SMA Report Examines Claims Transformation for Insurers
Staff Writer | April 01, 2015
Strategy Meets Action (SMA), announces the release a new research report, Claims Transformation: The Journey Beyond Modernization. This report provides a look at how to achieve true claims transformation, using modernization as a springboard to reinvent claims processes across the enterprise. It introduces a new paradigm for the claims business model in the 21st-century and gives practical examples of what that will look like for the Next-Gen Insurer.
"Claims transformation is bigger than modernization, encompassing changes to the entire claims business model and philosophy rather than simply the day-to-day processes of claims operations," said report coauthor Karen Furtado, SMA Partner. "Transformation touches all areas of an insurer’s business, establishing an organization with the right skills to support the new technology and vision of claims, the business capabilities that support the elevation in services, the redefinition of risk management, and the technology that supports—and takes advantage of—the continued advancements in the market."
Claims is the moment of truth for insurers, where they deliver on their promises to policyholders in terms of customer service as well as restoration. It is the single most critical touch point between insurers and their customers and can have a huge impact on renewal decisions. The policyholder experiences firsthand the services an insurer provides and can compare them to the customer experience they anticipated. A single claim can make or break a customer's loyalty.
The digital revolution is changing what top-notch customer service looks like. As policyholders bring their customer service expectations from other industries, suddenly the old claims process looks very old indeed. This important new report shows insurers and solution providers how the end-to-end claims process needs to change and what rewards they can gain from those changes.
"When insurers modernize their claims management solutions, they are laying the foundation for a better customer experience," commented report coauthor Denise Garth, SMA Partner. "Insurers are positioned to transform their business models to predict rather than detect, alert rather than react, and prevent rather than restore. Claims transformation allows for new value propositions and leading-edge, value-added services that encompass safety, security, protection, mitigation, and prevention. We're looking at the evolution of the entire philosophy of claims, and the market leaders are already starting to reap the benefits."
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