With insurers already facing a gruelling voyage of changing regulations and shifting contemporary consumer expectations, the last thing they need is raising costs. Labour, materials, compliance, digital demand, fraud and regulatory pressures are just some of the ways in which claims costs are rising. Insurers are well into rough seas.
With no safety of a port in sight, it will be the companies committed to adapting and disrupting themselves who will not just stay afloat, but thrive. At 360Globalnet, we have seen the positive side of this disruption, embracing no-code architecture and configuration to safely transverse to calm water which has historically been hindered by traditional IT implementation approaches.
The problem has been similar to that facing poor William Tell - the legend of trying to save his son's life by shooting an apple on his head with a crossbow. For insurers, they’ve only had extremely expensive options when buying technology – not just the cost of implementation but get it wrong and they kill their business. This fear and anxiety often encourages expensive but supposedly 'safe' options that lack the innovation needed to cope with a rapidly changing market.
The option that insurers have been waiting for is low-risk and radically cost optimisatised digital technology that doesn't bet the house (or William Tell's son!). An option that’s relatively low in cost, high in flexibility and modern in features.
This is where no-code architecture comes to the fore. No-code digital claimsThe teThe technology provides the flexibility to adapt as quickly as markets – or claims surge events – change. It also enables rapid, business-centred development of new processes and workflows that slash labour costs and delays. No-code enables continuous improvements in the business processes underpinning supply chain management. Evidence gathering, claim triaging, notifications to customers and speed of settlements 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 filling the sails of claims management efficiency for insurers in the same way that Amazon used technology to disrupt the retail industry. Speed - through automation - is the key to avoid rapidly escalating costs in claims management. And cost optimisation in this battleground will see the victors countering the impact of claims inflation.
360Globalnet has been helping leading insurers around the globe fight the impact of claims inflation though our multi-award-winning no-code digital claims management platform. Digitising the entire supply chain aligns insurers with contemporary consumer expectations whilst simultaneously reducing the cost of claims.
Further, the no-code architecture of our technology enables our clients to craft their own solution using an ‘off the shelf’ model - all with zero risk. This agility and flexibility of being able to pivot safely at any moment is now the requirement to compete.