"Digital technologies seem to work the same way. Wolves, hyenas and wild dogs, for instance, are smaller and less powerful than larger animals such as mountain lions. Hunting in packs enables them to conquer animals larger than themselves. They work together to find the right opportunity. Similarly, digital technologies don’t come in isolation. They quickly demand a level of competence across a broad set of companion technologies – and some of these additional technologies also have their own sets of companion technologies. Typically, companies that adopt digital technologies end up spending much more time and money and building much more expertise than they initially anticipated"
Peter Bendor-Samuel in CIO from IDG Aug 2018
Chasing the AI dream of automating claims management is no answer- Bendor-Samuel goes on to say: -
"But you’ll find that as soon as you start to think about AI, you start to think about data and data sources. That unleashes a substantial amount of work in building data warehouses. You may encounter a hurdle that many companies often find: data sources are less reliable and less precise than you had hoped. As a result, your company will need to build new data sources or improve the existing data sources. That effort will likely move your company to implement cloud technologies, along with the analytics software and data-management software that comes with cloud."
Sound familiar? Budgets exceed plan, projects over-run and outcomes under-deliver.
Chose a Digital Customer Engagement Platform provider that has already combined the technologies and services to transform claims from FNOL to Settlement. Including orchestration of the supply chain, internal departments and not forgetting customers.
Major Insurance companies have already chosen360Globalnet despite having already having invested $10M and even $100'sM with well-known vendors. Processing millions of claims p.a. so you are not talking risking startups but being able to trust an up and running, proven digital platform.
You will gain at least a 10 times impact on customers, efficiency and financials. Adding digital claims services can treble that.
Don't be hunted down by insurtech pack of hyenas and wolves but run alongside and with a digitally transforming pack leader. You'll hunt down your most challenging competitors and market disrupters.
Be a top dog yourselves rather than the prey!
Digital technologies may appear to start as bolt-ons to existing legacy applications. But once you start to focus on getting business value, you often find it requires not just one technology but multiple technologies. As I mentioned at the beginning of this blog, companies typically end up spending much more time and money and building much more technical expertise than they initially anticipated. However, many companies are unable to develop all that capability in house at once. Therefore, they increasingly must lean on third-party service providers that can bring the huge spike in expertise and capability required.
