How often does a claims transformation strategy ignore the claims team? Typically you see two key goals
- Delight customers
- Collapse costs
Why not delight the claims team at the same time?
Any digital claims management platform worth its salt will deliver all three goals and can do so with a combination of critical success factors
- 95% plus of policy holders engaging digitally
- Customised claims journeys for every peril
- No Code platform for innovation and iteration
- Real-time proactive communications hub
- Orchestration of the complete claims value chain
Digital Engagement
When policyholders can automatically initiate First Notice of Loss (FNOL) from the insurers website 35% will do so. Of the remaining 65%? 95% of these will adopt a digital claims process when claims handlers offer them secure links by SMS and/or email to the device of their choice.
360Globalnet proves these KPIs with over 3.5million claims processed through its digital claims management platform 360Siteview. From Australia to the US.
This makes a big difference for customers and claims handlers. Industry beating NPS scores for a start.
Customised claims journeys
With 360Siteview every insurer tailors the digital workflows to simplify and optimise every journey. Not limited by the configuration constraints of a inflexible software. Truly able to work back from the customer and with conditional branching keep steps and questions to a minimum benefitting policyholders and claims teams. Creating world-class competitive differentiation.
No Code Platform
Nothing stands still; disruptive competitors are offering better services. Today's optimised claims journey becomes tomorrow's dinosaur unless the insurer can innovate, iterate, test and continuously improve. In plain English (or other native language) with no coding from the workstation. And with just 2/3 days training.
This unleashes the knowledge and customer empathy of logically minded and ambitions claims handlers and/or analysts.
Real-time and Proactive Comms Hub
How many incoming calls are from frustrated policyholders trying to find out "What's happening with my Claim?"
Real-time, proactive messages to the device of choice show customers the progress being made. Incoming and outgoing calls will be reduced by 65% to the delight of policyholders and the claims team. Of course, that does rely on progress being made which brings us to the orchestration hub element of a claims platform
Orchestrating all participants- internal and external
In addition to communications, orchestration of the claims team, fraud team, inspectors supply chain and policyholders is a "must-have" part of any claims management platform.
- Letting policyholders book appointments directly with auto repair shops or subsidence contractors
- Leveraging live-video streaming to let specialist staff manage onsite contractors
- Choreographing credit/vehicle hire with repairs
- Triaging policyholders, vets and payments
This requires a single digital record with the relevant parts being shared with participants to harmonise sequential and parallel activities.
And, of course, updating policyholders in real-time on progress.
What can you, the insurer, expect from such a comprehensive, overarching claims transformation strategy?
- Industry leading Net Promoter Scores - 77% average across all categories
- 40% reduction in average claim length
- 45% reduction in OPEX
- 9% reduction in cost of claims
- 75% reduction in IT Spend
These are not flash-in-the pan results from simple claims but the measurable benefits from over 3.5 million claims transformed for insurers from Australia to the United States.
- Delighting customers
- Collapsing costs
- Delighting claims staff
Want to find out more? Drop me an email to Mike.Daly@360Globalnet.com and I will be happy to send you a comprehensive KPI Goals and Strategy Document.
So, what does this have to do with insurance? Over my insurance career, I have had several assignments in claims operations. A number of times, the “rock and a hard place” phrase has struck me as appropriate. I have met only a handful of claims people who lacked the fundamental desire to help people — it is usually part of the DNA of claims workers. Without it, it is an almost impossible job to do! But, despite the desire to help, many claims folks have been stuck between the rocks and hard places of regulatory constraints, inflexible legacy systems, compliance requirements, and a seemingly perpetual cycle of reduced budgets. Until now.
unknownx500
