Last week, I shared three business imperatives driving insurers to retool their claims systems. In addition, I hope you’re tuning into Michael Costonis’s series highlighting the results of the Accenture Claims Investment survey.
Priority 1: Core replacement
While Accenture research found that core replacement is a top priority for insurers, many are held back by their IT departments. Core replacement doesn’t need to be an onerous, all-hands-on-deck task. Today’s options include software as a service (SaaS) that enable insurers to upgrade claims capabilities without suffering downtime or the headache of a giant IT project.
Priority 2: Developing analytics
While most insurers are aware of the advantages of harnessing advanced analytics, not all are equipped to do so. Common stumbling blocks include data management (from both structured and unstructured sources), data quality and rules configuration. With advanced analytics capabilities, insurers can make better decisions, and improve their fraud and subrogation activities.
Priority 3: Investing in the workforce
Accenture research reveals that many P&C insurers have trouble attracting and retaining good claims adjusters. I’ll leave the topic of talent management aside for now, focusing instead on how insurers can make it easier for claims professionals to work productively and efficiently. For example, having a claims system with an intuitive, easy-to-use user interface (UI) can go a long way, as can automating routine, manual processes.
These tools can also go a long way to helping junior adjusters focus on the key elements of investigation and settlement, rather than administrative tasks. Especially where younger adjusters are concerned, having state-of-the-art tools that are compatible with smartphones and tablets can also improve retention.
To learn more, download Choosing the Right Path to Improving Claims Systems (pdf; opens in a new window).