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World insurance report 2011 – Need of claims transformation – Capgemini and Efma report

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Article Summary :

As insurers strive to lure the digitally engaged, claims processing is one area where they will have to focus in order to stay ahead of the competition. Capgemini and Efma in their “World insurance report 2011”  provide a high level perspective on achieving sustainable claims transformation and highlight that insurers will need to improve efficiency and effectiveness in claims in order to deliver superior customer experience.

 The Digital Insurer reviews Capgemini and Efma’s Report on World insurance report 2011  - Need of claims transformation – Capgemini and Efma report.

Claims transformation must form part of insurers’ digital journey

Key Insights :

The report highlights five market factors responsible for accelerating the need for insurers to transform claims processing:

  1. The changing external environment
  2. Aging technology is contributing to process inefficiencies
  3. Increasing complexity in claims processing
  4. Contingent liability risks are growing
  5. Lack of customer-centricity

The report also suggests that by investing in claims processing, insurers can derive tangible value in four key areas:

  1. Efficiency and effectiveness in claims adjustment/processing
  2. Risk management to reduce the impact of contingent liabilities on indemnity costs
  3. Customer retention
  4. Customer acquisition

The three actions suggested in the report for claims transformation are:

  1. Implement/Stabilize a reliable claims processing platform
  2. Optimize fraud management to reduce costs (and ultimately improve combined ratios)
  3. Leverage the full value of claims data management

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