In his book Sapiens, Yuval Harari makes a notable observation about the development of human expectations. He said: “One of history's few iron laws is that luxuries tend to become necessities and to spawn new obligations. Once people get used to a certain luxury, they take it for granted. Then they begin to count on it. Finally they reach a point where they can't live without it.”
Whatever our views on the tightening of consumer expectations for how fast they want to be updated about their Amazon deliveries, bank payments, prescription readiness or eBay outbiddings, we cannot escape the fact that ‘not fast’ is now equivalent to ‘not good’.
In a report by PwC, ‘speed’ was surveyed as one of the key areas that result is high customer satisfaction rates. Unfortunately for insurers, the claims process is anything but fast. And not only is it slow for the claimant but insurers have also been slow to manoeuvre themselves down the ship lanes of competing priorities that face them every day.
Insurance was clearly one of the most exposed industries during the first year of COVID-19. Many giant, slow-moving insurance ships found themselves in shallow digital waters offshore, struggling to dock as the storm of expectation made landfall.
Some companies found themselves still reliant on postal claim forms at a time when they could not get staff into their post-rooms because of lockdown restrictions prompting some at least to take the brave step and accelerate their digital capabilities.
At 360globalnet, we’ve been helping to guide global insurers through the choppy waters of COVID, Business Interruption and rapid digital acceleration. Like a pack of tugboats doing the heavy pulling, our award-winning no-code claims platform can digitally wrap around legacy systems, endowing them with the agility and capability of a lifeboat. Alternatively, for new or existing product lines, we can act as the standalone platform.
Digitally transforming interactions with policyholders is just step 1. Our true value for cutting costs and increasing satisfaction comes beyond FNOL and in the automation of repetitive tasks and supply chain management. This can slash the claims handling costs that burden insurers. Furthermore, 360Globalnet’s no-code platform allows the real practitioners in insurance to side-step traditional slow IT builds. Without knowing a single line of code, practitioners can build the digital claims processes they’ve dreamed of.
What was once the QE2 can rapidly gain the responsive agility of a speed boat.
If you’d like to know how we can give you the speed you need to satisfy your customers, slash your costs and give you the flexibility to face the challenges ahead, we’d be delighted to show you more. Get in touch.