Best Practices for Transforming Claims Systems

Report Summary

Best Practices for Transforming Claims Systems

November 2016 - Property/casualty insurers planning claims transformation efforts should start with a clear view of their strategic goals, whether it’s planning new processes to support new leadership, enhancing performance to support growth, or committing to clear cost reduction. They should reevaluate their success metrics, and be wary of drivers like avoiding leakage, while considering future-looking benefits like enhancing retention. Diverse teams are required, including involvement from actuarial and product design.

Claims transformation requires considering role specialization, litigation support, and a wide range of external dependencies, as well as understanding the potential impact of emerging technologies like mobile, medical analytics, IoT, and cognitive intelligence.

This checklist is designed to help insurer CIOs maintain focus on the most important elements of a successful claims transformation. This checklist provides important areas of attention to ensure a successful claims transformation.

The Checklist

  • Write down the strategy and share it
  • Gain strategic clarity
  • Define the key measures of success
  • Assemble a cross-discipline team
  • Understand the evolving processes and organization
  • Assess the impact of emerging technologies
  • Apply core system project best practices

 

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