(Image courtesy of CSC.)
CSC (Falls Church, Va.), a Fortune 500 company and the largest provider of technology systems and services to the insurance industry, has embarked on a relationship with U.K.-based digital insurance solutions provider 360Globalnet which includes a strategic investment by CSC in 360Globalnet. Through the relationship, CSC says it will offer customers state-of-the-art, self-service claims processing capabilities, live streaming video capability and unstructured data technology.
Under the terms of the agreement, CSC will have exclusive worldwide rights to resell to the insurance industry all 360Globalnet offerings including the company’s advanced digital, cloud-based claims solutions that the vendors say enable customers to easily manage the end-to-end claims process via the Internet. CSC will also provide systems integration services for 360Globalnet’s self-service digital claims technology, which delivers what CSC calls unique and complementary capabilities in self-service, intelligent systems, smart mobile devices, live-streaming video, data analytics and fraud detection. 360Globalnet’s offerings can shorten the time to claim settlement from days to hours, while also helping to reduce fraud and equipping decision makers with improved performance data, according to a CSC statement.
“Insurers have always wanted to make the claim process fast, claimant-friendly and accurate,” comments Donald Light, director in Celent’s North American Property/Casualty Practice. “Giving a claimant digital tools to take charge of a claim should reduce cycle time, increase claimant satisfaction, lower loss adjustment expenses, and may even mitigate some instances of fraud.”
CSC collaboration with 360Globalnet will contribute to the vendor’s strategy of growing CSC’s insurance business and further extending its portfolio of next-generation solutions, comments Phil Ratcliff, VP and general manager in CSC’s Global Insurance Industry segment. “Putting the insurers’ customers in control of their own claims, while delivering an engaging user experience, improves customer satisfaction and retention rates. By leveraging data analytics for enhanced fraud detection and forward-looking market and customer information, we also help insurers reduce costs and make better-informed business decisions.”
Seamless, Real-Time Visibility
Paul Stanley, CEO, 360Globalnet, posits a scenario in which all parties to the settlement of a claim, from the first notice of loss to repair, have all the data they need, in real-time, including text, images and video, moments after an accident has occurred. “Seamless, real-time visibility across the claims process is a winning proposition for insurers that can be implemented with low up-front costs, minimal disruption to existing software and short implementation times,” he comments.
Among the new as-as-service capabilities CSC will be reselling through this new agreement are cloud-hosted web services that enable policyholders to report and manage their claims online, a video platform facilitating the capture, secure hosting and dissemination of videos and images, live video streaming services, as well as a data analytics package, CSC reports.