The sun will be shining, the birds singing, the grass needs cutting… but it’s not a typical UK Bank Holiday week for reasons we’re all too aware of.
Most executives in the insurance world will be joining their colleagues across every industry sector attempting to take well-deserved time out from the intense challenges of the Coronavirus era. Neuroscientists however tell us that it is often during times of relaxation that thoughts and inspiration bubble to the surface best. Free from the fight/flight stress of the day-job, the creative parts of the brain start to flourish.
So, for those in the maelstrom of insurance world 2020, here are five thoughts to keep your brain bubbling as you wield your strimmers:
- Is Digital Transformation happening to you… or are you happening to it?
Many insurance companies biggest challenges lay ahead in the ‘new normal’ of claims and customer service. It is always better to respond positively and quickly rather than catching up behind the curve. For claims, this is where no-code, PAYGO claims orchestration such as that offered by 360Globalnet come to the fore.
- Who will work from where this time next year?
Lockdown has been the enforced proving ground for cloud-based systems accessible from anywhere and video-conference meetings. It is likely to be a looking glass moment for businesses: working practices won’t return to how they were
- How do we deal with the impossible triangle?
It costs a lot to acquire customers but their expectations have now changed forever in just a few months…. But if marketing and operation budgets are shrinking, while customer expectations are rising and NPS is key to retention of those customers how can companies deal with this apparently impossible triangle? Can you collapse costs and delight customers at the same time with the ‘usual’ solutions?
- How do we stay close to claims and fraud with everyone at a distance?
Everyone in insurance knows that when settlement times increase, so do indemnity costs and fraud. In the gap created by low efficiency and lag, cost floods in. So is there a way to combine digital transformation with processing speed?
- Why didn’t our risk register have ‘global pandemic’ written somewhat larger?
It easier for everyone to ask with the benefit of hindsight but its effects have taught us an even bigger lesson… the risks associated with not pursuing digital transformation are bigger than those pursuing it.
There is a digital claims platform that has answers to most of these questions except the last. Find out more here…