Altus Consulting launched a white paper on 20th September in the heart of London's Insurance industry; - 'Service Disruption; Next Step for Claims' author Patrick Hayward Senior Consultant.
Hayward positions Claims Business Units as a vital Strategic Asset for insurers rather than just a cost centre. He explains it as a competitive differentiator to help transform growth, customer retention, and higher lifetime premiums. Why?
Altus quotes research showing the expectations of customers are demanding with 21% of customers expecting claims to be settled within hours and 100% of 18-24 year olds expecting claims to be settled within a week! The other side of the coin is the Financial Times recently reporting a doubling in complaints by UK consumers for UK motor and home claims. Britain's Financial Conduct Authority (FCA) is applying pressure on insurers to deliver 'good' outcomes and just recently stated that it had 'seen evidence that motor insurance customers whose cars had been written off in a crash had received payouts lower than fair market value'. The FCA ordered one major carrier to review past claims between 2017 and 2022 which has since stated that it would refund £ 30 million to customers.
The Altus White Paper offers encouraging advice to tackle the challenges of what is a complex business managing claims from simple accidental damage to complex escape of water home claims and motor incidents involving third-party injury and subrogation. The main chapters investigate: -
- The current state of claims
- Your journey planner for good claims management
- Lifting the barriers to transformation
- Engineering works- progress update showing how RightIndem and other technology partners are delivering transformation
- Automation and AI augmentation
- The TPA perspective as part of claims management
- Transforming the target operation model
The white paper includes how RightIndem can deliver the transformation benefits of being a technology ecosystem enabler integrating the various core system, point software applications, and platforms that are critical to building out a viable operating model for transformational claims from eFNOL to settlement.
The white paper also includes a use case example in the UK carrier esure with which RightIndem partners together with EIS and EY to transform home claims.
You can download the white paper at https://lnkd.in/e22njdGY to help plan and implement a claims strategy, transformation and competitive advantage that leapfrogs competitors.
