Insurers and brokers give their views on the outcomes. What do you think?
Whatever happens, insurers and brokers have already come to us for rapid help and we are pleased to have deployed Business Interruption Claims Management platforms for them.
To be clear it is 360SiteView the digital platform already deployed by P&C and Commercial insurers and brokers around the globe. The competitive advantage for customers is that being a no-code platform they can quickly and effectively customise workflows and processes for any type of claim from simple accidental damage to complex CAT events. Without having to pay an army of developers and consultants for the privilege.
It's included in the PAYGO license fee.
It might surprise customers how fast it is to have a tailored solution to a new problem deployed in weeks but it doers not surprise our existing customers.
Travel and event cancellation when that hit the pandemic impacted the travel and hospitality industry industry insurers?
Business Interruption insurance as over 370,000 UK businesses claimed for loss of business?
The P&C Carrier whose legacy systems collapsed when work-from-home strained the inflexible IT joints?
Insurers and brokers thwarted by the ban on onsite inspections for risk management and claims validation?
All catered for by 360SiteView which delivers end-to-end digitally transformed claims management including: -
- An effective virtual inspection tool for risk managers and claims teams that overcomes restrictions on travel and face-to-face meetings.
- Full supply chain management with effective comms and orchestration
- An analytics and decisioning platform built on the ingestion of insurers’ complete data source sets, inc. the 80% typically unstructured and dormant in unprocessed documents (i.e. PDFs, emails, photo-text).
- For all claims types, languages and geographies
Which brings us back to business interruption insurance and the changes COVID-19 has accelerated for insurers, brokers and their technology partners.
Moving away from unsustainable, complex and inflexible core systems that involve high Capex, costly and lengthy upgrade cycles and high overheads (time and money) to constantly improve.
To no-code platforms that put the business in control and do not add to the already over-burdened IT resources maintaining the many technology stacks and legacy code inherited from multiple M&A activity over the years.
The question to ask is:
"How many of your technology partners would have proved able to migrate a whole motor and travel book from an old -tech core to a modern no-code platform in weeks?"
Literally a week for eFNOL and 12 weeks for the end-to-end platform. That's what I call agile!
Or deliver a complete BI Claims Platform - trialled, tested, improved and accepted and all ready for a September decision handed down on the FCA test case.
We might not be the only technology partner but I would be surprised to see many others.
Find out more by ringing me on +44 (0) 7341 971132 or email me Mike.Daly@360Globalnet.com
The FCA test case saw eight insurers put to task in July in a hearing that lasted over a week, Insurance Times asked the industry whether insurers as a whole might look better or worse as it approaches the time for the court to reach its verdict