Fighting Digital Disruption with "Maginot Line Technology"?
February 27, 2019
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Are you building a "Digital Maginot Line" to defend against innovative carriers, disruptive insurtechs or encroaching digital giants? Fighting today’s battles with yesterday’s technologies- The "Maginot Line" platforms that are meant to defend against upstart competitors.
“The Maginot Line - French military experts extolled the Line as a defensive work of genius that would deter German aggression, because it would slow an invasion force long enough for French forces to mobilise and counterattack. …..The line has since become a metaphor for expensive efforts that offer a false sense of security.”Source Wikipedia
Legacy core systems of record are high on the list of inhibitors to insurance claims innovation. Even modern, leviathan insurance platforms chain you to complexity, long lead-times and excessive costs. Yet they lie in the books at high asset value and are considered too expensive to rip out.
Not long ago they promised transformation but how many insurers have spent years planning, implementing and deploying a guiding light platform for motor insurance only to find it unsuitable for home, commercial pet, travel or speciality?
How many insurers find themselves locked into complex, structured workflows and processes that fail to deliver fast solutions to changing customer needs and the necessity to be as agile as competition in an online world?
Worse of all, how many are locked into a dependence on an army of developers and consultants to deliver any major change and innovation? From direct conversations with many insurers the answer is far too many.
You just cannot know every future bell and whistle that will make your online claims process the leader in class. Only a laser like focus on the customer with serious and ongoing reduction in operational expense and control of claims cost will provide you the the best digital claims experience augmented by human empathy and support where needed.
You greatly inhibit your chances of successful innovation unless your digital claims platform can be deployed in months rather than years with processes capable of being changed as often as your socks! This means having technology which is entirely self-configurable at the desktop in plain English by the business users themselves. No Consultants, no Developers, no change projects.
Where is the future-proof digital claims platform that transforms service, slashes operations cost, controls the claim spend, combats fraud and does not need an army of IT personnel to develop and maintain it?
Imagine you decided that an AI powered vehicle damage assessment tool was vital to speed up total loss decisions and better estimate and control repair costs. Once you find the optimal tool how easy is it to place it in legacy technology to provide the optimal process for the entire claims process and implement it within weeks? If not, you have a Maginot Line Solution.
Say you had solved the challenge above, could your customers then book online appointments at body repair shops and likewise auto-link their hire car provision seamlessly for the ultimate customer experience? If not, you have a Maginot Line Solution.
Are you concerned that your supply-chain is not joined-up by technology which lets them and you see the whole claims process? Can they communicate with you and fellow suppliers to provide an integrated customer experience? If not, you have a Maginot Line Solution.
For these reasons and many more we have invested over $37million in our Digital Claims Platform 360Siteview. A platform that has now processed over 3.5 million claims digitally with industry beating NPS ratings and dramatic reduction of operational and claims costs. Many of our customers have contemporary legacy technology which is still lacking the digitally transforming capabilities which we see as essential to remain competitive.
Just like the Maginot line it is ineffective to have legacy technology providing a defence against online digital era competitors. New super-agile competing technologies can simply out-manoeuvre static systems which cannot be moved on demand.
Major insurers in Europe and the USA have proven the benefits of 360Siteview in just three months from an initial discovery meeting. It really behoves others to at least compare these benefits with incumbent core systems however recently deployed and alongside planned POC trials.
Avoid missing the chance to adapt and anticipate the digital age we are in. Disrupt your competitors and defend against the invaders. Contact us on:-