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Positioning the claims function for operational excellence – PWC

Article Synopsis :

The claims experience is often a defining moment in the insurance customer’s life cycle, and many insurers are prioritising investment in digital technologies to deliver an enhanced claims experience.

 The Digital Insurer reviews PWC’s Report on Claim to fame - Positioning the claims function for operational excellence

Enhancing the claims customer experience can help insurers achieve their business objectives

In the financial services view point report “Claim to fame – Positioning the claims function for operational excellence”, the PWC team highlight how the claims process is one of the most visible processes to customers and why insurers need to focus on enhancing the claims customer experience. The report also showcases the current industry practices and presents a framework of response for successful claims transformation.  As outlined in the  report, a successful claims transformation requires insurers to take into account five core dimensions:

  1. Customer experience
  2. Operating model
  3. Integrated management
  4. Advanced technology
  5. Information and analytics

The report stresses that implementing the right claims operations strategy and model can help insurers achieve their business objectives and identifies the following benefits of a successful claims transformation:

  • Offer superior claims and policy service => Enhance customer retention
  • Distinguish the company in the marketplace => Improve brand recognition
  • Boost efficiency and cost savings by using internal and external information and analytics to power decision making => Reduce costs
  • Improve productivity and fuel continuous improvement => Stay competitive and current
  • Retain talented and experienced claims staff => Cultivate a dynamic talent pipeline

The view point report also identifies the following potential obstacles to claims transformation and outlines potential methods of addressing them:

  • Legacy data and analytics challenges => Design sophisticated, well-thought-out analytics
  • Budgetary constraints => Focus on return on investment
  • Functional silos => Use integrated processes, well-orchestrated data models, and integrated systems
  • Lack of aligned, properly trained talent => Tackle training and deploy change-focused communications

Link to Full Article:: click here

Digital Insurer's Comments

Given the critical position that the claims experience holds in the customer lifecycle, it’s imperative for insurers to acknowledge the intricacy involved in transforming claims from a cost centre to a growth enabler.  Technology is now within everyone’s reach and innovative solutions can enable insurers to reclaim the pivotal place in the customer-powered digital revolution. Leaders are already focusing on designing seamless, integrated, omni-channel options to differentiate customer experience as it represents the single largest opportunity for competitive advantage. The model of claims handling has undergone exceptional changes over the last few years and we believe that emerging technologies such as predictive analytics and telematics will play a pivotal role in achieving customer-centricity and operational excellence in claims management.

Link to Source:: click here

 

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