If you were to inject a truth serum into Insurance CEOs, COOs and Claims Directors and ask them which questions they're still wrestling with when they turn off the bedside light, there's a good chance it would be these three. (And to be helpful we've included some suggested answers!)
1) How do I reduce (sometimes 'slash') operating costs but not at the expense of customer service or experience?
Providing service 24/7 through digital channels is a first 'must do' because - offered the choice - most customers opt for effective online services. It fits better with their lifestyles. Once these are in place, the real savings come from increasing automation throughout the customer lifecycle - just as 360Globalnet do - not just at 'first notification of loss'. Finally, aim to link your supply chain into a single digital technology so you can always present a seamless service whoever customers are dealing with .
2) How do I improve my retention whilst reducing the cost of claims?
Claims are the moments of truth. Settled quickly and efficiently they are usually far less expensive but they also result in happy customers who stay beyond renewal. The current BAU however is often telephone-based and labour-intensive despite the fact that the digital model ensures maximum convenience for customers who can provide the relevant information (including photos and videos) online on day one. This in turn helps the insurer to take the right decisions at the right time in the optimum manner. No chasing, no hassle, early settlement, less spend!
3) How do I exponentially reduce IT spend but realise a massive increase in technology capability
The purchase, maintenance, licensing and (most of all) development costs of technology to support claims handling are usually out of proportion to the value delivered - particularly when the tech just props up an outdated business model. Developed IT solutions are complex, expensive plus slow to deliver and value. Moving to no-code, online, cloud-hosted technology (where the complexity is hidden in the code) with no major Capex is the new solution. Why? Because development time is measured in hours and days - not months and years.
The insurance no-code leaders, 360Globalnet, have answers to many more questions… just not a truth serum!
Article by Adrian Webb.
To find out more about our award-winning no-code digital claims management platform, click here.