But an upgraded system doesn’t need to supply every desired function. Post Lloyd’s Blueprint 2, it is more important to invest in a core system, which can be integrated with specific tools and enhancements to provide functionality in specific areas. Recent trends in leveraging technology affect the entire claim value chain, including core claim, technical, and support processes.Īchieving excellence in claims is not just limited to improved core legacy claims management system but is now expanding to include advanced data analytics and performance management. Business claims process automation and technology enablement projects, when employed with training to enhance new capabilities, can reduce claims adjusting expenses and increase productivity levels.Īlthough the benefits can be substantial, there are a number of potential technology investments areas for insurers to choose from. DOCOsoft has been very successful at building claims management systems for more than 20 Managing Agents in recent years but we recognise that although a critical foundation, a core CMS cannot address all requirements. It can, however, be the springboard to so much more.Ī CMS can be the bedrock supporting the efficient capture of data, effective analytics, automation of key processes, and digital channel enablement. This shows that improving operational efficiency and customer satisfaction in claims depends heavily on an effective technology infrastructure and investment in people.
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Their threat intelligence and data gathering are fed back to their underwriting teams, so they know what to look out for when quoting risks, and also to the clients, who receive advisories on the latest cyber threats and how to avoid them. The claims function does not sit in a silo.
Specialists from a range of backgrounds staff their claims team.
New threats such as outages caused by cyber attacks, for example, require claims teams to ditch out dated silo mentalities and start to work more closely with their underwriting colleagues. Companies like CFC, for example have deepened their bench of in-house technical cyber security experts who form the frontline response to any client cyber event. The pace of change in insurance is moving fast.
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