No Such Thing as Claims Transformation Without Data Conversion

In the property & casualty insurance market, the pressure to reduce costs, increase market share, comply with changing regulatory and financial reporting requirements, and meet rising customer service expectations—all in an efficient and relevant manner—has never been greater. Because claims reaches into so many areas of an insurer’s operations and is its most highly-visible, customer-facing service, many P&C carriers have undertaken claims transformation initiatives to help them meet market and customer demands. 

Insufficient change management and non-integrated, stand-alone technology solutions are among the common challenges an insurer faces when undergoing a claims transformation project. Another frequent and potentially more serious challenge is the inaccurate or incomplete conversion of large amounts of data to new claims platforms, opening the door to budget overruns and potentially impacting the performance and benefits anticipated from the transformation initiative.