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
Claims Operations
Why the Future Is Now – AI’s Inescapable Role in Modern Claims Management
What was once hypothetical is now inevitable. AI is actively transforming claims processing, fraud detection, triage, … Why the Future Is Now – AI’s Inescapable Role in Modern Claims ManagementRead more
4 AI Myths Holding Claims Teams Back
In our line of work, myths can be more dangerous than mistakes. They slow progress, fuel … 4 AI Myths Holding Claims Teams BackRead more
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.
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.
Leadership: The Change Process In Claims Requires A Different Approach
Successful organizations are always changing and adopting to improve their operations, lower costs and increase efficiencies. Claims departments are no different and have been under pressure to transform their operations and live by the mantra of doing more with less. Good claims organizations continuously evolve and adapt to ensure they add value to the overall business. Regardless, changing to meet the challenges of the marketplace is often fraught with problems and difficulties. Many initiatives fail to get off the ground or fail in the implementation process. Change can be very successful and if managed and led correctly. To change effectively there must be a strategic approach and a change in how these initiatives are led.
Claims Challenge: It’s Time for a Change – Are You In?
Here’s a challenge! Let’s redesign the claims industry. Yes innovation has improved the world of claims over the past few decades to make claims more efficient. As recent catastrophe’s have shown, the industry is much better at responding to losses than in years past. Regardless, claims functions in an assembly line approach. This has of course been a huge improvement and like manufacturing has helped to produce a better more consistent product. Today’s world allows us to collaborate more so my challenge is to tap into your collective experience and come up with even better ideas. What do you think?