“Companies with advanced supplier-collaboration capabilities tend to outperform their peers by ~2x in growth and other metrics. “
Source: McKinsey & Company 'Taking supplier collaboration to the next level' July 7 2020
Who would not want to tap that potential in improvement? Yet it can prove difficult to access.
360Globalnet has made it far easier and effective for insurance claims operations. It is one of the few, in fact might be the only one, claims management platforms that digitally transforms supply chain management. That is a vital competitive advantage for what good is it to make FNOL faster and digital if suppliers, contractors, restorers and repairers are not equally as slick in putting a claimants property and life back in shape?
McKinsey identifies several barriers including the need for “intensive, cross functional involvement from both sides”. This is made harder when supply chain leaders “often admit that they don’t have the skill, lacking the structures they need to design great supplier-collaboration programs”
This is a great shame when the supplier management team themselves have the knowledge and skills to collaborate but lack the structure and technology platform to collaborate effectively.
Other household name insurers have found the solution in 360SiteView that not only digitally accelerates all claims types but also effectively orchestrates all the parties in the supply chain, together with internal teams and policy holders themselves.
A major step is to be able to share a single digital record (redacted for privacy and compliance of course) amongst all the parties giving them the data to complete inspections, scoping and quoting for repairs and replacement, and finishing the tasks involves restoring properties, house contents, vehicles and plant and machinery back to working order.
Being able to share all the data securely to get agreement to proceed and being able to use photographic, video and text information and live video-streaming augmented by sensors and measuring tools to check validity of quotations and the quality of work completed.
360SiteView's Parent/Child/Grandchild scheme lets insurers make the whole ecosystem part of the overall claims and risk management digital works process for speed, accuracy, responsiveness, inclusion and collaboration. The results can be amazing.
One insurer saves £2,500 ($3,000) per DR&R claim leveraging 360SiteView. That adds up to over £25 million a year cost savings with higher quality control and shorter cycle times. Everyone gains; the policy holder, the supply and the insurer.
COVID-19 has made face-to-face inspection more difficult of course. We are proud to have addressed that with D.A.V.E.- the 'digitally assisted visit experience' that lets insurance teams complete surveys remotely.
In situations where an insurer – or any company that relies on-site visits or interviews - would usually send an agent or loss adjuster to collect information, assess damage or loss, or simply gather evidence, they can now do this entirely virtually.
The same repair network benefits are gained in motor claims when the insurer has the repair network relationships and leadership to collaborate. This means customers can book cars directly into appointments at repairers and get automatic updates on progress cutting inbound and outbound phone calls by 55% to 65%.
More basic but making a huge impact, live video-streaming means an insurers engineers can patch in car owners and repair network personal to assess if an auto is drivable and making more effective estimates on repair times and costs. AI is a much-touted solution, of course, but is best leveraged when combined with human intuition and only truly effective when part of an end-to-end claim management platform i.e. FNOL to car delivered back to customer or cash received in bank account.
360Siteview add the impressive, slick and world-beating digital outcomes of its claims management platform to that of supply chain management to deliver the 10 times difference any innovation program must deliver as a minimum.
360SiteView helps insurers achieve the Supplier Collaboration Performance Indices it describes in the linked paper by McKinsey below. It is well worth a read as input to your supply chain strategy and you can be confident that 360SiteView is the platform of choice for Amazon quality UX as well as supply chain logistical efficiency.
Find out more if you are in UK/Europe by emailing or phoning me …
M: +44 (0) 7341 971132
For USA & Canada
ompanies with advanced procurement functions know that there are limits to the value they can generate by focusing purely on the price of the products and services they buy. These organizations understand that when buyers and suppliers are willing and able to cooperate, they can often find ways to unlock significant new sources of value that benefit them both.