CLAIMS PERFORMANCE Building Consistency & Predictability Into Your Claims Process TERRY TATE.
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Transcript of CLAIMS PERFORMANCE Building Consistency & Predictability Into Your Claims Process TERRY TATE.
CLAIMS PERFORMANCE Building Consistency & Predictability Into Your Claims Process
TERRY TATE
TRUE OR FALSE
“move claims from a cost centre to a profit centre’’
IDENTIFYING THE ORGANISATIONS BONES
Back Bones Wish BonesKnuckle Bones
RULES & EXPECTATIONS
Encourage Questions and Interaction People, Process Technology Perspective No Buzz Word Bingo
INTRODUCTION
Country QLD Born and Bread
Father of two with one on way in 48hrs
Ex-Professional NRL Player
Racing Enthusiast
Serial Entrepreneur
Insurance Futurist
Founded and built large claims management and claims technology businesses and more recently expanded internationally.
Experienced in claims, claims process, supply chain performance and developing emerging technologies to support claims transformation
NEVER TOO BIG TO FAIL
BlockbusterBoarders BooksNokiaBlackberry Kodak
TRUE OR FALSE
“claims executives are at
a crossroads’’
CONSIDERATIONS TO BUILD FOUNDATIONALLY STRONG CLAIMS PERFORMANCE
CUSTOMERS
TECHNOLOGY
PROVIDERS
PROCESS
PEOPLE
SOCIAL , MOBILE, ANALYTICS, CLOUD
CQL OBJECTIVES
THE NEW CUSTOMER GENERATION X-PECTATION
The New Customer A Digital Savvy, Mobile Enabled Sceptic who questions conventional assumptions and insists on deal on his or her terms.
SMAC YOUR STRATEGY
Cloud
Social
Analytical
Mobile
YEAR 2020 EMERGING TECHNOLOGIES 3D Printing
The Internet of Things (IoT)
Drones/Aerial Imagery – Drones
Driverless Vehicles
Artificial Intelligence
Semantic Technologies
Biotechnology
Wearable Devices
Gamification
ANALYTICS – THE DATA EXPLOSION
Customer are increasingly better connected, instrumented and intelligent.
TRUE OR FALSE
“road map for future proofing
claims resilience ’’
THE ROADMAP FOR BUILDING RESILIENCE
1. Tackle the whole and not the pieces2. Stand lifecycle out as a core
measure3. Recreate the claims professional 4. Maximise the use of technology 5. Build business intelligence that’s
meaningful
TACKLE THE WHOLE AND NOT THE PIECES
No quick fix systems or process Take a holistic view of the claims
People Process Technologies
Embrace ‘end to end’ ‘bottom to top’ Ensure views can achieve business objectives Must be supported by well defined processes Compliment with meaningful metrics Foundation for Continuous Improvement
STAND LIFECYCLE OUT AS A CORE MEASURE
Claim
Lifecycle
Customers Experience
Broker Advocacy
Policyholder Retention
Brand Advocacy
Claim Lifecycle
Utilisation of Resources
Staff Performance
Supply Chain Value
Claims Cost
Customers Perspective Insurers Perspective
RECREATED THE CLAIMS PROFESSIONAL
Equip them with the right tools and systems Encourage innovation and new ideas reward itDevelop a strong back end office to support them
Develop meaningful metrics to ensure performance is aligned to strategy via balance scorecard
If you want them to care, connect them to the value they create.
ELIMINATE NON-CORE ACTIVITY
MAXIMISE THE USE OF TECHNOLOGY
Technology is the foundation of transformation
Must go beyond replacing legacy systems
Step change approach needed to set up ‘outcome orientated claims delivery’
Technologies must be available to all parts of the business
Simply put claims technology must; Capture data at granular level Interrogate it in real time Present customer and outcome analytics Be able to evolve processes based on these outcomes
Take advantage of the developments such as cloud where systems can be rapidly deployed as SAAS
BUILD BUSINESS INTELLIGENCE THAT’S MEANINGFUL
Customer Analysis
Supplier Analysis
Lifecycle Analysis
Cost Analysis
Connect people who impacts the outcomes