Every insurance Chief Executive worth their salt battling inside today’s hyper-competitive market hates five things: unnecessary OpEx and CapEx costs, delays in IT projects, lack of agility to respond to dynamic markets, needless policyholder attrition and Business Information lag.
In short, spending too much, moving too slowly, losing hard won customers and not knowing the real reasons why until it’s too late.
With a few hundred years experience at the coal face of insurance between the leadership team of 360Globalnet, we are only too aware of these pain points. Our rise to be one of the leading no-code digital claims platforms in the world started out by realising that we had to address them. At the core is how functionality for internal and external customers is specified, configured and delivered.
In 2015, when we acquired our first large insurer partners, the only route they had to deliver took a lot of money and even more time (with usually a side salad of disappointment thrown in). Why? Because it involved hard-coding the end product. Or, in the case of claims, often not using technology at all but sticking with manual paper handling.
Claims are where it matters for insurers. Claims are what customers are effectively buying in advance. It is the point where loyalty is sealed or (more usually) lost. It is where fraud, delay, rises in indemnity costs, loss of control and degradation of customer relationships seeps in.
360Globalnet’s vision was to remove the IT delays and costs by allowing practitioners within claims departments to configure their own ideal digital claims processes without joining an IT priority queue. A No-Code approach gave us that. If our clients could complete an online point-and-click-and-type intelligent template, they could configure claims processes themselves. Not just simple ones but those involving high degrees of complexity – eFNOL, triaging, workflow, automation, supply chain management, customer notification, photos, videos, documents.
By configuring processes through to deployment in days and weeks – rather than months and years – costs reduce by an order of magnitude. Small changes take minutes rather than weeks. Testing changes too because two Lego bricks don’t need to be tested to see if they fit together - that was done in the factory. Our No-code platform shifted the hard work and cost to our development stages before insurers use it.
We made sure from day one that every claim is built around a single record that contains everything (literally everything). Each party to a claim then gets to see a particular subset of that record avoiding rekeying and ‘lost in translation’ problems. This includes claimants, third parties, garages, loss adjusters, fraud teams, brokers and agents. Each has a particular set of permissions that gives them the required lens into that single view.
We also made every claim super-visual. If you can see a claim, you can manage it. If it’s a description in words, good luck. Photo, video and live-streaming capability is built in as standard along with document uploads where the contents can be interrogated and turned into analysable data. Why? Because if a claims team can see everything in data and imagery as soon as possible after a claim, the time saved saves money too – savings from indemnity through fraud through team efficiency.
The speed plays through to Business Information. If every claim is in one place, comprehensive in detail with a full audit trail, the pulse of the business can be felt by everyone who needs to.
Finally, customers. Customers have changed. Send one a claim form in the post or a PDF of a claim form to print out, fill in and scan or post back…. And you stand a good chance of losing them. Mega-retailers know that the informed customer is a happy customer. “Your parcel is on it’s way”, “Your takeaway is 5 minutes away”, “Your package has been delivered”, “There’s a small delay, it will be with you by 9pm”.
There isn’t a bank of people at Amazon or Deliveroo typing out text messages: the delivery of notifications every time anything changes is a by-product of a digital supply chain automated to keep customers informed.
360Globalnet’s Net Promoter Score is in the mid 70s and rising for claimants. Yes, claimants. Like any other customer in the modern world, they want to know what’s going on 24/7. We provide that, allowing insurers to kill the final pain point – attrition.
In short, 360Globalnet has a kernel of high-performance at the centre – no-code technology. For major insurers around the world it allows them to tackle the five things they hate with the sort of speed and efficiency that keeps CFOs happy too.
If you'd like to learn more about how we can help you overcome the challenges of moving to fully digital claims management, feel free to get in touch for a no-obligation chat.