360Globalnet: Impact 25 2018 profile
March 10, 2018
This is a summary of the profile which first appeared in the Oxbow Partners InsurTech Impact 25: 2018.
360Globalnet provides innovative digital technology to help insurers deliver better claims experiences.
A SaaS digital claims platform is at the core of the business; users can upload any type of video or imagery which can be readily shared with suppliers. There is a sophisticated MI/ BI module for use by adjusters (e.g. including the ability to search and analyse any document or text). Innovative claims propositions include the ability to access a network of independent claims adjusters via a ‘gig economy’ model.
“Since launching the platform we’ve experienced high levels of customer engagement and satisfaction, which is fantastic. Over the course of the year we’ll be looking at other ways we can exploit the technology to help our customers.”
Ibi Moghraby Director, Business Change, Allianz UK
360Globalnet’s revenue growth from implementations of its digital claims platform with clients between 2014 and 2017 has accelerated in 2017.
Case Study One
Client situation: A top 10 UK insurer needed to assess 2,800 claims in Orkney, Shetland and the Hebrides during a storm event in 2015.
What they did: 360Globalnet deployed their digitally-enabled network of agents, ‘WithYouIn5’, to visit and process claims for those policyholders unable to self-report due to extreme weather, loss of power.
Impact: All claimants were visited and assessed in a two-week period, with exceptional feedback from policyholders; BAU claims were not impacted, despite increased volumes.
Case Study Two
Client situation: A Florida-based carrier needed a claims platform that allowed them to cope with the deluge of claims resulting from the worst hurricane in a decade.
What they did: 360Globalnet deployed their claims technology within days of the hurricane.
Impact: The insurer used 360Globalnet’s digital platform to manage 3,000 claims in 3 days. Visits were reduced through better quality triage (validation) and inbound calls also fell. Customer feedback was excellent.
The Oxbow Partners View
Traction: 360Globalnet has meaningful revenue and contracts with leading insurers. The technology has been used to process 1.2 million claims transactions across the world in multiple languages. There have been 200,000 crowd-sourced claims visits and 100,000 live streaming videos have been uploaded.
Potential: The business has 15 client contracts and 14 concurrent live proofs of concept worldwide. DXC Technology is actively marketing the business to its 400 global insurance clients.
The 2018 challenge: Founded in 2010 and with £25m of funding, 360Globalnet needs to move swiftly from proofs of concept to implementations at scale in 2018. The strategic partnership with DXC Technology should help; indeed, it will be an interesting case study to understand whether Supplier InsurTechs are more successful selling ‘through’ an established strategic technology partner than selling direct.