Hippo execs with practised eyes on the trends for 2020 to which I add the point that whilst it might be a minority- some insurers are leading the way.
- Customers win most from insurer/insurtech collaboration
- Category leaders will rise to the top
- Tech stacks from ground up will become common place
- Insurtechs will rise to meet the demand (for transformation)
I would add a fifth key trend we see when visiting insurers. It is the challenge many perceive of tackling the need for an overarching, end-to-end strategy.
They can experiment with one category; say home renters. They can try new products in one country but costs and time hinder expanding beyond these first steps.
How can they find a technology partner that will help deliver an overarching strategy for the whole business? A complete business transformation.
We live in a digital, minimal friction, high expectation world. In contrast, many insurers offer clunky, outmoded legacy interactions into this world and show surprise when customers respond badly. 360Globalnet has invested 10 years of development and 30 years of experience at the hard end of claims into developing a no-code, end-to-end digital claims management platform that gives all parties what they want and expect.
For insurers, we collapse costs and delight policy holders - usually pushing NPS to unexpected levels and contributing fundamentally to customer retention. For our insurer customers, we remove hassle and work with them via any channel or device in real time.
This approach cuts indemnity costs, acquisition costs (because more customers will stay) and time to settlement. This can only be achieved with an end-to-end system designed from the bottom up to remove every factor that increases cost and hassle. We know this because our clients and their customers tell us.
360Globalnet has processed over 3 million claims through its claims management platform 360SiteView (“360SV”), across a wide variety of product lines from simple pet to complex commercial.
Outcomes are rarely the result of just one component of 360SV and an overarching strategy to transform the whole claims value chain will deliver a much greater impact than just adopting digital processes for First Notification of Loss (“FNOL”). Most claims applications only address a limited aspect of the claims value chain, whilst 360SV impacts the whole spectrum. The more complete the deployment of 360SV to the whole claims value chain the greater the impact as the various components work together to create a greater change.
Rather than a five times change aim for a Ten Times Impact.
Insurers usually are constrained by their aging legacy systems. 360Globalnet frees them from these shackles, as our Amazon AWS hosted solution can be deployed alongside these legacy systems, with little need for anything more than a limited integration.
Finally, 360SV frees claims handlers from the stress of dull, respective and predictable tasks. Research shows they suffer four times the sickness rates of other staff. Combining technology with smart, human intuition and empathy boosts job satisfaction and productivity. And the flexibility and ease of configuration of 360SV, means improvements and changes can be made to processes in hours or days – and are will not be subject to lengthy delays because of IT logjams – with claims staff themselves able to make these changes.
360Siteview positively impacts the five performance levers.
- Service- improve service whilst at same time reducing cost
- OPEX- huge reduction in operational costs without compromising service
- Claims cost- controlling and reducing claims costs
- Combating fraud- detecting and reducing fraud without friction for bona fide customers
- IT Cost- significant reduction in IT spend
It does, of course, take more than just technology to transform a claims operation. 360Globalnet leverages its domain experience with world class architecture and development teams to support insurers which share the vision, strategy and leadership to revolutionise claims.
If carriers want to be in the top quintile where all the profits are then they have to be fast followers. 360Siteview enables that strategy.
The year 2019 has been a defining one for InsurTechs and, in many ways, has set the pace for what’s to come, argue Hippo CEO Assaf Wand and Rick McCathron, Hippo’s chief insurance officer. Here, the two executives highlight company standouts in the sector as they see them and explain how they expect InsurTechs to evolve in 2020.
https://www.carriermanagement.com/features/2019/12/16/201426.htm
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