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Predictive analytics can help insurers improve claims performance—a vital lever of high performance in the insurance industry.
The claim is the defining moment in the relationship between customers and insurers. When the claims process is strong, insurers can operate more efficiently while providing a superior customer experience—thereby protecting revenue and profitability. Yet the hurdles are many: customers are becoming harder to please, fraud is a constant issue and efficiency can be elusive. As a result—and despite its importance—many insurers are falling short on claims performance.
Improving claims has become an increasingly critical challenge for insurance companies around the world. Indeed, within the global insurance industry the claims function occupies a unique place in determining competitiveness: it represents nearly 80 percent of the premium, and it is where the company either delights or disappoints customers. However, despite the importance of claims in attracting and retaining customers and maintaining a healthy balance sheet, many insurers are falling short on claims performance—as evidenced by a variety of measures, including customer satisfaction, leakage and overall inefficiencies.
The time has come for insurers to take a more holistic look at improving the claims process—and the important role that predictive analytics can play in transforming key aspects of claims to help drive sustainable growth and high performance.
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