6 WAYS A MODERN CLAIM SYSTEM SHOULD EMPOWER A CARRIER
From 2003 – 2010, many new claim systems were deployed that included some configuration capabilities and even some workflow. However, strong claim systems of the early 2000’s have hit snags to doing business today, causing carriers to consider next steps. Should they invest the time and effort in a version upgrade and endure what is, in effect, the deployment of a new system?
Consumer expectations have exploded in the past five years, and the pace of change has exposed the earlier systems’ limitations. Claim administration systems today need to focus on empowering:
• Improved decision making across the life cycle of a claim. This can be accomplished with a combination of rules and workflow to automate decision making and trigger tasks to the correct decision maker when needed. Examples include reducing overall exposures from coverage verification/limit checking, fraudulent behaviors of claimants/ vendors, or keeping ahead of regulatory requirements.
• Improved customer service for policyholders and claimants. Look for systems having centralized management of customer/vendor information, including a 360-degree view of how they are involved with your operation.
“One click” access to their data helps ensure responsive customer support calls. Services for email and text messaging for communication with adjusters, managers, policyholders/ claimants and vendors enable prompt staff actions. Your customers can be informed – in a modern way – throughout the life of the claim. Plus, providing simple, technically advanced self-service capabilities is paramount.
• Increased agility, flexibility and reaction in the claims operations. Market conditions are changing as well as policyholder/agent expectations and vendor capabilities. If your claims operation can react quickly to such forces, your organization is on its way to staying competitive. Anticipating the “change tsunami” now underway in the P&C market, StoneRiver invested in an architectural framework and service-oriented architecture and used a highly configurable approach through meta-data and rules.
The result? Carriers gain an ability to change rapidly (hours or days rather than weeks), whether it’s:
• Adding a value in a drop-down • Adding a new data element on a screen • Adding a business rule • Adding a work item/note/document template for a changing workflow
• Replacing a third party vendor service/interface, or • Introducing a new line of business
• Improved productivity and reduced operational costs. Using workflow and assignments to ensure consistent workflow and processes across the claims organization improves productivity and internal expenses. In addition, using modern technologies and a “configuration first” approach to support more flexibility and lower cost when reacting to changing business needs reduces reliance on expensive IT resource and antiquated technology.
• Improved data access to ensure that staff, managers, and supervisors have the information they need to run an effective operation and to ensure that information is reliable. Today’s claim systems include operational data store and change tracking, standard reports, KPIs, dashboards and ad-hoc reporting specifically focused on the P&C industry.
• Modernized, intuitive user interface, which is configurable through rules, to improve the overall user experience and effectiveness. Introducing a consistent, simplified method to navigate and providing the user with the ability to multi-task without losing data provides for operational efficiencies. Giving individual users the ability to set up their work views as they see fit for their specific role just enhances this efficiency. A “number of small things add up to big improvements” is what we have heard from those familiar with the new Stream® user interface. Moreover, keeping the navigation simple and consistent allows for a rapid and easy onboarding of new staff or the reallocation of staff to support catastrophe situations. Consistency breeds productivity.
If these six areas address your organization’s objectives, it might be time for a claims initiative. Whether you’re looking at a claims initiative next year or further out, be sure to consider what good technology should do.