360Siteview

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Overview

360Siteview is a complete digital claims platform- all P&C Perils and deployed from Australia through Europe to the USA. It combines a self-serve FNOL registration for customers with simple claims and the human empathy of claims handlers for more complex claims. Combining automation, straight-thu-processing when appropriate and a complete communications and orchestration hub to manage customers, internal staff and the supply chain.

Auto, Home & Contents, Travel, Pet, Surge & CAT events- 360Siteview is a complete solution.

It lets the business wrest back control from IT with the ability to self-configure, iterate and constantly innovate. No waiting for vendors, developers or IT - make the change, test amd deploy today.

Insurers have deployed on months; one UDS insurer anticipated a hurricane with only weeks to pepare such is the flexibility and speed of deployment.

This is helped by being entirely hosted on AWS for reliability, scalability, security and cost effectiveness. No large upfront payments and pay-as-you-go or subscription pricing plus you need not throwe away expensive and complex core legacy systems.

Proven, adopted by major insurers across the globe with over 2.5 million claims processed. 360Siteview is an answer to the question insurers pose. "How do we anticipate disruption and avoid being left behind in the digital transformation stakes.

Delight customers, collapse costs and future-proof the business.

Key Features

  1. First notice of loss (FNOL) & First report of injury (FROI)
    1. Self-service click on insurer's website & automated evidence gathering and/or
    2. Ring Claims Team who can send email & SMS links to automate process after initial call
    3. Integration with Plicy Sdmon for validation
    4. Allows insurer to open claim with no ploicy in force
  2. Scoring and Alerts
    1. Identify claim characteristics
    2. Assign points, scre & assign to right team
  3. Claim Assignment
    1. Assign to specific teams/individuals
    2. Re-assign & bulk upload
  4. Reserves
    1. Setting & changing reserves
    2. Aggregate tracking
    3. Deduction Tracking
  5. Payments
    1. Creating Payments
    2. Links to reserve module
    3. Borderaux
    4. Payments against closed claims
  6. Recoveries
    1. Subragation & Salvage
    2. Permit reserving
  7. Vendor & Supply Management
    1. Score & rate vendors
    2. Vendor scheduling
    3. Schedule services
    4. Orchestration of and self-service communication hub
    5. Self-billing
    6. SLL tracking & Real-time BI
  8. Handler/Adjuster Desktop
    1. Customisable Dashboards
    2. Sort Claims
    3. Re-assign claims
    4. CReate tasks, notes, diaries
    5. Claims search
    6. Integrate with email
    7. Send email, SMS links to claimants. internal teams and supply chain
    8. Time & Date Stamp
  9. Document Creation & Management
    1. Correspondence & Forms Library
    2. Document management capability- widre range media, formats
    3. API architecture to integrate third-party apps
    4. Automatic generation correspondence
    5. Search content within document, email
  10. Supervisory Management Tools
    1. Re-assign work, claims
    2. Bulk changes
    3. Temporary assignment, srat/finish dates
    4. Add new employees
    5. Set & manage authority
    6. Automate escalation procedures
    7. Workload balancing tools
    8. Data & time stamped audit trails
  11. BI & Reporting
    1. Pre-built standard reports
    2. Ad Hoc Reporting
    3. Self-service Reporting
    4. Real-time reporting
  12. Catastrophe Management
  13. Re-insurance
  14. Workers Compensation
  15. Medical Case Management
  16. Litigation Management
  17. Fraud Management
    1. Business rules based analytics
    2. Automated alerts
    3. Refer claims to fraud
    4. Fraud Analytics tools
  18. Configuration Tools
    1. Business user - workflows, forms, communications, without burden of coding
    2. Conditional branching
    3. Dual development, testing publishing environments
    4. Advanced options for techncal staff still with no requirement for coding
  19. Business Rules
    1. Design and execute rules
    2. Reuse and share rules
    3. Rules repository
    4. Impact analysis
    5. Traceability tools
  20. Workflow
    1. Data capture
    2. Graphic design environment
  21. Data
    1. Create data elements
    2. Mask, encrypt, modify data
    3. Access, join and analyse data
    4. Wide range data formas from text, through photo/video/dashcam/telematics to audio and live streaming
  22. Security
    1. Add new role and define permissions
    2. Add individual
    3. Read-write permissions
    4. Access granularity to data within field layer

Key Benefits

How to Double Profitability?

By tackling the complete insurance value chain from buying policies to settling claims and dramatically improving: -

·Customer Satisfaction

·Efficiency

·Effectiveness

360Globalnet has the metrics from processing over 2.3 million claims through its digital claims platform. The remaining metrics are from McKinsey & Company, Boston Consulting Group (BCG) and Bain & Company- all referenced in the bibliography. It is combining improvements across the whole value chain that the largest benefits are achieved. Individual initiatives help but deliver less.

Customer Satisfaction

·From FNOL in days and hours to minutes; 35% zero-time eFNOL with AutoServe 360GN

·Claims lifecycle reduced by minimum 40% 360Globalnet (360GN)

·Increase in Net Promoter Score by 20 or 30 points McKinsey & Company

·Average of NPS 77% over all Home & Auto customers, 82% in Pet 360GN

Efficiency

·30% reduction in cost of claims McKinsey

·Digital Lean Initiative leading to cost reductions of 15% Boston Consulting Group (BCG)

· Digital customer journeys yielding cost reductions up to 20% BCG

· From 20% of call centre calls being “what’s happening” to 50% drop in status calls McKinsey

·Up to 70% reduction in call centre resource requirements 360GN

·60% Reduction in FTE staffing Boston Consulting Group

·5% to 20% reduction in expense ratio McKinsey

Effectiveness

·5%-15% Annual Revenue Growth Bain & Company

·Total Cost of Ownership reduced by 20% to 30% McKinsey

·3 points to 5 points reductions in combined savings ratio Bain & Company

Collapse Costs and Delight Customers

One digital platform for the entire claims value chain and all perils that orchestrates the customer, internal teams and the external supply chain network to achieve these improvements

Customers often ask 360Globalnet how such a complex platform appears so simple- where’s the catch? The answer is in their hands now. Whenever you make a payment by smartphone the process looks simple but behind the scenes it is complex. So, it is with 360Sieview- an outcome of a $35mill and continuing investment. This five-minute video shows much of the processes visualised above and described below. https://360globalnet.wistia.com/medias/t1cat2xpbx

Loss and Damage (FNOL) and Injury (FNOI)

FNOL and FNOI are faster, even immediate, and evidence gathering complete. An optimal mix of self-service automation and human interaction for customer satisfaction and efficiency.

Claims Management

Automation and augmented intelligence routes claims and notifications to the right people. Dashboards alert claims staff to tasks that need a response and ensure no claim falls into a black hole. Customers are updated in real-time, so they do not have to constantly ring up to find out what is happening. A single digital record so that participants have a complete view of the status of each claim; what is planned, what achieved and, vitally, alerts on any shortfall performance to help mitigate potential problems.

Loss & Damage Assessment and repair

A key factor that results in delay, confusion, extra costs and client dissatisfaction is the challenge of communicating with and orchestrating action amongst: -

·Customers

·Insurance Teams and Specialists

·The Repair and Replace Chain

360Siteview builds a unique, single digital record for every claim and shares this securely (redacted when required to ensure confidentiality) with every person, team and supplier engaged in solving client issues. Auto Customers entering damage via “squashed frog” diagram , 360Siteview ranks vehicles as repairable, write-off or needing inspection. Customers book appointments with repair-shops for convenience and efficiency. 35% of costs in the supply chain could be waste time and materials which will be significantly reduced with 360SiteView.

Settlement

A prime reason for client dissatisfaction and complaints/calls for re-imbursement results from delay, poor decisions based on incomplete data and the “What’s happening?” status calls in current claims processes.

Embedded real-time analytics and BI help ensure the insurer teams make the best decisions based on complete, current and accurate facts. Accessing, joining and analysing disparate and multiple data sources from structured, semi-structured and unstructured data. It is no good digitally transforming for just speed and reduced costs- it must result in better decisions for the customer, the repairer and TU.

Other Classes and Perils?

The same platform is suitable for all products. Take those Pet and Travel products on the insurers’s website. Digitise them for self-serve customer delight and collapsing costs. Move into Commercial SME Insurance.

Good Value and Cash-flow efficient

Gone is the need for monolithic, expensive solutions. Pay-as-you-go transaction or subscription pricing deliver cash-flow efficient and low OPEX solutions. Faster deployment speeds up the measurable improvements

References

“Time for Insurers to face Digital Reality”. https://www.mckinsey.com/industries/financial-services/our-insights/time-for-insurance-companies-to-face-digital-reality

“Capturing Value from the Core” ;https://www.mckinsey.com/industries/financial-services/our-insights/capturing-value-from-the-core

The P&C customer rediscovered through analytics; https://www.bain.com/insights/the-p-and-c-customer-rediscovered-through-analytics

Digital Disruption in Insurance: Cutting through the noise ; https://www.mckinsey.com/industries/financial-services/our-insights/digital-insurance

How a Digital Approach is improving customer satisfaction at a major insurer ; https://www.bcg.com/en-gb/industries/insurance/digital/bcg-digital-approach-improving-customer-satisfaction-productivity.aspx

Attacking complexity in Insurance Products and Processes; https://www.bcg.com/en-gb/industries/insurance/attacking-complexity-in-insurance-products-and-processes.aspx