In the case of Property & Casualty (P&C) or ‘General Insurance’, this encompasses regulatory changes and impediments, fraud – both organised and opportunistic, and both contractual and customer services issues which, in turn, drive significant customer churn.
This white paper explores how these complicated business issues are often placed before Chief Claims Officers or senior claims executives to solve. With both board-level accountability for financial and performance goals, these individuals are under pressure like never before.
For insurers, profitability is built on the three pillars of adjustor performance, customer satisfaction and individual career success. Senior claims executives can succeed in their task when equipped with an in-depth understanding of the impact of fraud, customer churn, profitability and the need to drive down claims spend. Understand – and be able to influence – these variables and the modern claims executive’s life is considerably less stressful.
There are various ways for claims executives to achieve this, but it all starts with equipping claims teams with the technology and analytic tools they need to do two things: provide an excellent customer experience and spot claims that are suspicious or downright fraudulent.
In this paper we offer advice on:
- Reducing customer churn
- Running a profitable claims business
- Driving down claims spend
- Using analytics tools to improve your capabilities
With some carriers seeing a fifth of their revenues swallowed by fraud-related costs, fraud prevention and detection can no longer be viewed by senior claims management as an ‘ancillary function’ that slows down claims-related Key Performance Indicators (KPIs).