New research from KPMG and Acord , Operational Excellence in Insurance, states insurers indicate that 94 percent of carriers say they are actively working on improving operational efficiency but 55% are behind target. The I Love Claims Subsidence conference came at an opportune time.
Throughout the conference there was a real sense of opportunity. You could sense the winds of change blowing over traditional supply chain approaches and processes. Many commented that the deployment of technology has been slow. Last year’s surge did accelerate the pace of change however.
The event highlighted the importance of technology and that insurers and suppliers have started using this for subsidence claims, some at more advanced stages than others. This is where 360Globalnet is making a real difference.
The market has embraced technology for front end claims validation but needs to better use technology throughout the whole claim life-cycle – there was a marked absence of any apparent whole end to end solutions. The conference highlighted a real need and opportunity to manage subs claims better and quicker, rather than the traditional methods used over the past 10 years or so. That was a key driver to launching 360Claims Services and full cycle digitally powered Subsidence Services.
What we took away broadly is that 360Globalnet Claims Services is doing better than the rest of the market in that we are cutting out needless and archaic process. We are the Uber and Lyft to Subsidence and Drainage related claims. Our approach and culture are to combine the best of expertise with the best of technology. Delight customers and collapse costs.
Transformation is more than just technology
The use of the word expert and specialist was used throughout the conference by the speakers, but when you scratch the surface you discover that there are not that many left in the business. In the last decade we have seen claims fall to historic lows leading to the exit of many experienced. Engineers and surveyors specialising in subsidence. With no new blood coming through, the recruitment of the right personnel is crucial to survival.
With good technology you need the best people in the market, which sets 360Globalnet apart. We recruit the more senior experienced claims managers, each with circa 15-20 years subs/insurance experience. Many others in the market are going in the opposite direction recruiting more junior, inexperienced staff on these complex and often long-tailed claims. We believe that is the wrong approach.
In tandem with that policy we are investing in the future- using the experience and skills of the best people to train, up-skill and empower the “Juniors” that we also recruit.
While they are introducing new technology to help the handling of subsidence claims, too often the actual processes and systems are still laboured and restrictive with the less experienced staff having too many systems touches on claims. We have started with a blank sheet and redesigned process and workflows with a laser like focus on the customer.
What should insurers expect from digital subsidence claims?
Link customers, insurers, claims management, investigations and repair contractors around one common platform and digital record which means that: -
- Improved response time for customers
- Reduced aggravation and worry for customers
- Faster claims life-cycle though removing delays, inefficiencies, and non-invasive methods of investigation
- Significantly reduce the need for expensive engineering resource to spend time on travel, administration and reporting and instead more time applying their expertise
- Enable quick & effective decision-making by key engineers
McKinsey states that digital automation “can reduce the costs of a claims journey by 30%” and a large insurer “can more than double profits over five years by digitising existing business”. At 360Globalnet Claims Services we have proven this and seen the appetite for more insurers to gain the same benefits.
Isn’t it time to find out more?
A chance to come together with industry insiders and experts to discuss the surge and it’s associated effects and consequences.