Let's count the ways that claims costs are rising.... Materials costs, labour costs, COVID compliance, increased fraud opportunities, consumer digital demand, regulatory pressures. In fact, we don't have the space in a short article but suffice to say, there has rarely been a more challenging vantage point for global insurers.
Necessity, however, is not only the mother of invention. It's also the mother of adaptation for companies who aim to thrive rather than just survive. This has led to many choosing to disrupt themselves before they are disrupted by others into decline. At 360Globalnet, we have seen the positive side of this disruption, using no-code systems configuration and architecture to bring about digital claims disruptions without the penal cost or pain of many traditional approaches.
Ironically, the ability to optimise costs through technology adoption has always been an option. The problem has been similar to that facing William Tell in the legend of trying to save his son's life by shooting an apple on his head with a crossbow: insurers have a very expensive choice when buying technology, get it wrong and they kill their business. This fear tends to drive expensive but supposedly 'safe' options that lack the innovation needed to cope with a rapidly changing market.
The missing piece of the jigsaw is that radical cost optimisation can be achieved via digital technologies without betting the ranch (or William Tell's son)... but only so long as those technologies are relatively low in cost, high in flexibility and modern in features.
No-code digital claims technology provides the flexibility to adapt as quickly as markets – or claims surge events – change. But it also allows for the rapid, business-centred development of new processes that cut labour costs and time lags out. Improvements in business processes underpinning supply change management, notifications to customers, speed of settlements, evidence gathering, claim triaging all come into scope precisely because they don't have to wait for the place in the IT queue that never arrives.
Digital technology is enabling a new wave of efficiency within claims management in the same way that Amazon used technology to disrupt the retail industry. Speed through automation is the vaccination to escalating costs in the traditional analogue way of claims management. And this deflationary battleground sees the victors countering the impact of claims inflation using better weapons, not harder fighting!
360Globalnet has been helping leading insurers around the world fight the impact of claims inflation though their multi-award-winning no-code digital claims management platform. Automating the slow and mundane tasks, digitising the entire supply chain and putting customers in control of their claims simply extracts the operational costs and delivers the service policyholders now demand.
Further, our platform is no-code, enabling our clients to piece the puzzle together when the image keeping changing. This agility and flexibility of being able to pivot at any moment is now the requirement to compete.
If you’d like to discover more, get in touch today to book your no obligation demonstration.
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