How a CMS can be the bedrock of Claims Management Excellence
The pace of change in insurance is moving fast. New threats such as outages caused by cyber attacks, for example, require claims teams to ditch out dated silo mentalities and start to work more closely with their underwriting colleagues. Companies like CFC, for example have deepened their bench of in-house technical cyber security experts who form the frontline response to any client cyber event.
Specialists from a range of backgrounds staff their claims team. The claims function does not sit in a silo. Their threat intelligence and data gathering are fed back to their underwriting teams, so they know what to look out for when quoting risks, and also to the clients, who receive advisories on the latest cyber threats and how to avoid them.
This shows that improving operational efficiency and customer satisfaction in claims depends heavily on an effective technology infrastructure and investment in people. Recent trends in leveraging technology affect the entire claim value chain, including core claim, technical, and support processes.
Achieving excellence in claims is not just limited to improved core legacy claims management system but is now expanding to include advanced data analytics and performance management. Business claims process automation and technology enablement projects, when employed with training to enhance new capabilities, can reduce claims adjusting expenses and increase productivity levels.
Although the benefits can be substantial, there are a number of potential technology investments areas for insurers to choose from. DOCOsoft has been very successful at building claims management systems for more than 20 Managing Agents in recent years but we recognise that although a critical foundation, a core CMS cannot address all requirements. It can, however, be the springboard to so much more.
A CMS can be the bedrock supporting the efficient capture of data, effective analytics, automation of key processes, and digital channel enablement. But an upgraded system doesn’t need to supply every desired function. Post Lloyd’s Blueprint 2, it is more important to invest in a core system, which can be integrated with specific tools and enhancements to provide functionality in specific areas.
The core system should allow an organiszation to extend its capabilities as new technologies and tools become available. For example, DOCOsoft is enabling its clients to take advantage of data insights that deliver meaningful business impacts. Our existing CMS is an excellent platform for delivering insight capabilities, which then provide a more customer-centric data model.
Our CMS is now the launch pad for a third of Lloyd’s Managing Agents to capture and analyse data from multiple channels within and outside of insurers’ ecosystems. Our predictive insights can zoom into core business processes, by delivering real-time analytics.
Real-time and historical data will be critical to insurers’ day-to-day operations and their ability to drive smart operational decisions. Real-time embedded dashboards such as the technology engineered by DOCOsoft are providing immediate insight to claims adjusters.
At an enterprise level, our technology is helping carriers to innovate in areas such as straight through processing, and automation. To take advantage of these capabilities, however, it is vital to keep the enterprise infrastructure up to date or that older infrastructures are enhanced sufficiently to integrate with these technologies and APIs.
The objective is usable information, not just data. Claims teams are just beginning to understand how much data they can leverage from internal and external sources. They can gain insights into existing claims while having a better understanding of operational metrics. A new best of breed CMS will help to more efficiently produce and understand regulatory reporting data. This is all happening right now for DOCOsoft’s growing client base that look to us to help them achieve claims management excellence.