Before Coronavirus, many insurers considered disrupting system-centric claims models, only to shy away because of fears of the Cloud, conflicting investments, situational operational demands or just sunk cost bias.
Many now find themselves strapped to inflexible claims models build on static platforms. Most lack even the most basic digital functionality - image, video and streaming interactions.
Covid-19 will see many families self-isolated at home, elevating the risk of claims. This increased risk will be countered by reduced capability at insurers. Claims staff may not be able to co-locate with each other, let along claims systems. Many people will need to self-isolate and work from home. Staffing levels will suffer dramatically when they rely on static platforms. The hold times for insureds could rise dramatically alongside uncertainty at insurers on how claims can be handled to ensure control of spend.
So what new benefits and functionality should you expect from your technology partners?
Can they: -
- Keeps your staff and policy holders safe with self-served inspections, complete with claim specific directions?
- Applies the same model to new policies and renewals -allow your policy holders to self-serve an inspection?
- Enables you to prepare estimates from the desk -whether at home, a back-up call-centre or still at the established claims operation- based on high quality images and/or video plus text and voice if required?
- Manage Large or Complex loss with a live stream capability recorded, accessible and analysable by the claims team as part of the single digital claims record?
- Work directly with third party services on the same shared record?
- Automate the process so that you only need to manage the exceptions?
These are tests that any technology partner should be able to prove as scalable i.e. already deployed from Australia and APAC through Europe to the Americas. Fr all claims categories.
And if they can prove that and support insurers in experimenting they will have to offer a No-Code platform. That means you can really experiment- create and customise workflows and processes without an army of coders. In fact without any coders. Creating customer delight, claims team efficiencies and greater effectiveness in plain English from their workstations. Yiu would expect training but just a day or two for data savvy and rational thinking members of the current claims operation. Typically senior claims adjusters of business analysts.
So these short-term changes to meet the challenges posed by coronavirus are the first steps you would in any case make if you sought to transform your whole claims business. No just one category like Motor or Home & Contents but the complete spectrum including: -
- Auto
- Aviation
- Employee Benefits
- Health
- Home
- Pet
- Travel
- Warranty
One platform for all categories without additional set-up or implementation costs as you add each new category other than transaction or subscription based pricing increasing with the number of claims processed and with unit costs tumbling as volumes rise.
So whilst you will be facing challenges of your own in these uncertain times you should be challenging technology partners to let you
- Experiment
- Create new innovative UX and journeys to delight customers
- Reduce costs and increase efficiencies
- Be more effective for customers, staff, across the supply chain
- Leap ahead of competitors ad potential disrupters
If I have made you pause and think it was more than worth the time crafting this article. If I can entice you to engage and talk more about it even better. Drop me an email to Mike.Daly@360Globalnet.com
The coronavirus crisis presents us with a "natural experiment." I wish it didn't, but it does, and we ought to take advantage of the experimental possibility if we're to benefit at all from the weeks and months of danger and uncertainty that lie ahead of us. While the near-term focus clearly needs to be on battening down the hatches—taking care of our employees, our families and ourselves—if we can also establish a process for testing and learning, we can better position ourselves and our companies for the world that will exist on the other side.
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