“Life comes at you fast.” As an innovation professional working in insurance, that trendy Twitter phrase has never seemed truer for our industry and the changes that it’s currently undergoing. In just the past five months, my employer has reaffirmed its commitment to innovation through various steps, including establishing an innovation function, opening a slick, modern innovation lab—LAUNCH, and conducting our first design-thinking session featuring one of the more than 50 ideas that are in our innovation pipeline."

Amy Cusack is AVP, innovation and strategy for Selective Insurance Company of America 

Cusack suggest three key success factors to create, test and implement innovation.

  1. Look outside
  2. Then look way further outside
  3. Find the best of the best

Cusack says "One exercise we routinely practice in our innovation lifecycle is to apply the concept to a business unlike our own. How would Netflix deploy this idea? What capabilities would Amazon leverage to become a market leader with this new product?"

That chimes with a finding in the Gartner 2020 CIO Agenda: An Insurance Perspective - 

"Insurers Admire Digital Giants and Insurtechs More Than Any Other Competitor for Their Approaches to Innovation"

Insurers can be forgiven for thinking that their core systems can be a barrier to following digital giants customer UX and journeys. Many do not know that some have already implemented such transformation and Covid-19 has been a catalyst to change.

We were in dialogue with one leading insurer for eighteen months. They were trapped in a monolithic claims management platform that just did not perform. Plans unravelled like a ball of wool. You know the issue-  Over $100 million and years of consultants and developers toiling to no avail to deliver a performant claims management solution. 

Covid-19 was the catalyst and two weeks after signing all its motor and homes insurance claims are migrated to 360Siteview!

We customised customer journeys, digitized tailor-made workflows and processes and deployed the whole platform remotely- a necessity in  these pandemic time.

They can forget all they new about claims management platforms now they have migrated to a next-gen one. All without any CAPEX or one-time set-up costs. Just a subscription license.

Take another problem claims leaders face. 

Cancellations and curtailment are a nightmare for travel insurers. 

Trapped with having to have policyholders fill in forms and upload supporting documents. 

In days we built and deployed travel portals in Australia and Germany and more travel insurers have approached us.  This is the proof of whether a platform is agile or not. Design, test, iterate and publish in days which is only possible with a NO CODE platform. 

What do claims teams do when site visits are no longer possible?

They may not know that there is an alternative for face-to-face surveys, inspections and interviews. How are they cope when onsite visits are stopped whilst the pandemic rages?

360Globalnet responded with a solution. A Digitally Assisted Visit Experience so we naturally had to name it DAVE!

Again No Code technology mean we could build, test and make ready for deployment in days. In fact, it is taking longer to complete the video that explains the benefits and shows it working. Expect hat in the next day or so. DAVE not only replicates the benefits of site visits; it improves on them. Look out for the announcement. 

So as Amy Cusack says “Life comes at you fast.”  Which is why I have linked her article to share her experience. (see bottom of my article). 

And why we are anticipating fast. Delivering the solutions insurers require now rather that too late, too expensive and too limited.

To live in the fast lane of innovation and transformation please contact: -

Europe:  Mike Daly@360Globalnet.com or +44(0) 7341 971132

APAC: Daniel.Lukich@360Globalnet.com

USA/Canada: Andrew.Peet@360Globalnet.com