Let’s set the scene: In May 2024, Grant Thornton Australia made a bold move. After a … From Copilot to Claims: What a 9-Day Schedule Tells Us About AI’s Real Value in Claims OpsRead more
Best Practices
Improving Litigation Management: A Data-Driven Approach
Addressing the Challenges of Accurate Data The integration of data analytics and predictive modeling into litigation … Improving Litigation Management: A Data-Driven ApproachRead 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.
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.
4 Keys to Managing a Successful Outsourced Claims Operation
All things being equal there are many fine TPAs in the market that will provide wonderful service to your insureds in a cost effective and comprehensive manner. Initially you think you have chosen a good one. However, as time goes on you realize you are not exactly getting what you expected from your TPA. So what happened?
It matters little what your reasons for outsourcing were. Bottom line is if you didn’t take certain steps to properly select and manage a TPA you are likely to end up with problems. The partnership you form with your TPA will be fruitful if you take key steps to select and manage them in a way designed to foster long term success.
Learn how in our latest post!
3 Things Good Claims Professionals Won’t Do
I have audited a lot of claim files over the years and one consistently good claims professionals manage their claim files following best practices. And when looking at these files there are certain patterns that develop. Good claims professionals don’t fail to document, assume things they don’t know and always stick to the basics. Our latest post gives three examples of things NOT to do to become a good claims professional.
How Would Albert Einstein Approach Claims
Who knew Albert Einstein was a claims professional? OK maybe he did more important things in this world but some of his most memorable quotes could certainly apply to a claims organization. “Nothing happens until someone does something” as he has been quoted so make it happen and readt our latest post.
4 Areas Of Concern From The Latest Insurance Executive Conference
Recently insurance leaders came together at the 23rd Executive Conference looking at “Driving Growth in the Life and Property-Casualty Insurance Markets.” Throughout the conference 4 themes seemed to permeate: Data and technology, regulatory environment, climate change and social media. It would seem these issues will with the market for a while. Take a look at our brief overview of the conference.
3 Ideas To Prepare For The Completely Unexpected: The “Sandy Contingency”
Preparing for the unexpected is always the core of any disaster recovery plan. Regardless, the Sandy “Super Storm” created a series of events that few truly every contemplated. It was a scenario that strained many businesses and exposed a number of weaknesses in disaster recovery planning. Unlike prior events, Sandy left a wide are in surrounding a major metropolitan city without power, fuel and public transportation for long periods of time. It’s time to rethink plans that don’t take into account a Sandy Contingency. Tell us what type of planning you have done too and share those ideas with others looking to learn from this tragedy.