If 2020 was the trigger for many insurers to implement overdue updates to their technologies, how many pulled it?
Insurers have faced unprecedented challenges throughout 2020: it has been like a nightmare version of ‘Whack-a-Mole’ for the industry.
If overcoming COVID-19 challenges wasn’t hard enough, the recent FCA rulings on Business Interruption claims and dual pricing have poured salt on the wound. But through the doom and gloom, for many 2020 has provided the trigger needed to implement overdue tech acceleration and system changes as these improvements moved from ‘nice to have’ to ‘must have’.
For some of the world’s leading brands, the benefits of no-code insurance technologies pioneered by 360Globalnet has provided the answer. But how?
The winners are those who realise they can cut costs and boost customer offerings/satisfaction in tandem. Contrary to industry folklore, these two aren’t mutually exclusive. Digital claims technology is transforming the way claims are managed without upsetting the apple cart. Gaining a competitive advantage doesn’t have to cost as much time or capital as you think.
This year has exposed the dangers of relying on slow, rigid and expensive legacy systems that are vulnerable when unexpected changes occur. Customer expectations had already changed and claims costs were spiralling pre 2020 but it has taken the courts and a global pandemic to attach the jump leads in many cases.
There are huge upsides to using no-code technology to do this. At 360Globalnet, we have done to claims management what Wix did to web design – stripping out the cost of code development and putting power directly back into the hands of claims practitioners who can develop the systems they need without the development time or cost.
Our no-code digital claims technology can wrap around legacy systems to provide all the digital capability companies require while minimising disruption and opening the door to cost optimisation and boosted customer satisfaction.
Written by Leo Montgomery.
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