Insurance transformation

Claims is one of the most underutilised strategic assets within many insurance organisations, and insurance leaders recognise it will likely take nothing short of a transformation to unlock the value that the function could deliver.

Insurance businesses understand that claims can make a material difference to their balance sheets. The function also plays a leading role in defining the customer experience and bringing the organisational strategy to life for clients. Yet traditional claims functions were not built to deliver on this strategic value.

More often, claims organisations were built upon a foundation of technical claims handling expertise. Now the function is being asked to augment this with technology, including the potential use of artificial intelligence (AI) in order to redesign and transform how the claims function operates. To unlock the true potential of the claims function, a deeper, more holistic and transformative approach is needed.

At its core should be a steel thread that connects claims with underwriting, actuarial, finance and other key functions though an integrated, end-to-end business architecture. In this report, we explore some of the drivers for claims transformation in today’s market, identify the opportunities and barriers, and share key considerations to help insurance organisations on their transformation journey.