Building a Business Case for a Claims System


Description

Reading Time: 10 min.

Building a business case for a new claims administration system includes highlighting and quantifying opportunity and outlining current challenges. Two of the greatest opportunities revolve around customer service and greater efficiency.

To a large degree insurers implement new claims systems to improve the level of claims process automation. Customers gain an improved claim experience and higher level of service. Insurers get administrative efficiencies, which in turn shorten the claims life cycle. Carriers can also optimize trained and experienced adjuster productivity, reduce claims leakage and therefore lower the total loss cost, and help retain adjuster resources, which are becoming scarcer. Here are some considerations.

• Process Efficiency
• First Notice of Loss (FNOL) Triage
• Fast-Track Claim Efficiencies
• Leakage Reduction
• Speed: Faster is Better
• Integration of Other Data Sources
• Customer Experience
• Catastrophe Claims
• Adjuster Recruiting and Retention

  • Topics:

    • Business Intelligence
    • thought leadership