  • Late 90’s - Supply chain grows more prevalent, given more and more delegated power. Performance of supply chain not managed in any systematic or cohesive way
  • Core ERP systems deployed
  • M&A leads to proliferation of silos- legacy systems of record and data

21st Century

  • Early 00’s - Split processes (segmenting the process to a conveyor belt model and essentially de-skilling) – delegated authority much more accepted
  • Insurer loses the complete control of cost and what is done in their name
  • On premise, larger systems now bought in to invoke that supply chain process, difficult to change. Multi millions spent on reworking legacy that was never intended to be used in this way.

2013: Insurance 2.0

  • 360Globalnet launches Cloud hosted, configurable platform that digitizes FNOL and collection of evidence including text, audio, photo, video and live streaming. Designed to operate in parallel with legacy systems for cost-effectiveness
  • Early 10's; increasing disappointment with the early 00’s systems that prove almost as complex and inflexible to deploy for new claims categories and geographic markets. Major insurers in UK, Europe and US digitally transform claims with 360Siteview
  • 10's- continuous investment by 360Globalnet link all parties to a claim, complete collaboration and full control of build, process and deployment – at the desktop in plain English giving power back to the business. Worldwide consumer use of multimedia means that the collaboration options are endless; the insurance industry has a duty and opportunity to provide a world-class retail online experience.
  • 2015> 360Globalnet launches 360Retrieve for unstructured data management and analytics; Fraud Data Analytics solution launched before the current AI hype
  • 2018> The innovation process speeds up further and “uberized” claims services launched by 360Globalnet.

Insurance 3.0

  • 2019 > Version 6 of 360Siteview heralds unrivalled ability for the business to customise and configure customer and employee UX, customer journeys and the supply chain.
  • API architecture of 360Siteview means that insurers can future-proof systems adding “best-of-breed” apps as they mature e.g. AI
  • 2020 - Complete replacement for core legacy systems and faltering digital claims platforms of the early 00's

A final thought.

I recently met a senior exec at a major insurer that spent one year and £10 million to complete an Digital Claims POC- just one customer journey mind! That is like ERP solutions before the days of Salesforce.com. Expensive, slow and so Insurance 1.0

Today POCs can be configured and launched in days; a three month POC will prove the metrics from delighted customers to collapsed costs. All without high upfront costs; in fact usually with no integration or other upfront costs.

Welcome to Insurance 3.0 and try it out with 360Globalnet- how can you in all conscience  not do so?


More information on our online claims management solution technology, 360SiteView, can be found here.
You can see more of our thoughts on disrupting legacy systems and going digital in this article.
More great articles and insights like this can be found here.
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