Citing "efficiencies of scale," PriceWaterhouseCoopers LLP is advising insurance companies to share talent with large groups of claims adjusters, as part of its five dimensions to a successful claims transformation.
Among the points in the PwC report, 'Claim to fame: Positioning the claims function for operational excellence,' are recommendations to use analytics to understand their customers’ patterns of behaviour, and to integrate advanced telephony systems with their claims systems.
PwC listed 'five dimensions'to a successful claims transformation. One is the operating model.
"Build efficiencies of scale where possible by sharing talent among larger groups of adjusters with specialized skills to allow for better internal work balance and sharing among adjusters," states the report. "Outsource where appropriate to deliver high-quality service to claims customers while maintaining due focus on the core business."
It also listed using advanced technology, advising insurers to ensure that the new claims system is connected with other systems (such as policy administration) to share data across the organization.
"Implement advanced telephony integrated with the core claims system to track data from customer interactions," states the report.
Information and analytics, another dimension, involves getting to know customers, their expectations and patterns of behaviour.
PwC uses one leading insurer (which it doesn't identify) that uses "third-party fraud frameworks within special investigative units, resulting in increased efficiency and accuracy by preventing, detecting, and managing claim fraud." (continued.)
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The insurer is applauded for partnering with "third-party data providers to provide real-time data (such as geospatial, workers' compensation injury reporting) that is integrated into insurer's claims operations."
The fourth dimension highlights the 'customer experience, stating that a successful claims transformation entails minimizing the number of touch points that customers need.
'Integrated management,' the fifth dimension listed in the report, involves integrating the claims function with other departments in the company.
