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Friday,june27 900-managinga globalclaimsteam


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  • 1. Managing a Global Claims Team Jason Richards, Swiss Re ACE, Washington DC, June 27, 2014
  • 2. 1. Clients 2. Operational Excellence and KPI's 3. Knowledge sharing 4. Risks and trends 5. Talent and Culture Five things I think about every day …
  • 3. Focusing on our clients • Ease of doing business with Swiss Re • Clear point of contact for Claims and Premiums • Regular data-based interactions • Bringing the entire firm to the client • Net Promoter Score (NPS) • Benchmarking data and analysis • Overviews of legal trends and market developments • Portfolio Reviews • Run–off solutions Engagement Services Knowledge sharing • Webinars, publications, white papers • Strategic Initiatives, e.g. eStrategy • Client Conferences • Client Forums Clients When 1+1 = 3 Because we're "smarter together"
  • 4. Tools for measuring client service Net Promoter Score Clients
  • 5. The Portfolio $16 bn accounted premiums annually $11 bn claims paid annually $50 bn gross inwards reserves $6 bn reinsurance recoveries Portfolio $0.2bn operating cost annually $0.2bn loss adjustment expense annually Investment Focus is on value generation from the portfolio Operational Excellence
  • 6. Key Performance Indicators - multiple core productivity metrics and reviews • Data cockpit delivers more than 20 KPIs with almost real-time feed • Productivity metrics, claim activity metrics, premium metrics • Clear segmentation approach Operational Excellence
  • 7. Monitor, measure, and track the business • Where do we add most value? • What expectations do we have of  stakeholders/clients? • Where do we want to be in 3 years? • How do we enhance the value generation? Strategic Reviews by Department and Unit • Are the right people handling the right tasks? • What trends do we see in the data? How will we  react? • Where do we spend most time? Strategic -- FUTURE • Number/Value of Open Claims • Number/Value of Transactions • Closing Rate • Client Visits • Operating Costs • Loss Adjustment Expenses Quarterly Operating Reviews by Department • Turn-around-Time • Client Interactions • Escalations/Referrals • Largest Movements • Disputes/Legal Proceedings • Leakage Tactical -- NOW Operational Excellence
  • 8. Provide Solutions, Service and Value …while focusing on Client needs and expectations and supporting the skills development of our people Strategic Eadmin • Focused on Automation of work Segmentation through analysis • Differentiated Roles, Differentiated  Know‐How, Resources aligned with  Roles • Location strategy Governance • Executing/Maintaining/Updating  controls and guidelines • Identification  and anticipation of  Operational Risks and mitigation  plans Tactical Systems • System availability and  enhancements  • Landscape simplification Simplification • Identification of opportunities and  benefits… Embed in DNA Reporting  • manage Key performance Indicators • manage  volume of work and  productivity • understand trending of business for  feedback loop Operational Excellence
  • 9. Globalization – leveraging a global workforce Kansas City London Zurich Bangalore Mexico City Ft. Wayne Sydney Armonk, NY Bratislava Rome Low Cost High Cost Delhi Review of footprint locations  Focused on Role, Average Salary, Average Length of service and Value Creation.  Analysis revealed:  A talented global workforce (no surprise!)  Value Creation was heavily correlated to higher cost locations (where the know-how is).  There are High and Low cost locations - some locations were not quite where we thought they would be! Footprint strategy developed  No large scale strategic shifts needed – a good balance in the workforce was noted.  Be smart: Reduce and consolidate as positions come open, challenge all backfills into higher cost places.  Preserve our franchise knowledge and expertise in any actions or movement.  Impact of strategy  Lowered costs by backfilling appropriate roles in low cost locations.  Quality and Value Creation continued to be exceptional because "know-how" was leveraged and maintained. **some smaller SR locations not shown above Operational Excellence
  • 10. "If only HP knew what HP knows, we would be three times more productive." -- Lew Platt, Former CEO Hewlett Packard  Claims culture must emphasize sharing as a necessity  Portfolio deep dives  Feedback loop on individual cases  Claims expert networks  Claims culture must emphasize sharing as a necessity  Portfolio deep dives  Feedback loop on individual cases  Claims expert networks Knowledge Sharing
  • 12. Key Risks Risk Tolerance Heat Map Risks and Trends
  • 13. Trends: claims topics on our radar 1414 Flood Claims Development Beyond Exposure Models:  Iterative Learning Wide Area Damage in  Business Interruption Claims Increase in Casualty Claims  in Property Events Aggregation Challenges in  the Industry Risks and Trends Cyber Liability
  • 14. Be innovative in how we acquire and nurture our talent • Understand the changing needs of upcoming generations and adapt accordingly • Make sure we leverage the full workforce… globally • Educate potential talent about our industry/opportunities as early as possible • Refine selection methods to assure we're getting the best talent • Provide opportunities for varied, flexible career growth Talent and Culture
  • 15. Tactical and Strategic Approach A business imperative • Integral dimension of our long term vision and aspirations • Embedded in annual business and individual objectives • Regular management team dialogue and individual  interaction • Quarterly team and talent metrics Aligned with future organisational needs • Rolling "3‐year view" of demand: role types, locations, skills • Collaboration across Swiss Re functions to further optimise  e.g. succession planning • Requires extensive dialogue and new skills for  some senior  managers – strategic talent management Talent and Culture
  • 16. Opportunity to Succeed Involving our entire workforce • Potential of all employees is assessed and discussed regularly • Additional management team focus afforded to employees  regarded as vertical and lateral  • Total focus on skill building – to improve quality of  discussion,  alignment to demand, and proposed action Optimised with a range of resources • Virtual Career Centre – Claims competency model • Leadership development for some; technical and interpersonal  for all • Project work, assignments, and on‐the‐job learning  • Internal marketing to support cross functional movement Talent and Culture
  • 17. Some focus areas Workforce flexibility Diversity and inclusion Feedback and development plans Job rotations Acquisition of new talent Talent and Culture
  • 18. "Culture eats strategy for breakfast." -- Peter Drucker, Austrian-born American management consultant, author  Culture is the "personality of the organization" • An accumulation of a company's values, its vision, beliefs, aspirations, and employees behaviours that guide decisions and how we do things  The case for culture: No matter how brilliant the strategy is, it must be supported by the organization's culture  Culture is not static • Culture will always need refining. As a leader, I must lead by example Talent and Culture
  • 19. Questions? Swiss Re