With margins under pressure and customer acquisition costs rising why delay in tackling productivity and cost issues?

Claims is a key area to address. 360Globalnet has delivered major productivity benefits across all products and perils. Take these for example.

  • 70% reduction in call centre FTE resourcing
  • 45% reduction in claims operating expenses
  • 40% cut in average length of a claim

All achieved with zero capital expenditure and with no need to replace current core systems of record.

These metrics are not from just a small sample of simple claims.  Over 3.6 million claims from high-volume/low value A&D through more complex auto repairs to serious Disaster Repair & Recovery (DR&R) claims.

Take DR&R

Overspend in this area is commonplace in this sector and combining a digital claims platform with digitally transformed supply chain partners yields significant productivity and customer satisfaction gains. Take one major UK insurer's results: -

  1. Escape of water, flood and fire register an indemnity saving of £2,500 per claim ($3,025)
  2.  Major UK Insurer gross savings of £25m/$30m a year
  3. Claim cycle times reduced by 50%
  4. Enables all key decisions to be made on day one
  5. An average of 17 additional decisions are now made on day one that would’ have taken weeks of back and forth calls
  6. Complaints reduced by 95% when a live video stream is leveraged

Take a more detailed look at KPIs and the improvement you can start making NOW at:

"Insurers cutting costs- how will they still delight customers?" 

Collapse costs, delight customers and motivate claims teams