Talking with many insurers they seem to be replaying an episode of Peppa Pig where Daddy Pig gets stuck in concrete. Sounds just like living with legacy systems of record. See if you suffer the same predicament and enjoy:
Click HERE for the video.
There was a period when you had time to dig yourself out of concrete filled data and system silos but in today’s disruptive environment, no insurer must suffer that any more.
McKinsey’s Three Horizon’s Innovation defined innovation for years but shock horror; we don’t agree with them and have a better model for our clients! Let’s see what they say and consider a more efficient response: -
- Horizon 1 ideas provide continuous innovation to a company’s existing business model and core capabilities in the short-term.
- Horizon 2 ideas extend a company’s existing business model and core capabilities to new customers, markets, or targets.
- Horizon 3 is the creation of new capabilities and new business to take advantage of or respond to disruptive opportunities or to counter disruption.
Insurers are often forced to act as if Horizon 3 takes 36 to 72 months whilst the truth is that it can take just weeks. Literally 6 to 12 weeks from the broad idea to implementation and sometimes less.
This demands self-configurable digital platforms which turn the three Horizons model upside down. Digital Claims Platforms like 360Siteview. Otherwise you are operating a "Maginot Line" technology that will be outflanked by this agile and quickly deployable platform.
The good news is that you can do that without throwing away current core systems. See how in "Fighting Digital Disruption with "Maginot Line Technology"?"
What makes this platform stand out in the market?
360Siteview is the only online digital claims system in the world where any process or development is completely self-configurable by business-users themselves at the desktop in plain English.
Allied to that 360Siteview provides multiple digital technologies combined in a single platform seamlessly linked together for maximum configurability
Customers can simply plug in additional decisioning technology (AI, Machine Learning) to this 360Siteview digital environment to future-proof their IT.
- Self-service technology for any claim participant be they Broker/Customer/Insurer/Third Party/Supply-Chain/Lawyers/Experts
- Advanced workflow with automation of any task, orchestration of all the actors in a claim
- Customer portal where no login or password required
- The supply-chain is glued together around one single digital record – this gives the Insurer one cohesive claims handling system used by all, where everyone knows what is going on at any time
- Embedded high performance video capability for offline and online streaming
- AI which allows us to machine read claim files and turn information locked up in documents, forms and email into analysable data
We live by our own edict; iterative development to constantly optimise benefits and functionality. Combining insurance domain expertise with world class technologists. Version 6 of 360Siteview has just been released.
- This is not a completely new version but additional functionality which we can add at will because the platform is cloud-hosted and it is continually improved and every client gets the most up to date technology at all times at no additional cost
- This is completely different to existing technology where Insurers pay huge sums to upgrade from the current version to the latest
- In our technology the Insurers always have the most up to date functionality – it is just added automatically in the cloud to their installation
Back to the concrete; don’t get stuck in the constraints and replacement costs of legacy systems. Skip McKinsey’s Horizon 1 and 2 and go straight to Horizon 3 with the 360Siteview entirely business-configurable online digital technology.
Speak to our team and break free for ever.
More information on our online claims management solution technology, 360SiteView, can be found here.
Feel free to check out our related article about fighting digital disruption with "Maginot Line Techology".
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