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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


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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.

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Fantastic claims – Bain & Company Report

Article Synopsis :

75% of all premium flows through the claims function of the typical insurer.  Percentage point improvements in claims processing efficiency therefore flow largely to the bottom line.  But claims are also a moment of truth between carrier and policyholder, and an efficient claims process that alienates customers also damages reputation and brand, and long-term top-line revenue.

 The Digital Insurer reviews Bain & Company’s Report on Fantastic claims

An accounting line-item for insurers; the emotional moment of truth for policyholders 

The report “Fantastic claims” by Bain and Company’s Steven Kauderer and Rebecca Tadikonda, highlights the crucial role of claims handling in relationship building and the delivery of high-quality experience to P&C insurance customers.  Market leaders in claims efficiency and customer experience, the report asserts, concentrate their transformational efforts in four areas:

  • Earning customers’ loyalty
  • Upgrading to smarter digital technologies
  • Tuning the adjustment process for efficiency and accuracy of payouts
  • Selectively using specialists

Segmentation is key.  With smarter segmentation some carriers find it increasingly attractive to outsource the majority of ‘simple’ claims, while keeping more complex and large-loss claims in-house. Per the report, outsourcing offers several benefits such as:

  • Access to global talent, combined with cost savings through labour arbitrage
  • Higher productivity by leveraging best-in-class practices and large-scale IT investments
  • Flexibility through variable-cost models
  • A better experience for commercial customers through more tailored updates, reporting and handling. Third-party administrators tend to have more flexible systems than insurer’s own core systems

Specialization is also key. Specialist expertise, whether in-house or external (contractor), proves valuable in three areas: litigation management, fraud detection and medical management.

For legacy carriers, the bulge of aging claims employees nearing retirement means valuable knowledge will be walking out the door. Capturing and codifying their experience so that junior adjusters can learn more quickly contributes substantially to successful claims management in the future.

Link to Full Article:: click here

Digital Insurer's Comments

Most carriers – by necessity in a continued low-interest rate environment – put operational efficiency ahead of customer experience when it comes to the claims function.  Higher productivity, lower cost per claim, reduced fraud, all trump the quality of customer experience.

But carriers forging stronger ties with customers are better positioned to counter the “price only” proposition for new customers and to cross-sell existing customers.  And the strongest ties are formed during the claims process – when the policyholder becomes emotionally involved with the carrier.

The journey to claims excellence begins with an assessment of the claims function from the customer perspective.  From there flows a re-engineering of the claims function, including new technologies and workflows, that exploit not only new efficiencies but new ways of connecting with policyholders.

Link to Source:: click here


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