Leading financial services consultancy Altus Consulting today publishes an exclusive new whitepaper focusing on claims modernisation.
Increased regulatory scrutiny and changing customer expectations are driving the need to make the claims experience central to insurer propositions, whilst the financial impact of rising claims costs and the burden of legacy technology conspire to limit their ability to implement transformational change in this area.
What is needed is a more global rethink of how claims are managed, with a clear focus on exceeding customer expectations of the process, rather than an incremental approach to delivering ‘digital claims.’
We explore how the delivery of this requires not just a revolution in technology but fundamentally, a revolution in mindset. Whilst there are areas that will always be beyond the immediate control of the insurer, the industry has the method and the means to optimise the end-to-end management of claims.
Insurance Consultant Patrick Hayward, who authored the whitepaper, commented: “Claims innovation has not historically seen the same levels of investment as the manufacturing and distribution end of the insurance value chain. To deliver real transformation in claims, we need to move beyond updates to the system of record and digital loss notification. To achieve this insurers need to gain clarity on the current overall state and the target operating model, before embarking on a programme of change. For this to be successful, the claims function and other interdependent parts of the business need to be brought fully on board, and full transparency of the transition states as an insurer implements a new model will ensure this is a smooth journey.”
The Altus Consulting whitepaper, ‘Service Disruption: Next Stop for Claims’ provides exclusive in-depth analysis on the future of claims delivery.
It can be downloaded free on the company’s website.