The bad news? The cost of claims rose as well. Combat that and enhance bottom line profits with 360Siteview the digital claims management platform already benefiting first mover insurers.
Delighting policy holders and vets, driving down costs and freeing up claims handlers time by digitally transforming pet claims
We live in a digital, minimal friction, high expectation world. In contrast, many insurers offer clunky, outmoded legacy interactions into this world and show surprise when customers respond badly. 360Globalnet has invested 10 years of development and 30 years of experience at the hard end of claims into developing a no-code, end-to-end digital claims management platform that gives all parties what they want and expect.
For insurers, we collapse costs and delight policy holders - usually pushing NPS to unexpected levels and contributing fundamentally to customer retention. For our insurer customers, we remove hassle and work with them via any channel or device in real time.
This approach cuts indemnity costs, acquisition costs (because more customers will stay) and time to settlement. This can only be achieved with an end-to-end system designed from the bottom up to remove every factor that increases cost and hassle. We know this because our clients and their customers tell us.
Not just for pets though.
360Globalnet has processed over 3 million claims through its claims management platform 360SiteView (“360SV”), across a wide variety of product lines from simple pet to complex commercial.
Outcomes are rarely the result of just one component of 360SV and an overarching strategy to transform the whole claims value chain will deliver a much greater impact than just adopting digital processes for First Notification of Loss (“FNOL”). Most claims applications only address a limited aspect of the claims value chain, whilst 360SV impacts the whole spectrum.
The more complete the deployment of 360SV to the whole claims value chain the greater the impact as the various components work together to create a greater change.
Insurers usually are constrained by their aging legacy systems. 360Globalnet frees them from these shackles, as our Amazon AWS hosted solution can be deployed alongside these legacy systems, with little need for anything more than a limited integration.
Finally, 360SV frees claims handlers from the stress of dull, respective and predictable tasks. Research shows they suffer four times the sickness rates of other staff. Combining technology with smart, human intuition and empathy boosts job satisfaction and productivity. And the flexibility and ease of configuration of 360SV, means improvements and changes can be made to processes in hours or days – and will not be subject to lengthy delays because of IT logjams – with claims staff themselves able to make these changes.
Find out more be emailing Mike.Daly@360Globalnet and give yourself a pat on the back.
Beatriz Benito, UK general insurance analyst at GlobalData, said: “Insurers trying to make the most of an improving pet insurance market will face several challenges. “A few players tend to dominate the landscape on a country-to-country level, making it vital to differentiate from the competition. “Additionally, the cost of claims is rising. While this can partly be passed on to pet owners, a rise in insurance premiums may prompt policyholders to reassess their options.”