Last week, I introduced three considerations for insurers as they look at their claims capabilities. There are three more factors affecting the claims function: people, risk and technology.
The people imperative
With an aging workforce and recent cost-cutting measures, there are fewer claims professionals today than in the past, and those that remain operate in a highly distributed fashion. Combined with customers’ desires to be an active part of the claims process, today’s claims professional must be connected through collaborative tools and distribution channels—to each other, to customers and to vendors.
The changing face of risk
As our world becomes more complex, so has risk. Terrorism and cyber claims were unimaginable a few years ago, but today are common. A sharp increase in the frequency and severity catastrophes in 2011 resulted in worldwide weather-related losses of a record-breaking $105 billion. Insurers must be experts at managing new forms and levels of risk, using data to enable agility and fast response times.
The evolution of technology
Technology can enable innovation, efficiency and more effective decision making, provided that insurers are able to capitalize on these opportunities. Insurers need architectures that are agile and adaptable. Key attributes include the ability to respond quickly to new developments, to integrate with other systems and the ability to configure capabilities as needs change.
Next week, I’ll share three actions that can enable an insurer to drive effective claims transformation.
To learn more, download Claims at a Crossroads: Accenture Claims Transformation Services (pdf; opens in a new window).