Claims Modernisation: The Future (it’s closer than we think)
The claims community has played a key role in the delivery of electronic claims handling (ECF), introducing CTP (Claims Transformation Programme) and more recently, has worked with the LMA to successfully introduce real-time claims messaging (Write-Back) to enhance the claims handling process and improve data capture throughout the claims lifecycle. All of which, for the 23 carriers that have adopted , have provided the opportunity to improve service by speeding up the notification process, enhancing the triaging and validation of claims, as well as removing multiple touchpoints and duplicative efforts that exist within the areas of claim handling and management.
Real-time messaging, containing a greater volume of data, has provided carriers with the opportunities to enhance their claims operating model and start to provide the right toolkit to the claims professionals that are focused on claim handling decisions, the management thereof, and the level of service that this provided . This is all achieved by having a greater level of data available to claims teams at a faster rate, providing a better level of control over volume, trends, service levels and performance. A carrier also has the flexibility to consider other areas of opportunity (to their service and value proposition) such as predictive analytics, robotics and automation, and the potential insourcing and outsourcing arrangements managed by third parties or satellite offices, all driven and supported by data and technology, including real time messaging that can support bureau and non-bureau business to provide a global claims platform and a seamless service.
Whilst the claims community has not stood back and waited for these market initiatives to be thrust upon us, we have only just begun to scratch the surface in terms of market changes and we need to accelerate the claim modernisation agenda.
Robotics and automation, predictive analytics, and core central services to support areas such as; expert management, direct settlement, loss fund management, satellite imagery and radar, as well as structured data capture (SDC) are just some of the areas that the LMACC is exploring to ensure that the claims community remains on the front foot and, along with the wider claims community, is the drive behind the claims operating model of the future.
Claims professionals within the market continue to provide an unrivalled level of service and expertise whilst they are also nurturing the next generation of claims professionals. A next generation which I believe will take on a different claims role, one of a claims analyst rather than a claims adjuster, requiring the knowledge of technical claims handling blended with data analysis skills, a business analyst thought process, an openness to innovate complimented with a commercial and operational mind-set.
The claims professionals of today need to pass the baton over to the generation of tomorrow. But we cannot do so in the current state. We should not wait for them to change our industry for us, we must work with them to drive modernisation forward.
The LMA is exploring the opportunity of introducing a “Future of Claims” forum that will include both junior and senior claim professionals to help shape our future. If you would be interested in joining this forum, please contact email@example.com.