"Because the claims experience tends to be an eye-opening event for customers, insurers must develop a level of customer intimacy that facilitates customer satisfaction. Ultimately, improving the claims system will empower insurers to deliver on their brand promise and provide an enriched customer experience."
Gordana Radmilovic westMONROE Partners
Insurers evaluating insurance technology partners today are in the same position as enterprises evaluating analytics vendors 5 or so years ago. Then they could go to a number of legacy providers like IBM Cognos and SAP Business Objects and the software could do practically anything required as long as:-
- They had the patience and time to plan, implement and deploy- often a year or two minimum
- Very deep pockets for $Tens millions - $Hundreds millions
- The space to house armies of analysts, developers and consultants
- Budget for large annual maintenance costs
The along came Qlik, Tableau, Sisense, Logi Analytics and a host of other agile analytics vendors.
They offered apps that: -
- Line of Business people could deploy without waiting for IT and BI/Analytics specialists to spec and implement.
- Could be funded from OPEX rather than CAPEX
- Could be deployed in months
- Supported self-service
- Turned insight into better decisions
- For users and personas across the enterprise
The same is happening with insurance software- bloated enterprise apps that have underpinned carriers in the Americas, Europe, APAC are just too complex,costly, slow to deploy, expensive to maintain, inflexible for users and customers
Insurtech has shaken up this comfy (for vendors) world but one still needs to be wary. Insurers need simplicity of use together with scalability, security, and deploy-ability across multiple products, perils and geographies. And a pay-as-you-go licensing model.
One benchmark is 360Globalnet already chosen by global and national insurers for auto, home & contents, pet, travel and Commercial Lines insurance. Choose another two insurtechs and you have the shortlist to safeguard the future against disruptive threats from within and without the industry
According to a Forrester study, more than 30% of customers who endured a bad claims experience switched insurers within a year of the incident. And claims are costly because of increasing inefficiencies and increased customer churn as a result of poor customer experiences. Gordana Radmilovic West Monroe Partners