There’s encouraging news in the insurance industry: claims departments are now in possession of vast amounts … Unlocking the Potential: Harnessing the Power of Claims Data AnalyticsRead more
Leveraging AI as a Decision Support Tool in Claims Processing: A Balanced Approach
AI in claims processing: A powerful ally, not a replacement. This article explores how insurers can strategically implement AI as a decision support tool, enhancing human judgment while maintaining ethical standards. We discuss key strategies including AI-powered insights, bias mitigation, and continuous learning, showing how this balanced approach improves efficiency and fairness in claims resolution.
Staffing a Claims Department
So what’s a good staffing ratio? Figuring out the appropriate levels to staff a claims office … Staffing a Claims DepartmentRead more
3 Types Of Claims Metrics Every Department Should Be Looking At
Good news! – claims departments are now flooded with great data.
Seems like great news doesn’t it. It is great news, or can be, if you’re using the data to help improve the operations, lower cost or predict the future. However, many firms aren’t using the data they have to provide valuable information for the operation. With the advent of more modern claim technology there has been a push to input more and more information about claims.
3 Claims Department Musts That Will Let The CEO Sleep Soundly
There are many elements to a well run claims department. As with many areas of business it comes down to people, process and technology. Good people will drive the success of any department and working with defined efficient processes, as well as technology tools that support the organization, are basic core requirements to any well run department. Specifically what people, processes and technology make up a good claims department is a subject for another day. Regardless every claims department should be using metrics, performing audits and have a business continuity plan in place as a minimum. Take our survey too and let’s see what companies are doing on these three.
Breaking Those Competing Commitments To Change
In life change happens and people adapt. In business change happens and people react. Those who are resistant to change are usually easy to spot and equally as easy to manage and therefore rarely derail a change initiative. However, it is the person that generally supports change and outwardly appears to be working for the implementation of a new initiative that can sometimes harbor a “competing commitment” that can have a more deleterious impact on the success of a new initiative.
Book Review: The Global Directors and Officers Handbook by Granof & Nicholls
In today’s ever expanding global marketpalce, the need for executives to be aware of potential liability exposure is greater than ever. To assist in understanding that exposure, we review the the Global Directors and Officer Handbook, published the ABA (get your copy here) and Edited by Perry Granof and Henry Nichols.
15 Excuses For Not Changing And 5 Reasons To Change The Way We Make Change
Change is hard for everyone and how and when to change has been debated and discussed in companies since the first company was formed. What is never debated are some of the excuses used for not changing. People are generally resistant to change and despite the need to move forward people generally prefer to live with what they have. Taking a strategic approach to the issues around change itself shuold help to alleviate some of the resistence. In this post we look at changing the way we change.
Part 3 on Leadership: Challenges and Assistance in Leading Change
In Leadership: The Change Process In Claims Requires A Different Approach, I put forth the position that changing a claims organization needs a new brand of leadership skill that does not usually exist in the traditional claims organization. In Part 2 on Leadership: Developing a Strategic Transformation Team, I addressed how to break from existing management process to achieve effective strategic results. In the final installment, I discuss how challenges around leading change make it beneficial to bring in strategic support to help achieve the desired success.
Part 2 on Leadership: Developing a Strategic Transformation Team
Breaking from the linear approach to management is the key to leading Strategic Transformation. A standard organization will have a head of claims and then a variety of department heads to manage each line of business. Depending on the company there may be additional senior managers to handle various operational aspects of the group, which may include support staff, call center, technology and data analytics. Under this method, projects get initiated and managed within the same linear organizational framework. The result of this approach is a development process built in a silo that limits input and understanding of possible interdependencies that may exist outside the framework. In this post we will explore further how a strategic transformation team is formed and can be effective.