The claim functions are the heart of a property and casualty (P&C) insurer. Claim representatives, claim support staff, and claim leadership deliver on the expectations of and promises made by the carrier by addressing a claimant's issues in a time of crisis. They also manage the substantial majority of a P&C carrier's cost. In short, the claim function is one of a carrier's main instruments to deliver its overall expense and loss management strategy while retaining satisfied customers.
Increasingly, P&C insurers are marketing their claim service as a differentiator to attract and retain customers, and improve their competitive position. In fact, some carriers are transforming their claim function to add substance to the marketing message.
While the idea of transforming the claim function is attractive, it can be a lengthy and expensive undertaking. More importantly, there is a right way and a wrong way to go about it. First and foremost, insurers must align any claim transformation program with their business strategy. Sometimes, ambitious executives seek to drive change solely by implementing technology, for example, new internal core claim technology and customer facing “wrappers” such as mobile applications or web portals.
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