Insurance claims advisory services
In recent years, a new generation of technologies has created a renewed appetite amongst insurers for using IT to manage claims more effectively.
Yet there are still a large number of challenges to be overcome in delivering the anticipated business benefits. Are you achieving the improved claims performance you need from your IT investments?
According to our latest research, insurers could get much greater value by changing their approach.
Our survey "Delivering results through claims technologies" explores the challenges and opportunities of investing in claims technologies in France, Germany, Italy, Spain and the UK.Read the report
EY – a leader in claims management advisory
A clearly articulated claims strategy should be at the heart of any insurance company intent on attracting and retaining customers and growing and maintaining a profitable business. Successful claims management is led from the top of an organization and reflected in the operational architecture, the underpinning business and technology capabilities and how these deliver the customer experience. EY's integrated financial services team works without boundaries between people, disciplines and geographies.
Our team can help you in the following ways:
Is the claims function working well? What performance issues exist?Claims Healthcheck
- A wide-ranging, but rapid review of current state claims operations and performance.
- Used to help executives and claims leaders gain an independent view of areas of claims improvement.
- Builds consensus on key priorities across claims, supported through our ability to provide comparison against leading market practice and peer group companies on areas such as strategy, claims performance, operating model.
Where can you be more effective in managing claims and optimizing spend?Claims file review
Claims data analytics
- A structured process of analyzing claims files to uncover issues in handling effectiveness or efficiency.
- Capable of driving out a detailed understanding of issues and their root causes not available through management information.
- Our approach is highly statistical; it is supported through a robust methodology and toolset giving us the capacity to undertake large and complex reviews which can deliver a direct improvement to the bottom line.
- A structured and hypothesis driven approach to analyze claims data. Used to uncover anomalies and trends invisible through normal management information and key performance indicator analysis.
- Used to identify areas for deeper investigation and potential process improvement activity. Makes use of leading data analysis tools, alongside powerful and secure data processing capabilities.
- We also support clients to define and develop their own approach to the use of in –house analytics and select solutions.
What should the future claims function look like?Claims target operating model
Claims supply chain improvement
- For organizations who are looking to deliver a step change in claims capabilities or who need to address the impact within claims of wider organizational changes (e.g. mergers and acquisitions, technology transformation, expansion into new products and markets).
- A clearly defined methodology and taxonomy designed to address key components of the claims operating model, to support clients in defining a target state claims operation and identifying the benefits and costs associated with moving to this future state.
- An approach to identify and deliver reduced indemnity spend through claims supply chain effectiveness.
- A structured review undertaking spend analysis, supplier market analysis, contract effectiveness analysis, a procurement maturity assessment, and claims process analysis to identify cost saving opportunities in the use of external suppliers.
- Support in defining the supplier operating model, incentives, service level agreements and negotiation planning.
How do we make the target state a reality and realize benefits? Effective claims transformation
Implementation partner for claims IT solutions
- For organizations who have made the decision to embark on technology or business transformation in claims and want to ensure that identified benefits are fully realised, with claims practitioners committed to change.
- Our extensive experience in claims performance improvement and change management come together to help clients build and deepen their claims change business case, develop the change roadmap, select appropriate claims suppliers, and execute effective business change and benefits realization.
- For organizations who are introducing new IT solutions into their claims operations.
- We support clients in the deployment of claims IT solutions as an experienced configuration and implementation partner. Providing technical and business project resources from our global centres of excellence, alongside our investments in a range of system deployment tools and accelerators.