- "Combining the resources of one of the world’s largest TPA firms with one of the world’s largest sharing economy platforms will result in true innovation within the insurance industry during a time when most carriers continue to operate in a legacy manner."– Forbes, December 8, 2016
No coincidence that another Insurtech innovator 360Globalnet has deployed the same combination of insurance digital transformation with mobile technology integrated with current core systems.
This is not a plan; these are being deployed today in some progressive and large, global insurance companies
- Self-service claims submission & management
- Uberization of the supply chain
- New digital (cloud) customer record linked to core system by url identifier
- Old world legacy system digitally rejuvenated
- Analytics across all data- structured & unstructured
Forbes contributor Steve Olenski noted that “the [WeGoLook-Crawford] merger is making the customer experience even better than before by adding key benefits for insurance company customers.”
These advantages include a more streamlined claims process, the addition of flexible workers to supplement field staff and powerful mobile technology.
360Globalnet over three years quotes:
- FNOL reduced from 20 minutes to 0-5 minutes
- Net Promoter Score increases to 65, 76, 83 and more
- Indemnity savings 10-13%
- Online visual process results in 30% walk-away by fraudulent claimants
- $Multi-million savings using video-streaming for complex claims
All insurance carriers should contact both Crawford and 360Globalnet if they are serious about staying in the top league.
Simply put, the traditional supply chain is being disrupted. Hugely. Digital technology and innovation have altered the traditional supply landscape in a number of ways. Technology has decentralized and democratized the supply chain, removing the need for traditional intermediaries. This digitization has resulted in the rise of gig economy platforms, which can use mobile technology to organize cost-efficient labor in a connected supply chain ecosystem. For a long time, insurance carriers have tacitly acknowledged the need to adjust business models and consumer delivery processes. The time has come.