Apt analogy from the folks at 360Globalnet.
When pesky humans intervene (in ways not unlike how COVID-19 intervened in our world), things get very tricky. Around the world - particularly in Norway and the USA when new dams are built - such major infrastructure projects threaten the paths of salmon rivers. Luckily, environmental concerns are usually factored in and planners are obliged to devise ways to accommodate both challenges simultaneously.
This is where things get interesting and parallels to the insurance world emerge for there are two choices: major infrastructure projects or a genius innovation known as the Salmon Canon (note the product name has only one 'n') from Whooshh Innovations. For 360Globalnet, legacy maps onto huge infrastructure claims implementations while innovation maps onto low-cost, super-fast no-code solutions. Let's look deeper.
For years, protecting salmon journeys, when a dam was built, involved creating correspondingly huge infrastructure solutions for the diverted fish. Like lock systems for canals, zig zag river ladders were built allowing the salmon to climb significant heights over short distances as the crow flies.
This worked but at eye-watering cost, as it involved building a whole new river system out of stone and concrete to achieve the same outcome. The only saving graces were the protection of the migrating salmon and the fact that the costs are still relatively small compared to the $billions sunk into the whole project.
This changed when an inventor engaged lateral thinking and realised that reinventing the river was a fool's errand. An entirely different approach could achieve the same outcomes at a tiny fraction of the cost of infrastructure.
With Whooshh's system, a migrating salmon is drawn towards a soft tube the size and shape of a large rugby ball. As he approaches, suction pulls him into the tube where - enveloped by water vapour - he is transported quickly and painlessly up and across 100s of metres at high speed, disgorging into the same pools as the infrastructure ladders would have previously taken him.
For the salmon - it's a natural feeling experience - and one Salmon Canon can transport 5,000 to 10,000 fish a day
In recent years, insurers have faced similar disruption to their time-honoured migration channels. COVID-19, regulation, fierce online competition and new customer expectations spawned by mega internet retailers have dammed the rivers.
Some respond by looking at the river and diverting it. They plan, code and build major IT project despite the fact that vast cost is incurred by developer-heavy resources moving so slowly that customer behaviour may have already changed by the time it's complete.
A comprehensive no-code digital claims platform such as 360Globalnet's, trusted by major insurers around the world to handle their insurance claims, allows them to build (and deploy) at the desktop: online reporting, automation through the entire claim lifecycle, knitting-together the supply chain and every participant to a claim in weeks rather than years, at a fraction of the cost and hassle of traditional builds.
Customers may not have fins but we know they want faster and easier alternatives that deliver the speed and notification-rich progress on claims they expect in other areas of their lives as consumers with choices.
The fact that no-code offers insurers a salmon cannon that they can deploy quickly, easily, slashing CapEx and OpEx simultaneously surely makes it worthwhile to approach its inviting tube and investigate. For policyholders, the digital technology is setting the standard for customer experience in claims management.
Find out more be emailing Mike.Daly@360Globalnet.com
Like many insurers, wild salmon face a gruelling, bruising battle upstream in order to return to their spawning grounds and ensure the survival of their genes. Evolution is a harsh taskmaster when it comes to sorting the weak from the strong, but millions of salmon still make it each year.