MIT Sloan Management Review Summer Edition (link at bottom page) has a timely examination of AI. Whilst vital to plan and invest it clearly states that for most companies, including insurers, it will take years to harvest the fruits of AI.
That is central to the technology strategy at 360Globalnet. Our Digital Claims Platform 360Siteview already automates simple and repetitive tasks. The more complex? It lets insurers combine people and machines ifor augmented intelligence. Letting claims handlers, underwriters, fraud & PI teams, supply chain managers make better decisions faster.
360Retrieve accesses and joins unstructured and raw data making it "AI Ready". Seeing as over 80% of insurers' data is inaccessible in data silos and unstructured data this is a vital first step to the successful leveraging of AI.
360Siteview enables insurers to digitally transform 80% to-90% of the claims operation in the first 12 months. The initial results will be enjoyed within three months which is a true measure of agile claims platforms.
In that time the insurer can plan and implement the change management, training & re-skilling necessary to empower people to use AI powered claims process to the full. This is not a short-term project. Both MIT Sloane and a recent LexisNexis "2019 Future of Claims Study" say it takes two to three years to accomplish at scale.
360Globalnet's strategy has been to deliver the cost savings and increased customer and employee satisfaction in the first and second years that frees up money and time to invest in the AI future. And we "future-proof" you with our API architecture platform. This means you can integrate the world-class AI tools and apps best suited to your products and markets.
One barrier to that goal has always been the mish-mash of legacy systems inherited by constant M&A activity. No matter:
360Globalnet will integrate with any core system from 25 year old legacy mainframes to modern Guidewire platforms. No need to throw away that which you have expensively built and maintained whilst still enjoying the best digitally transformed 360Siteview customer UX and claims journeys .
No large upfront capital costs and subscription licensing are cash-flow efficient meaning you can divert freed up budgets for investments like AI.
A large gap between the expectations expressed for innovation and the actual amount being invested. No insurer stands in the world's top 1000 public companies by amount invested in research and development. Insurers invest about a half of that by banks.
It's not surprising in some ways with all the technology stacks thats must be maintained. That's why our strategy works.
A no-code platform that the business can harness to innovate using plain English and our revolutionary digital transforming configurator. Hosted on Amazon AWS for maximum security, performance and scalability.
You get the fast results of collapsing costs, increasing NPS and customer satisfaction to release funds for investment in longer-term AI as part of the 360Siteview Claims Platform.
Find out more by contacting Mike.Daly@360Globalnet.com
Although the potential for AI-enabled innovation exists in virtually every aspect of business and society, it is largely unrealized. A study of internal audit organizations, for example, found that less than one-third of the audit teams had road maps for incorporating new technologies.7 Technology vendors are conceiving and producing innovations ranging from self-driving cars and trucks to the “self-driving enterprise,”8 but very few would-be adopters have begun to envision how AI will change jobs in their companies and what new skills must be developed. Because many new AI technologies are appearing now or will be here in the near future, organizations have no time to waste in planning for them and creating work design innovations that parallel the technological innovations.