Claims Management - 10 Strategic Steps to Improve Customer Experience
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1 Why claims needs a strategic focus Presented by Graeme Adams 13 November 2014 Panel Nick Careless Frazer Walker, Graham Howard Limebridge 2014 Finity Consulting Pty Limited
2 Today s presentation 1. Claims trends and strategic issues 2. Panel discussion 2
3 Trends impacting claims MEGA TRENDS Demographics Technology Social (Gen Y!) Economic shifts Regulation Operating models Technology Customer experience People investment INSURANCE CYCLE Premium increases harder to achieve Desire for certain results Focus on reducing costs Channel strategy Pricing strategy Claims strategy? 3
4 Why be strategic? Biggest cost to the business Potential risk and reputation issues Good execution = potential to rust on the customer Good execution = competitive advantage 4
5 Trends and drivers of change Trend Driver Big insurers response Niche insurers response Changes to operating models Reduce claims handling costs Reduce claims costs Use scale advantage Use niche advantage Increased technology Reduce claims handling costs Reduce claims costs Richer customer experience (online, SMS) Use scale advantage Apply low cost technologies Investment in reporting and analytics Improve cost control Extend existing capabilities Develop new capabilities Integrated approach to customer experience Improve customer experience Reduce risk exposure Grow the top line 5
6 The place to start manage what you measure! Gain deeper insights through Existing, well understood data sources and business intel Easy but sophisticated reporting eg: applying pricing and reinsurance data and models to claims management 6
7 Claims management: balancing stakeholder needs Know what to measure, report, respond and refine Benchmark your business Customer experience Measure customer outcomes Improve the customer experience Improve and integrate supply chain Sustainable cost Supplier Strategic end state Insurer Drive process efficiency Optimise technology Engaged people Optimal cost outcomes Process 7
8 Claims management : balancing stakeholder needs Improve the customer experience Measure customer outcomes Customer experience Drive culture alignment 8 Manage risks Operating model Claims strategy Manage your brand Improve and integrate supply chain Sustainable cost Process Drive process efficiency Optimise technology
9 How do you turn claims into a competitive advantage?
10 Our panel experts Customer experience Graham Howard Supplier Optimal cost outcomes Strategic end state Insurer Process Nick Careless Graeme Adams 10
11 It is how well and how quickly you execute that will give you a competitive advantage
12 Distribution & use Reliances & limitations This presentation is being provided for the Finity Niche conference. It is not intended, nor necessarily suitable, for any other purpose. This presentation should only be relied on for the purpose for which it is intended. No other distribution of this presentation is permitted without our prior written consent. Third parties, whether authorised or not to receive this presentation, should recognise that the furnishing of this presentation is not a substitute for their own due diligence and should place no reliance on this presentation or the data contained herein which would result in the creation of any duty or liability by Finity to the third party. We have relied on the accuracy and completeness of all data and other information (qualitative, quantitative, written and verbal) provided to us for the purpose of this presentation. We have not independently verified or audited the data but we have reviewed it for general reasonableness and consistency. It should be noted that if any data or other information is inaccurate or incomplete, we should be advised so that our advice can be revised, if warranted. It is not possible to put a value on outstanding claim and premium liabilities with certainty. As well as difficulties caused by limitations on the historical information, outcomes remain dependent on future events, including legislative, social and economic forces. In our judgement, we have employed techniques and assumptions that are appropriate, and the conclusions presented herein are reasonable, given the information currently available. However, it should be recognised that future claim emergence will likely deviate, perhaps materially, from our estimates.
13 Contact Graeme Adams Tel: Mobile:
14 Questions for the Panel 1 What should a CEO be concerned about in relation to the claims operation. 2 To what degree should insurers be concentrating their efforts on improving the process and culture, rather than just the technology? 3 How is digital transforming claims? 4 What should a niche insurer be focussing on to improve the customer claims experience? Is a better customer experience always more expensive to deliver? What drives the most value driving down the cost of claims, or driving up the customer experience, or brand protection?
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