If it doesn't rain, it pours!
Even modern claims platforms constrain insurers from applying joined-up thinking. Why? - cost, time required to change and add claims journeys,and inflexibility to concurrently tackle:
o Improving service
o Reducing OPEX
o Controlling claims cost
o Combating fraud
o Reducing the IT overhead permanently
o Delivering a back-to-back digital transformation
Time for overarching strategies that cover all aspects of claims operations and a claims management platform that delivers transformation for all categories of insurance, all perils and is "No Code" to allow the business to innovate and continuously improve. Can you deliver these benefits today?
• NPS of 77% to 86% and rising
• 40% reduction in claims lifecycle
• Up to 70% in FTE call centre staffing over time
• Up to 45% reduction in OPEX
• 75% reduction in IT spend
• Net 30% withdrawal of claims by home claimants
• 25% improved anti-fraud results
• £2,500 ($3,200) saving per DRR claim
Time to look at 360Globalnet's solution and benchmark against other options
The UK’s insurers are set for a tough 2020 as price rises for home and motor cover fail to keep pace with the rising cost of paying claims. According to new forecasts from consultancy EY, both the home and motor insurance industries are set to make underwriting losses next year. That will put more pressure on the sector, which is already dealing with a regulatory probe into the way it prices policies.
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