Today’s Chart of the Week looks at time allocation for the average claims professional. Based on Accenture research on insurance claims performance, it’s clear that there is still significant room for insurers to transform the claims function.
Claims efficiency: Where did the day go?
Accenture’s ongoing, systematic study of claims performance dates back to the 1990s and includes:
- More than 50,000 claims reviews.
- More than 4,000 interviews with claims professionals.
- Research across companies operating in more than 10 countries.
As Figure 1 indicates, there’s significant room for insurers to transform the claims function. Claims professionals still spend nearly half of their day on activities that don’t impact the outcome of the claim.
It’s not enough to pursue isolated, occasional improvement initiatives. To build a durable competitive advantage through claims performance, companies need to embrace a holistic vision of a newly configured claims operation. Patching yesterday’s solutions simply won’t do it.