Willis Towers Watson (WTW) has revealed an update for Claim Metrics, its bespoke motor claims benchmarking platform specifically targeted at personal lines insurers in the UK.
According to WTW, Claim Metrics 2.0 provides claims leaders, underwriters, pricing teams, reserving actuaries and senior management with vital insights into data such as profitability drivers and inflation trends to help insurers improve their claims performance.
Some of the features in the updated version include a dynamic dashboard that makes it easier to analyse and compare claims performance across a broad range of operational and financial metrics, increased segmentation to achieve a higher level of granularity of the data, and the ability to conduct rigorous, fact-based analyses that are based on six years of historical data.
WTW added that the Claims Metrics subscription service is built on insights taken from £14.5 billion worth of claims. It also provides additional features to make it easier to work remotely, given the COVID-19 pandemic.
“This latest release of Claim Metrics represents a material step forward for progressive UK claims leaders, as our business intelligence platform now provides self-service benchmarking via Software as a Service (SaaS) technology,” said Tom Helm, head of claims consulting, Willis Towers Watson. “This places visualisations in the claims experts’ hands, with highly dynamic functionality which better empowers users to make rapid, data-driven decisions.
“The major boost in performance and user experience has sharpened the capability of claims, pricing, reserving and underwriting teams to independently analyse detailed claims performance against market data, track claims inflation and understand emerging trends.”