Business interruption and travel insurance are perhaps the two worst affected categories of insurance from COVID-19’s effects, but travel also stands to make some long-lasting gains as companies transform digitally to cope.
Companies can do very little about the claim events – millions of holidays have been ruined by the virus and related restrictions. However, some are introducing root-and-branch digital acceleration into their processes. The beneficial effects of these will outlast the pandemic and has already delivered significant ROI in recent deployments.
360Globalnet is one of the pack leaders in helping travel insurers transform their handling of claims to strip out costs while simultaneously boosting NPS among customers. The key is simplicity for claimants when registering claims digitally coupled with very high degrees of sophisticated automation, fraud detection and workflow management following FNOL.
Using super-fast and flexible no-code systems behind the scenes, 360Globalnet works with insurers to create bespoke end-to-end digital claims solutions where fraud detection and a ‘One World View’ of all travel claims information and data is baked in.
A slick digital-to-consumer front end can see inbound and outbound calls reduced by up to 65% with nearly 10% more fraudulent claims surfaced than usual processes. The latter hinges on analysis of unstructured claims data in the background of every claim. The devil is in the detail and 360Globalnet’s systems include the ability to get into 100% of the minutiae of claims including documents and evidence usually lost from analysis through lack of structure.
The cost of implementation is a fraction of traditional “code, develop, test, deploy” methods of IT delivery thanks to no-code. In some cases, just five figures and a few weeks from first meeting to deployment has placed travel insurers on a strong footing following the worst crisis.
Whatever the losses, some travel insurers will emerge strong. Those that do are the ones who grasp the nettle, transform and keep their eyes on the future.
Author: Adrian Webb
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