"Our experience with insurers that want to leap into the digital era shows that as technologies evolve, these companies may end up automating 50 to 60 percent of traditional back-office operations. "
McKinsey & Co December 2019
There is a sting in the tail of the McKinsey research which states that the proportion of total expenditure on IT by P&C Insurers rose by 4% points between 2012 and 2017.
"As such, these technologies are helping digital-first companies shrink their expense ratios to almost 40 percent lower than those of traditional property and casualty insurers".
McKinsey & Co
Modern solutions like 360Globalnet's digital claims management platform 360Siteview achieve those benefits whilst also reducing IT spend significantly. In fact by up to 75%.
This at the same time as supporting the six key actions that McKinsey states necessary to transform operations.
- Integrate technology and operational organisations
- Invest in tools that serve customers
- Build playbooks that work with new external service providers
- Build interdisciplinary teams to enhance decision making
- Develop new talent strategies
- Create supportive cultures
- a No Code Platform- empowers trained members of the claims team to customise workflows and focus on customer experience design. All in plain English or other native working language. 360Siteview helps cultivate an appetite for experimentation, iteration and constant improvement. All without being dependent on expensive consultants or developers.
The results are not just happier and motivated claims teams but significant impacts on the business including: -
- Reduction in Claims OPEX of 45%
- 77% NPS over all categories claims including complex.
- Cost of Claims reduced by 9%
- Improved anti-fraud outcomes of 25%
- 40% reduction on average claims length
Delight customers, collapse costs and motivate staff- find out more by emailing Mike.Daly@360Globalnet.com
Other technologies, such as automation, digital applications, and advanced-analytics engines, are further transforming operations. Depending on the line of coverage, these capabilities can streamline initial information gathering and document review, allowing customers to serve themselves during the underwriting, servicing, and claims processes. As such, these technologies are helping digital-first companies shrink their expense ratios to almost 40 percent lower than those of traditional property and casualty insurers. 3 3. The expense ratio is calculated by dividing the expenses associated with acquiring, underwriting, and servicing an insurer’s premiums by the net premiums earned. The ratio is a measure of profitability, in which a company with a lower expense ratio is generally more profitable than one with a higher one.
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