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