Property & casualty insurers have made extensive investments in improving their claims systems and processes over the past decade, but a new survey by Novarica finds capability levels still vary widely between companies with potential impacts to loss results
The report introduces the Novarica Claims Capabilities Maturity Model (NCCMM), which defines legacy, mainstream, and leading practices across 20 different claims sub-processes, allows insurers to self-diagnose their maturity levels in each area in order to benchmark against industry norms, and prioritize future investments.
"The claims process is not standardized across the industry—it varies by a number of factors, such as carrier size, industry sector, and technical capability," says Karlyn Carnahan, a principal at Novarica and author of the report. "In addition, few insurers have leading or legacy capabilities across all 20 sub-processes. The average insurer in our study utilizes legacy capabilities in six areas, mainstream capabilities in nine areas, and leading capabilities in five areas, reflecting differing priorities and patterns of previous investment."
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.