Really good to see a Digital Claims Technology Company give measurable benefits to be gained from its technology and putting these in the context of published research and papers.
- McKinsey
- KPMG
- Bain & Company
- LexisNexis
- BCG
No more marketing speak, nor liberal use of adverbs and adjectives. Just highly measurable KPIs like NPS, Expense Ratio, Combined Ratio, TCO, FTE Staffing- an impressive number across the key goals of: -
- Customer Satisfaction
- Efficiency
- Effectiveness
Setting goals for digital claims then better look at this.
Disclaimer: I work at 360Globalnet and you might claim I am biased but given the impressive results and outcomes proven by over 3.6 millions digital claims who wouldn't be happy to tell everyone. If just to allow them to benchmark their own goals against what is being achieved. If you are not a successful first mover you had better catch up fast!
Customers are not generally afforded a comprehensive online platform to manage their own claims from notification to settlement in the same way they interact with online-retail these days. Call centres pre-dominate and claim progression is largely driven by humans with relatively little automation. An insurer’s operational expenses are much higher than they need be because of the cost of employing humans where technology should be used. Add to this legacy technology which can only be supported by large internal/external IT teams. The supply chain is neither linked together nor with the Insurer to add further costs. Additionally, the claims cost increases when the Insurer cannot see the loss in video/imagery as is now far too common. There is limited capability to tap into the wealth of data and actionable intelligence locked up in unstructured documents, forms and emails
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