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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Claims transformation – E&Y report

Article Synopsis :

For years claims organizations have been cutting costs, tasked with doing more with less. Most legacy claims operating models and systems have not been sufficient to keep pace with dramatically increasing consumer expectations.

 The Digital Insurer reviews E&Y’s Report on Claims transformation

A sea of new technologies is prompting insurers to re-think their direction on claims

In the report “Claims transformation – Riding the wave to sustainable results”, E&Y highlights global industry trends and posits the case for transformation of the claims function across the insurance industry. The report identifies five  factors driving the need for broad-based change, discussing the trends and implications within each:

  • Cost and pricing pressures
  • Technology and data excellence
  • Customer centricity
  • Regulatory scrutiny
  • Talent management

Per the report, insurers seeking fundamental improvements in their claims operation need to answer these critical questions:

  • How do we take advantage of the wealth of claims data and technology?
  • How does our claims function contribute to the overall data and analytics capabilities of the organization to improve overall  company performance?
  • How do we enhance the customer experience, making the customer a more integral part of the claims process?

Nine specific activities insurers ought to be thinking about include:

  • The claims target operating model and organizational design
  • Claims transformation business case development
  • Claims capability and maturity assessment
  • Claims analytics and predictive modelling
  • Claims fraud detection, investigation, and controls
  • Claims customer experience
  • Claims technology assessment and enablement
  • Claims change management
  • Claims quality and leakage assessment

Link to Full Article:: click here

Digital Insurer's Comments

The claims function is a critical moment of truth in the insurance value chain.

Considering that, on average, 75 cents of every dollar collected in premium runs through claims it’s easy to understand why the historic focus has been on minimizing claim processing costs and payouts, as every dollar saved is a dollar to the bottom line.

But emerging technologies such as social media and analytics, delivered via the seemingly infinite scalability of the cloud, are game changers. Insurers are enticed by juicy new capabilities for more efficient and accurate processing of claims, as well as challenged by higher customer expectations around what the claims experience should ‘feel’ like.

Large-scale investments in processes, technology and talent in claims offers a huge opportunity for insurers to get ahead – or get left behind – in the digital world.

Link to Source:: click here

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