From risk assessment to working practices. From claims handling to actuarial modelling. From risk registers to canteens... everywhere an insurer looks, the world looks quite different from their outlook on New Year's Day 2020.
The Roman Emperor, Marcus Aurelius, said: "Because a thing seems difficult for you, do not think it impossible for anyone to accomplish." It has been uplifting to see so many companies respond to the massive challenges they've face by realising that the right attitude, the right partners and the right vision can save - and even improve - their businesses.
360Globalnet are well versed in helping insurers across the world transform their way into flexible digital claims so that they can improve settlement times, reduce indemnity costs, boost net promoter scores, inject supply chain efficiency and - most of all - put the power to update key processes into the right hands in the business.
So, here are two MUST DO/MUST NEVER DO checklists for this new world.
Three things every insurer must do now
1) Embrace the efficiency and customer-centricity of digital.
Most interactions and services that enjoy high customer satisfaction now have a digital pulse of real-time updates, video integration and hassle reduction. The Amazons of this world have shifted expectations away from hassle and towards automated efficiency. Digital can make you but it can also break you if you choose the wrong partner. Look for partners with no-code solutions which are the key to upping the digital tempo. These are also low Capex with cloud-based interactions to preserve cashflow and avoid burdening central IT
2) Free staff from the yoke of location-based systems
Businesses have survived the need for staff to WFH ('Work From Home') and many have seen the benefits for everyone involved. The Cloud means that working 100 miles away CAN be the same as working 10ft away. If you're yoked to post-rooms and proprietary systems, it's time to think again... before the yoke's on you!
3) Hold onto your customers
One of the biggest costs in insurance - apart from paying claims is customer acquisition. Now more than ever, companies must hold onto customers because the cost of attrition and then trying to backfill with marketing will be punitive. You hold onto customers with good pricing and high satisfaction. Everything else is vanity.
On the flip side, three things insurers must never do again.
1) Treat the risk register as a technical box that just needs ticking
Global pandemic wasn't high on anyone's risk register. It will be now... but it should be joined by the threat of expectation change. The world expects everyone to behave differently. Three months is plenty of time to change habits so if you're relying on your customer's expectations to scurry back to the pre-COVID world, think again.
2) Kick the can down the road on the tough decisions
Great companies embrace necessary change quickly. They recognise it and act on it. Delay is like stuffing an invoice in a drawer. It might reduce pain now but it doubles the pain you'll have to experience in future.
3) Hear the words 'we can't' and accept that's good enough
March 2020 forced change on everyone. Many found they could do the impossible if they really had to. Are you one of them?
More information on how we can help you can be found here.