MIT Sloan Management Review Summer Edition (link at bottom page) has a timely examination of AI. Whilst vital to plan and invest now it clearly states that for most companies, including insurers, it will take years to harvest the fruits of AI.
That is central to the technology strategy at 360Globalnet. Our Digital Claims Platform 360Siteview already automates simple and repetitive tasks. The more complex? It lets insurers combine people and machines for “augmented intelligence”. Combining intuition, empathy, skills and technology. Letting claims handlers, underwriters, fraud & PI teams, supply chain managers make better decisions faster.
accesses and joins unstructured and raw data making it "AI Ready". Seeing as over 80% of insurers' data is inaccessible in data silos and unstructured data this is a vital first step to the successful leveraging of AI.
360Siteview enables insurers to digitally transform 80% to-90% of the claims operation in the first 12 months. The initial results will be enjoyed within three months which is a true measure of agile claims platforms.
In that time the insurer can plan and implement the change management, training & re-skilling necessary to empower people to use AI powered claims process to the full. This is not a short-term project. Both MIT Sloan and a recent LexisNexis "2019 Future of Claims Study" say it takes two to three years to accomplish at scale.
360Globalnet's strategy has been to deliver the cost savings and increased customer and employee satisfaction in the first and second years that frees up money and time to invest in the AI future. And we "future-proof" you with our API architecture platform. This means you can integrate the world-class AI tools and apps best suited to your products and markets.
One barrier to that goal has always been the mish-mash of legacy systems inherited by constant M&A activity. No matter:
360Globalnet will integrate with any core system from 25 year old legacy mainframes to modern Guidewire platforms. No need to throw away that which you have expensively built and maintained whilst still enjoying the best digitally transformed 360Siteview customer UX and claims journeys .
No large upfront capital costs and subscription licensing are cash-flow efficient meaning you can divert freed up budgets for investments like AI.
This tackles the issue identified by The Economist in "Run for Cover" July 2019 and and Insurance Nexus in its "600 Chief Claims Officers on where to invest": -
A large gap between the expectations expressed for innovation and the actual amount being invested.
No insurer stands in the world's top 1000 public companies by amount invested in research and development. Insurers invest about a half of that by banks.
It's not surprising in some ways with all the technology stacks thats must be maintained. That's why our strategy works.
A no-code platform that the business can harness to innovate using plain English and our revolutionary digital transforming configurator. Hosted on Amazon AWS for maximum security, performance and scalability.
You get the fast results of collapsing costs, increasing NPS and customer satisfaction to release funds for investment in longer-term AI as part of the 360Siteview Claims Platform.
Find out more by contacting Mike.Daly@360Globalnet.com
Smart organizations will take steps not just to adopt intelligent technologies but also to recruit and retrain people for skilled roles, redesign tasks and jobs, and use AI as an enabler of innovation in products, processes, and business models in what we call innovation based on intelligent automation. This will be a job-by-job, task-by-task transformation, but we can already see places where major advances in technology are being undermined by insufficient attention to integration and human capital. Surgeons, for example, are increasingly using robotic technology to assist them in routine surgery; the new technology provides better vision, more-precise incisions, and neater sutures. However, few hospitals and medical schools have developed effective approaches for training surgical residents on the technology; surgeons in training get no hands-on experience.
https://sloanreview.mit.edu/article/people-and-machines-partners-in-innovation/
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