Many insurers know they should undertake a claims system transformation, but are intimidated by the perceived magnitude of the process. At Accenture, we firmly believe that claims system transformation is within the reach of every insurer.

What’s the business case?

The first question an insurer must ask: What’s the business case? The importance of a strong, well-defined business case cannot be understated. The business case acts as a blueprint for the claims transformation process to help an insurer prioritize initiatives. Importantly, it also keeps the project within scope. To develop a robust business case, insurers should:

  • Engage all the relevant stakeholders—both business and technical—and obtain their buy-in.
  • Identify the pain points driving the push for claims system transformation, the target future state and the potential benefits of achieving that future state.
  • Consider the far-reaching consequences of achieving the desired future state, especially its affect on other business units, as well as the insurer’s operating and business model.
  • Establish clear and measurable goals that serve as benchmarks for the success of the project.

Notably, the future state should equip an insurer to adapt to today’s challenges, as well as those of tomorrow and beyond.

 

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