We have years of experience working on different claims operating models. One size does not fit all - but best practice is attainable for any insurer.
Claim file review
So much can be learned from a claim file review. When you need to know what is really going on there is no substitute for information ‘straight from the coalface’. Are the processes and strategies management believe are in place evident in the claim files? What factors lead to claims becoming difficult and long term cases? How do I compare to my competitors and best practice?
A claim file review may be commissioned: to better investigate claim leakage, understand emerging trends, inform strategy, and to benchmark claims management against best practice principles.
Finity has extensive experience in conducting reviews – including workers compensation reviews and other long tail portfolios. Our experience is that savings as much as 15% - 20% can be achieved by a targeted review of larger claims.
Whatever the scope of the review, similar themes often emerge. This has led us to identify the common pitfalls in claims management, and develop helpful strategies that claims managers can use to avoid them.
Common pitfalls in claims management occur in four key areas:
Best practice claims management:
- Starts from the top, with the way the organisation sees its claims operations
- Requires that systems and resourcing support proactive and strategic claims practice
- Relies on meaningful analysis and measurement feeding back into strategy.
Our claims transformation process, FinClaim, gives you a cost effective, integrated view of claims operations.
Gain practical advice to drive down claims costs and improve your overall customer experience.
Case study / Finclaim
The client's challenge
A personal lines insurer wished to revisit its product strategy for the purpose of acquiring new members and increasing product penetration per customer. The scope was broad - to scan the personal and commercial insurance market and comment on future trends.
What Finity did
Extensive market research on 60+ new insurance products and product extensions. We developed a scorecard to assess and rank each product, looking at: profitability, future growth, market competitiveness, brand alignment, staff expertise, system capability requirements, capital requirements and risks associated with the new product. We delivered a paper on the future of insurance, sharing views on digital disruption, the sharing economy and customer life-time value.
The insurer developed a powerful strategy to release an innovative product within six months of our project and incorporated our research in developing their 5 year plan.