CSC, a global leader in next-generation IT services and solutions, and 360Globalnet, a UK-based digital insurance solutions provider, announced a new relationship, which includes a strategic investment by CSC in 360Globalnet.
Together the companies’ innovative solutions will enable insurance companies worldwide to offer their 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 let customers easily manage the end-to-end claims process via the Internet.
CSC will also provide systems integration services for 360Globalnet’s self-serve digital claims technology, which delivers 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.
"Insurers have always wanted to make the claim process fast, claimant-friendly and accurate," said 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."
"Our clients trust us to help lead their digital insurance transformation, and our collaboration with 360Globalnet will contribute to our strategy of growing CSC’s insurance business and further extending our portfolio of next-generation solutions," said Phil Ratcliff, vice president and general manager, CSC’s Global Insurance Industry.
"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."
"What if everyone involved in the settlement of a claim, from the first notice of loss to repair, had all the real-time data they needed in front of them – text, images and video – moments after it occurred?" asked Paul Stanley, 360Globalnet CEO.
"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."
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 is a leader in the provision of software, services and outsourcing to the insurance industry. CSC leverages its extensive software capability to build services and deliver next-generation technology to insurance industry customers globally helping them build new digital businesses and transform their current operations.
CSC (CSC) leads clients on their digital transformation journeys. The company provides innovative, next-generation technology services and solutions that leverage deep industry expertise, global scale, technology independence and an extensive partner community.