Allianz SE expects digitization will help it generate €1 billion of yearly productivity gains in its current three-year plan. So value need not be elusive.
When digital platforms can combine productivity gains with customer satisfaction gains the impact on bottom line profits will multiply. But tackling just one aspect of claims management and re and this is a lesson for the whole industry. Increase key factors by 5% and the combined effect can be a doubling of profits.
- Increase Net Promoter Score by 5%
- Increase fee revenue by 5%
- Increase productivity by 5%
- Decease operating costs by 5%
This means not just tackling customer experience important as that is. It also means automating the supply chain that
- repairs, replaces autos, trucks, buildings and contents.
- manages the Pets supply chain- VETS diagnosis, prognosis and surgery/medication of insured pets.
35% of costs can be waste materials, time and under-utilised resources.
It is no good just tackling the front-end- customer experience; the back-end needs parallel digital transformation.
That raises another challenge- the current investment in legacy systems, back-office & core systems of record. Insurance carriers need the new digital platforms now without having to re-architect the back-end.Insist on a digital platform that will:-
- transform the processes above from First notification of loss (FNOL) to settlement of claim
- balance speed of settlement with reducing fraud
- integrate securely with back-office through unique url
- provides one digital record to deliver the right insights to the rights people across the supply chain
- Let you start at the point where you will achieve most impact and extend transformation across all of claims management processes as time and resources allow
- Gives users in all operational areas the information to make the right decisions
- Is licensed on a transaction model to deliver optimal return on investment
A place to start is the partner Allianz chose- 360Globalnet at "See every claim, See every risk"
For a wide review of technology solutions and digital transformation see:-
Allianz SE expects digitization will help it generate 1 billion euro of yearly productivity gains in its current three-year plan. Even though its earnings per share growth will be helped by a $3.2 billion share buyback, it knows it has to dig out more savings over the long term. The industry as a whole would do better by automating back-office functions, says McKinsey. The hard part is getting shareholders to wait patiently for any extra spending to bear cost-cutting fruit. Many would rather more immediate and radical measures, such as deals. Italy's Assicurazioni Generali SpA said in 2015 it would reinvest 1.25 billion euros in technology and data analytics through 2018. After an abortive merger tilt by Intesa Sanpaolo SpA, it's under pressure to sell assets or work harder to convince shareholders it can deliver returns alone.