“Throughout 2020 and beyond, we will roll out our digital claims proposition to our customers, including supporting the intermediaries we partner with in commercial motor products.”
InsuranceNews.com.au 9th December
has embraced intermediaries and partners in a joined-up strategy. Without all participants in the value chain being involved innovation is partial and ineffective.
A recent report by ACORD showed how intelligent insurers grow by combining four interlinking strategies:
- Competing on price
- Creating customer intimacy
- Product Leadership
- Innovation
Insuret is following that path and this links to the views of Paul Stanley CEO of 360Globalnet.
After a major strategic review with a large global insurer he summarised its challenges in transforming claims as typical of many incumbents:-
"Being limited by legacy and complex core systems to a piecemeal approach to strategy rather than an overarching strategy"
Even modern claims platforms constrain insurers from applying joined-up thinking. Why? - cost, time required to change and customise 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 whether
- Car rental like Insuret
- Motor
- Home and Contents
- Pets
- You name it you must be able to transform it all with one claims management platform.
Another must to add to any potential vendor- is it a "No Code" claims management solution to allow the business to innovate, delight customers, collapse costs, motivate staff and continuously improve across the whole business?
If not you will be a hostage to delays and higher costs as vendors charge consulting and development time. Not for nothing do major consultancies have large integration teams for even modern insurance platforms.
Looking at improving the combined ratio to the goal ACORD sets-
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
Especially as competition comes not only from other carriers and agents.
See "The future of insurance is happening without insurance firms" from The Economist and the words of AXA Chief Exec Thomas Burbell who clearly sees the big tech giants Amazon, Facebook, Google, Apple as the competitive threat rather than Lemonade and other "disruptive" insurtechs.
Time for an overarching strategy and being able to implement it quickly.
Claims specialist 360Globalnet has built a digital claims platform for Queensland-based Insuret, an underwriting agency that provides claims management services to the rental car sector. The new system facilitates the lodgement of claims directly from mobile devices and other digital sources, and also enables the immediate upload of videos, photos and other supporting data linked to claims. “This will provide all stakeholders with a streamlined claims process that creates efficiencies in expediting claims and delivering better outcomes,” Insuret MD Jason McDonnell said.
https://www.insurancenews.com.au/corporate/360globalnet-builds-claims-platform-for-insuret
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