Who controls who?
The 4 key requirements that we require from technology when we sell a policy (the promise) are:
1. Cost efficient (to be more costs effective than an alternative i.e. resource)
2. Increased productivity
3. Improved controls, reducing risk and ensuring consistency
4. capability to fully utilise external factors i.e. data for pricing and behavioural decision
These four things have been embraced fully by our industry with abandon, which begs the question who controls what?
The reality is, whilst technology does all the above:
1. does it restrict or elevate innovation?
2. does it make the customer the centre of the process or a peripheral incidental?
How often have you been told by your IT Department?
• “It won’t work that way”
• “We felt this was what you really wanted.”
• “The system needs you to do this first”
• “Sorry we do not measure that”
• “We can do that it will take X developer days and 2X testing days!”
• “You can’t do that policy as we don’t have any data”
• “Sorry, that’s not due to the third quartile “
• “That’s not how it is done”
Technology and data can be the perfect excuse for inaction.
A BOTTLE OF CHAMPAGNE TO THE BEST/WORST EXCUSE FOR INACTION YOU HAVE BEEN GIVEN.
What is it we want technology to do for us and how do we want to use it?
• Sales and Servicing of policies.
1. An Omni view of our prospective or actual client.
2. Fully Integrated Organic and Artificial Intelligence.
3. Maximum amount of data available on the customer and the risk itself
4. Using this view and data, we want to establish our clients’ needs and what our promise needs to be to satisfy them.
5. all the relevant information and every way to interact with the end customer to be readily to our staff (both organic and AI) to support sales and service of all products that the client may require.
6. To support pricing (consumer and risk). Pricing isn’t to avoid risk; it is there to quantify and set the correct level of premium for such risk.
• Claims (Our Promise being Kept)
1. To ensure promise to kept in the least stressful way for the client.
2. Validation. Optimum capability (including fully utilisation of external sources) to verify claim in a live environment
3. Full interaction and availability to the customer 24 hour a day whilst claim is in progress.
4. The elimination of waste
5. Avoidance never to be an issue.
Is there technology available now that allows you to do all the above?
Just look at what part of our team built in 30 mins
Navigating these challenges and opportunities and all opportunities are good, you just need to understand them and have the right people who can steer you through them.
We can help