As the COVID-19 crisis evolves, it will continue to affect insurance distribution around the world. Insurers can prepare by building a strategy focused on near- and long-term implications.
This requires a technology partner and platform that combines fast time to value and, in parallel let an insurer build the competitive differentiation; clear blue water between themselves and insurers constrained by core systems that take far too long to upgrade.
Worse still- those insurers that have to wait upon the technology partner, or system integrator's ,teams to iterate and innovate will be left behind.
You, the insurer. have the intimate knowledge of changing customer behaviour and expectations. Claims adjusters hear it all the time.
"Why do I have to ring in to find out what's going on with my claim?
Why can't I just see on my personal portal the status of the claim?
Why can't I track the progress of my claim? Not just home contents, but motor, pet, travel, DR&R?
Why can't I decide to log a loss automatically from my phone and leave providing evidence like photos and video until I get back?
Why do I have to wait for someone to visit and take photos and measure up? Why can't I use my phone and you collect the details without me having to let a stranger in the house?
If the loss and damage is so severe that I have to arrange for a visit why can't it be outside 08.00 to 18.00?
If it's a really simple accidental damage claim why can't it be processed automatically r at least with minimal hassle."
It is easy enough to renew a policy these ideas by answering just a few questions. Why aren't claims as simple? Why do my claims teams have to re-key data or wait for a BPO contractor to do so. Why isn't the claims process as slick?
Many global and national insurers from around the glove have found just the answer at 360Globalnet.com
And most deploy a reformed and transformed digital claims model by the time three months have passed after a discovery workshop without paying any Capex and with a proven ROI.
Seems silly not to find out more- Mike.Daly@360Globalnet.com might have just the answer.
Moving toward self-service. Client demand for self-service in the current environment has only accelerated the importance of digital. A recent consumer survey in Spain found digital access in insurance has increased almost 30 percent since the pandemic began. But the same survey also found the level of customer satisfaction with digital delivery in insurance was the lowest compared with all other sectors. The number one reason for dissatisfaction was “hard-to-use tools.” 4 4. McKinsey Marketing & Sales COVID-19 Digital Sentiment Analysis for Spain; n = more than 1,000, sampled and weighted to ensure representation of existing digital utilization. Thus, insurers will need to invest in expanding and improving self-service tools to better support customer and agent satisfaction.
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