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Creating a High Performance Claim Organization

In an era of heightened competition, increasing customer expectations, and the need to deliver greater shareholder or policyholder value, insurers are faced with significant pressure.

By Michael A. Costonis | Updated on January 02, 2008

In an era of heightened competition, increasing customer expectations, and the need to deliver greater shareholder or policyholder value, insurers are faced with significant pressure to make noticeable improvements in business performance. Historically, insurers have viewed the claims as an area that offers considerable opportunity to address all of these dimensions.

For instance, up to 10 percent of loss costs can be saved via negotiated volume discounts and streamlined claim-procurement processing — without compromising customer service. That can translate into savings of up to $100 million for every $1 billion dollars in loss claims. Streamlined procurement processes also dramatically reduce the amount of time that claim professionals spend on administrative activities that do not affect the outcome of a claim.

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