Does RPA technology help or hinder claims innovation?
The stated mission of 360GlobeNet is to provide online digital platform technology that will revolutionize the insurance claims process and provide consumer and business customers with the same standard of experience as online retail. Insurtech’s strategy is to solve problems caused by inflexible and outdated technology and to create a no-code environment associated with advanced unstructured data technology that converts text into data. As 360GlobeNet integrates its solution with AI, Peet emphasized that the company believes that AI and RPA will not have industrial strength for a few years.
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“Both AI and RPA still require an enormous amount of development work,” Peet told Insurance Business. “Tools like RPA are great. If you can scratch pages on one system and drop data on another platform, full integration is not required. At the same time, it doesn’t help in many ways because it makes processes inflexible.
“At 360GlobeNet, our digital claims management platform – 360SiteView – goes end to end from ingest to recovery, and what always matters most to us isn’t necessarily whether we can send data to AI to make a decision and again feed this learning back into our process; Rather, our main consideration is much simpler – it’s the customer effort. How much effort do we need from the policyholder to pass the application process? “
According to Peet, “some insurers are making life unnecessarily difficult for policyholders” in order to bring them into digital channels through which the freight forwarders can benefit enormously from their data collection. He gave the example of a claimant who visits a claims page on his insurer’s website where he is thanked and promoted, clicking here to submit his claim. That click then takes them to another page asking the applicant to log in or create an account. Only when they have created an account can the applicant report their application.
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“That’s way too much effort for an applicant to get into a digital channel,” commented Peet. “Even the question of an insurance number is a bit too time-consuming. And what results in it is customers really typing again and removing a phone number from the website and making their claim. This problem – too much effort, too many questions, etc. – is something we see quite a lot and it is something we strongly advise against to our customers. “
By reducing customer effort in the claims process, the 360GlobeNet team is also hoping for another challenge – reducing the number of qualified adjusters. In order to make it easier for customers to submit and process claims, Insurtech would like to take over the daily administrative tasks and the easily adaptable claims from qualified adjusters so that they can concentrate on the more complex claims.
“Going the RPA pathway can make the whole process inflexible compared to the agility of what we can offer,” said Peet. “We can bring a platform to life in four days. If there is a catastrophic event like a hurricane we can put a system in place in four days, but it has to be based on the fact that you will not try to restrict this platform and the very things that make it unique. RPA is one of those limitations and rigid integrations another. “