Smaller European insurance companies are struggling to compete with larger, more technically savvy rivals. They don’t have the technology needed to streamline their work. Most rely on email and fax to handle everything from damage assessments to payouts. And without easy access to data, it is difficult for them to monitor claims costs, performance and fraud.
These insurers also tend to have no standard procurement processes or negotiation practices to lock in favorable pricing. And they have little control over when (or at what price) suppliers will provide products and services. As a result, claims costs are rising and customer expectations are not met.
Realizing that there is strength in numbers, a group of small European insurers came together and worked with Accenture to reinvent their claims handling.