Insurer has some slack but it must brace for rise in claims and hit to topline growth.

Sign of the times as other global insures warn of similar trend. Rising claims and worse still higher cost BI ones in the vanguard. With hit to the topline profits invariably suffer and cost saving becomes a priority.

Yet customers demand ever more digitally delightful  claims handling as they compare their CX with Amazon and supermarkets with that from insurers. 

End-to-end claims management platforms that can deliver that digital acceleration from FNOL to settled claim without adding overall to the claims technology costs become priceless. In parallel they had better deliver better KPIs than before e.g.

  • Customer sat scores in mid 90% range
  • NPS 80 and rising
  • Claims cycle reduction of 40%
  • Lemonade class A&D low-cost claims settlement in seconds
  • Opex reduction 45%
  • Reduction indemnity costs 9%

These results are achieved by 360Globalnet with household name insurers from Australia to the USA.

"The lot of a European insurer is almost as thankless as that of a Japanese bank. Growth is sluggish, nasty surprises lurk (storms and pestilence on one hand, zombie lenders on the other) and the value of investment portfolios yo-yos, triggering writedowns."

Lex in the FT 22nd May

Seek solace from digital claims management platforms that don't land you with CAPEX requests.