In the first decade of the new millennium, most websites were built by companies for other companies. In recent times, no-code website building has all but replaced the humble HTML web developer. Why pay £1000s when Squarespace and the like offer super-quality DIY? After COVID-19, insurers find themselves in a parallel position: pimp a legacy system? buy a new system? Or take the no-code option saving years and £millions?
Many companies offer all-singing end-to-end solutions: but there’s a snag. Most will take some years and £10s of £millions to buy plus the same in consultants to implement. Plus, when the initial project is complete, consumer expectations may have already have moved on. Think painting the Forth Bridge… but with developers, coders and consultants holding the cans and brushes.
The most important time frame for any insurer is the one that encompasses the thresholds of customers to price and service. Aside from paying claims, customer acquisition is the highest cost for any insurer. So, if customer satisfaction drops and super-competitive rates can’t compensate then high attrition sets in. Post COVID-19, the state of the economy will drive increased shopping around among customers whose digital acceptance was forced to change in many cases on 23 March 2020.
360Globalnet offers a no-code digital claims platform that’s easy to integrate with almost any front end policy system or preferred point solution. It’s biggest strength however is that it is no-code, so that even the most complex digital claims handling, supply chain integration and workflow demands can be met in very short timescales - and managed by business users rather than IT. Plus, the cost is effectively PAYGO. No CapEx, low OpEx and the results see high NPS flowing from switch-on (which can be weeks in some cases).
We have digitised claims handling for six insurers in 2020 already with full implementation and deployment occurring in just a few weeks in some cases.
An end-to-end system may be an insurers dream but with a no-code, cloud-based systems with full digital functionality ‘out of the box’, a company can try this approach virtually risk-free in parallel. They might find that they don’t need to dream because waking up to what’s available right now is even better.