How often is an insurer held back from innovating because it is hostage to its legacy systems? Too often. Even those that recently invested in modern claims platforms often find it takes longer than planned to implement across just one line of business e.g. motor.
"Concerns about legacy culture and technology were also cited in a report by MarkLogic Corporation in June. The report revealed that 55 percent of insurers surveyed believed that the complexity of their legacy systems was the key impediment to achieving a singular customer view."
Emma Olsen in BobsGuide 16th Oct 2019
360Globalnet solves that problem for insurers.
One insurer ran a week-long workshop to brainstorm the ideal "Next-Gen" Home Claims Platform expecting a Powerpoint presentation and action plan. We actually showed a working solution on day four demonstrating a digitally transformed claims journey. Better still, we had one of the claims handlers demonstrate it to the C-Suite showing the ease of adoption and even included supply chain orchestration.
The CEO asked how long it would take to deploy and our answer was - "How aggressive do you want to be?". The following morning, after consulting the board, she challenged us (360Globalnet and the Digital Transformation Team) to deliver a working, production strength POC in six weeks.
Central IT were naturally worried about touching legacy technology stacks until they realised that 360Siteview was effectively a digital wrapper around the old legacy core. We advanced with their approval.
Admiditally it was on the last day we went live at 16.00 and the first claim for a damaged TV was settled in 20 minutes. Funnily enough this was for a policy-older who worked for another insurer and who stated "Fantastic- we have been trying to achieve this standard for years but never got near there. Thank you".
Three months later they were beating all goals and getting sky-high satisfaction scores. Digital transformation without any capital costs and proven ROI. Better still the same platform would also transform other claims without new licensing costs. One platform for all claims.
- Commercial Property
360Globalnet has processed over 3 million claims from Australia to the US so its scalability, reliability, security and innovation is proven.
Delighted customers, collapsed costs and highly motivated claims team.
Held back by your core systems? Free the shackles and adopt the No Code Digital Platform that SMA defines as Next-Gen in its 2019 report “Claims and Risk Management in the Digital World: A Next-Gen Platform” only it is available today.
Legacy culture is the greatest impediment to insurance industry innovation, according to Capgemini’s Executive Vice President and P&C Insurance Leader, Seth Rachlin. “It’s legacy systems and legacy culture,” says Rachlin in response to diagnosing the greatest hurdle to partnerships between insurers and insurtech. “Old ways of thinking and old environments in which that thinking is happening … so you’ve got to change the people and you have to change the tech.” “I think that people are moving a little faster just because of the market dynamics. Tech obviously takes time and energy and dollars to change, more time, more energy, and more dollars than people. But they are equally important in this context.”