The Value of Valuation
Automation is the key to success and the right system gives you the prerequisites you need. Learn what to look for.
The Policy Holder
The one I trust will be my friend for life!
I expect my insurance company to show transparency, to be fair in every claim, and to give me quick and efficient help when I need it. That’s the sense of security I buy with my premium and what forms the basis for my trust.
Take note …
- A new generation will challenge established structures.
- Transparency, clarity, and availability are the keywords of success.
The CFO
A strong and stable economy provides security for all.
I strive for automated processes that leads to clear savings thus giving us control of costs and providing a quick return on investment. This makes us a stable partner and is the best investment for growth and competitiveness.
Look for …
- a valuation system that provides conditions for reducing pay-out variation to 1–2%,
- a solution that gives full control of claim costs, overall and in detail at object level,
- a new approach that streamlines the existing claims process along with digital channels.
The Head of Claim
Our customers must always get a fair valuation.
Customers expect to be able to reach us through digital channels and it is of vital importance to provide our customers with equal and fair valuations regardless of their choice of channel. To achieve this, we need clear rules for calculating compensation and a system equipped to handle it. That’s how we build long-term trust.
Look for …
- a synchronised and regulated valuation process that works for all channels,
- a system that enables a faster claim process with increased availability and customer satisfaction,
- an approach that ensures transparency and compliance through clear, autogenerated documentation for each claim.
The CCO
Processes and structure are a prerequisite for compliance.
Trust is based on us complying with all regulations and in all claims – big or small. I need to be sure that our customers are always treated according to terms and standards. This is not just something we’ve promised; this is a prerequisite for growth.
Look for …
- standardised reports and calculation methods that provide the customer with a detailed overview,
- a valuation that is supported by advanced internal procedures and based on the largest possible amount of quality data
- a system that records each valuation for internal use with adjustments for Solvency II.
The Actuary
The more documentation, the better the decisions I make.
I am constantly looking for new sources of data in order to develop our insurance and pricing models. With a wise risk assessment, we can offer great insurance coverage at a reasonable premium.
Look for …
- a solution that gathers all data of the claim pay-outs, in detail, in one place, turning Big Data into Smart Data,
- the ability to make data available in an advanced analytics tool or via API in your own analysis systems.
The CTO
Customers in the digital world will not wait for us.
We need solutions that are easy to integrate with operational reliability and state of the art technology. Our external partners must be experts and understand the insurance industry. This will enable us to quickly respond to our customers in the channels of their choice.
Look for …
- a system that is one of the most stable in the world of development (think: Elixir/Erlang),
- a solution that is accessible via the browser, i.e.no installation, no maintenance costs, and/or via REST APIs embedded in your systems,
- a development team that knows everything worth knowing about a claims process.
The Grandmother
A digital world must be open to everyone.
I want to be able to trust that I won’t be forgotten by my insurance company. I expect to continue to be treated like everyone else, receiving your full attention when I, despite living in modern times, want to reach you by phone or regular mail.
Take note …
- take advantage of past experience when developing new solutions; it pays off,
- show respect for the customers you have today; you won’t regret it tomorrow,
- and never forget Grandma. She’s the background to our future.
Get digital in a couple of weeks!
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