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Neil Betteridge's Presentation Part 2

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  • 1. CATASTROPHE MANAGEMENT© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 2. CATs are the moment of truth for a carrier© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 3. The Challenge Effective, timely response to catastrophic devastation© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 4. The Challenge Understanding Planning and Meeting the scope deploying claimants’ needs and severity resources in time of crisis© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 5. Decision-making powered by Data in Context© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 6. Decision-making powered by Data in Context© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 7. © Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 8. Proactive Catastrophe Management Tools Deliver on Multiple Claims Success Factors Customer Enables more timely response Service to customers in need Excellence Rich visualization of scope Operational and severity enables efficient and Efficiency effective deployment of resources Lower Timely claims management serves Loss Costs to mitigate “claims inflation”© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 9. CORE CLAIMS MANAGEMENT PROCESSES© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 10. A Hierarchy of Insurance Work • Large losses Expert • Litigation strategy • Employee mentorship evaluation • Claims judgment Best practice • Medical evaluation evaluation • Liability judgment • Issue resolution Interaction tasks • Vendor performance management • Negotiation • Enforcement of process steps Procedural compliance • File documentation • Assignment • Data entry / clerical file work Basic processing tasks • Answering queries • Standard correspondence© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 11. Refocus Staff on Higher Value Tasks Expert evaluation Best practice evaluation Strategic Benefits • Customer satisfaction and retention • Indemnity Interaction tasks • Combined ratio Tactical Benefits Procedural compliance • Loss adjustment expense Basic processing tasks© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 12. Refocus Staff on Higher Value Tasks Expert evaluation Leading practices can be applied at all levels Best practice evaluation Strategic Benefits • Indemnity • Combined ratio Workplans can be created automatically Interaction tasks • Customer satisfaction and retention reflecting claim-specific characteristics, and activities assigned to appropriate people Tactical Benefits Procedural compliance • Loss adjustment expense Basic processing tasks© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 13. The Challenge Incomplete Claim Intake “We don’t have a uniform set of questions that we ask. More or less, we’ve all evolved our own type of questions that we ask in each claim.” “The front-line stuff has been a pet peeve for a long time because they don’t get that extra question at FNOL.”© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 14. © Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 15. Streamlined, Guided Notice Intake FNOL templates mean you get it right every time© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 16. Speeding Up Adjusting© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 17. Better Informed Evaluation© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 18. Combating Claims Fraud Cause for suspicion can emerge anytime in the claim lifecycle Suspicious Vendor/provider has Circumstances match reporting behavior history of fraud known fraud pattern Intake Assign Investigate Financials Recovery Closure Business Questions Info Analytics Rules Sets Sharing© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 19. AN ONGOING PROCESS OF IMPROVING PROCESSES© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 20. Measurement Key to Ongoing Improvement in Claims Metrics limited in many legacy claims systems environments Previously Not Key Performance Metric Measuring Claim cycle time 17% Adjuster productivity 25% Adjuster assignment efficiency—right claim to right adjuster 75% Claims quality—adherence to internal quality standards 42% Claims Leakage 75%© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 21. Facilitate Management Visibility Claims system can facilitate “exception management” Provide visibility to a range of key operational categories, e.g. Aging, Activities, etc. Supervisor can drill down to an adjuster’s workload and then to any claim or activity.© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 22. Comparative Analytics for Operational Performance Insights Comparative Analytics Comparative Analytics Cohort 1 Cohort 2© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 23. Continually Improve Claims Performance Peer Comparison: are my trends unique or industry-wide? Detect Trends Time Comparison: how are my results changing?Detailed ComparativeAnalysis: what can Where does myI do about it? operation deviate and why? Identify and Act Diagnose Issues • from the norm? • from prior results?© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 24. Benchmarking Sample: Net Recovery Recovery Salvage Subrogation By Coverage Collision 21.7% 7.8% 13.2% Comprehensive 6.0% 4.8% 0.5% Property Damage 2.5% 1.8% 0.1% Comp (Theft Only) 16.4% 14.8% 0.9% By Type Collision Subro by State By Cause California 22.2% Massachusetts 27.8% Michigan 1.4% Texas 15.5% By Severity New York 26.6% Florida 22.8% Connecticut 24.3% Pennsylvania 19.6% By State Virginia 14.8% Note: Sample data. Provided for illustrative purposes only.© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 25. BETTER DATA OVER BIGGER DATA© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 26. Today’s Data 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 © Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 27. Network Connecting Peer Insurers, Sources of Information & Expert Tools Enabling Context-Driven Decisions© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 28. Claims Performance Data Visualization© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 29. WRAP-UP© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 30. Leverage New Technologies in Claims Access & Collaboration Self Service, Mobile & Social Catastrophe Geo-location, Visualization Management Process Performance Guidance Management Leading Practices Better Context-driven Data Decisions© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 31. Address Key Claims Business Imperatives Customer Service Excellence Operational Efficiency Lower Loss Costs Business Agility© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 32. Claims New Technology Landscape Smooth Fast Transparent Collaborative Fair  Client expectations rising, but still ways to provide differentiating claims service  You can improve service and also reduce costs  Opportunities to adopt impactful new technologies and adapt claims processes  Robust modern core claims systems and processes form essential foundation© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By:
  • 33. New Technology & Processes: The Claims Landscape Neil Betteridge, VP Strategy, Guidewire nbetteridge@guidewire.com Presenting Sponsor: Produced By:© Guidewire 2012. All rights reserved Presenting Sponsor: Produced By: