The digital transformation of claims management has entered a new phase of rapid change. It is no longer good enough to have a slick self-serve customer experience for motor policy holders only to take them back to the bad old analogue ways with renters insurance.
Insurers have to offer a consistent and delightful customer experience across all categories of insurance and all perils. And an Amazon quality end-to-end experience.
It is no longer good enough to accept a claim quickly and accurately only to be let down the customer because the supply chain is stubbornly resistant to transformation.
Insurers must have an overarching strategy for every category and every peril that delivers constant quality of customer delight, collapses costs and also empowers and motivates the claims team and supply chain partners.
The strategy must be able to deliver transformation from FNOL and FNOI through to cash settlement and/or repair and replacement. For the whole book- one claims management platform that can be cost-effectively deployed across all categories and all geographies. No ifs or buts and no crippling costs or business limiting lead-times.
No one claims management platform can deliver everything off the digital shelf which is where the right technology partnerships are vital.
The partnership between Canopyand 360Globalnetturns the traditional rental cash deposit model on its head, by providing renters with an instant quote - within five minutes - and the ability to purchase deposit-free insurance, once they are invited by their letting agent or landlord.
The partnership also aims to provide landlords with additional security. Canopy’s deposit-free product offers eight weeks’ deposit protection compared with five or six weeks when there is a cash deposit.
The 360Globalnet partnership will allow Canopy to provide a transparent end-to-end claims experience.
360Globalnet’s platform has been adopted by insurers in the UK, USA and Australia covering claims from P&C accidental damage to complex commercial. It enables insurers to plan and execute an overarching strategy for the whole of the claims book rather than a piecemeal approach.
The "No Code" claims management solution puts the business in the innovation driving seat rather then being hostage to central IT or the technology vendor. The CIO and CTO have piece of mind as 360Siteview is hosted on AWS putting no overheads on the existing infrastructure whether an old legacy core or recent deployment.
This agile approach is the enabler for innovation like that from Canopy.
“Our partnership with 360Global demonstrates our commitment to promoting greater levels of transparency and efficiency in the claims experience,” says Tahir Farooqui, founder of Canopy.
“The technology will allow us to process claims expediently (within 48hrs) once we have satisfactorily received supporting evidence including property check-in and check-out reports.” Paul Stanley, chief executive of 360Globalnet, adds: “We are delighted to work with Canopy to help bring transparency in the end-of-tenancy claims journey, by providing new digital solutions to age-old insurance problems.” “360Globalnet’s technology-led solution streamlines the whole claims process from start to finish.”
unknownx500
