Digital is becoming increasingly important for insurers. One of the global leaders, 360Globalnet, has recently set up an operation in Australia. We’re delighted to have had the opportunity to catch up with 360Globalnet’s founder and CEO, Paul Stanley, and Doris, one of his digital employees. We got to delve into the business, hear Paul’s thoughts on digital technology and obtain insight into the future of the business and the insurance sector worldwide.
Who are 360Globalnet?
360Globalnet is an international online digital technology business focusing on claims and risk assessment. We have the most advanced “end to end” digital claims system available anywhere to Insurers, which enables them to deploy state of the art claims processes that simultaneously delight their customers and increase their profitability.
What is your background and that of the Company?
360Globalnet is the manifestation of my 40 years’ experience in the Insurance Industry starting with Royal Insurance and Direct Line Insurance in the UK, then across 5 new businesses I started from 2000 to 2010 in the fields of claims outsourcing, data/analytics and anti-fraud, address-level risk modelling, 360° imaging and from 2010 online digital claim technology. All of them underpinned by new technology and in the case of my first business and 360Globalnet both featured online technology originating from Australia.
What is different about your technology?
It is the first online digital claims platform which is completely configurable by business users themselves at the desktop in plain English. The platform contains all the digital functionality an Insurer needs such as the ability for online self-service by any participant to a claim. The entire supply-chain linked one to another, automation of tasks and orchestration of the various participants to a claim, online and offline video/imagery, anti-fraud protection, self-service data/analytics and the ability to extract intelligence and data from documents, forms and email etc.
This all sounds very exciting, are there current implementations in Australia?
Our Chief Systems Architect is Australian, and we have been on the ground here for about 12 months with half a dozen implementations of our technology in Insurers, Brokers and Suppliers. Overall, we have 25 implementations across the world including 2 global Carriers, 5 of the top 10 Insurers in the UK and 4 Carriers in the USA.
What benefits can Insurers expect to see from adoption of this type of technology?
Empowering customers (both personal and commercial) to manage their own claims online drives customer service to unprecedented levels for Insurance. On average we see NPS of upper 70’s.
By providing access to report claims digitally across all communication channels then it is possible to get over 90% of customers in a digital process which is better, cheaper and much faster.
Traditional call centre resource can be reduced by 70%.
Settlement times are reduced on average by a least 40% across all types of claim regardless of complexity.
A fundamental aim of the technology is to automate and orchestrate actions and claim participants so the claims handler’s role is upgraded to decision-taking rather them being the workflow itself.
The claims handler can now literally see every claim at the desktop via video/imagery so the cost of claim settlement can be much better controlled, it is also a major anti-fraud feature when allied to in-built system rules and the additional intelligence obtained from unstructured data.
Do Insurers have to retire their existing systems to obtain these advantages?
Everything we do is designed to be flexible and puts the power to change into the hands of the business itself, so our technology can work alongside legacy where that acts as a system of record and all the dynamic claims handling is done by our system in the cloud, or it can operate standalone and finally in hybrid form where functionality can be called off from our system to enhance legacy.
How long does it take to implement new digital technology and is it expensive?
Because process and system development can now be completed at the desktop by business users themselves with no requirement for coding skills, insurers can very quickly design, build and implement change for the benefit of customers and themselves. The flexible way this digital platform works with existing systems means that it can be a matter of only a few weeks before significant improvements is be made to Service, Operational expense and Claims Cost Control. Digital technology of this type allows Insurers to cost effectively evolve their technology environment over time rather than engage in $multi-million projects over years with significant risk of failure.
Our engagement model with customers does not require them to incur any major capital expense as the system is charged on a transaction per claim basis or all you can eat subscription basis. The cost of the technology pays for itself many times over from day one given the considerable efficiencies driven by this new approach.
How do you see the market and your business developing in the future?
The self-configurability and a comprehensive range of digital functionality included is key to driving transformational change for Insurers, and it is essential they make themselves as agile as any start-up to respond to a fast-changing world. Customers want the same sort of retail-online experience they experience in everyday life and everything we do is focused on driving ultimate efficiency for them and the Insurer.
Unstructured data technology (turning documents, forms and email etc fully searchable) is taking off in the UK/Europe and USA, not only in anti-fraud but in areas like Personal Injury where we can profile and track individual injuries giving unprecedented insight into medical conditions/rehabilitation, including prognoses and ensure our machine is monitoring claims 24/7. We can also track and monitor the legal market and its behaviour at Industry/Law Firm/Fee Handler level. We will be bringing this technology to the Australian market shortly.