Altus Insurance whitepaper spreads - Flipbook - Page 32
Collapsing the touchpoints
Claims processes are o昀琀en quite convoluted,
with multiple parties involved within the insurer
and across third party suppliers, and multiple
touchpoints between each of these and the
customer.
Customer
This can lead to customer friction, increased e昀昀ort
by customers to reach a conclusion, ine昀케ciency
and challenges in maintaining full visibility and
control of claims management.
There will not be a one-size-昀椀ts-all approach to claims,
even within a single product line, but there are key
elements which will shape an optimised model.
4
Third Party
Customer’s Insurer
Legal Procedure
1
Digital Portal / Conversation UI
2
3
Ful昀椀lment
Suppliers
Analytics
Policy
Decision
Engine
System of
Record
NLP
Portals
3rd Party
Claims Dept.
5
1 DIGITAL LAYER
Pending a signi昀椀cant change in
approach from the main claims
platform providers, there is a strong
case for developing a “digital” layer
which sits above this.
Bene昀椀ts: enable self-serve
processes for customers, with full
visibility and transparency of the
claim; bring systems and parties
outside core platform into the
insurer’s environment.
2 SUPPLIER INTEGRATION
Bringing suppliers into closer
alignment with insurer systems
will make it easier to oversee and
manage claims that have supplier
elements in real time, rather than
a昀琀er the event.
Bene昀椀ts: Enable capacity / expertise
based supplier allocation; empower
customer to engage supplier through
insurer system; removal of friction /
layers of authority.
3 ANALYTICS
To be able to both assimilate data in
various structured and unstructured
formats into this system, and to
communicate / convey data back to
multiple parties, a strong emphasis
on data analytics is needed, utilising
third party or proprietary solutions.
Similarly, NLP is a use case for large
language models (LLMs) which
昀椀ts into this structure, by enabling
interactions with customers and
suppliers that appear human.
Bene昀椀ts: More e昀케cient operating
model; faster, more accurate
customer responses; removal of
repetitive, manual activity; improved
identi昀椀cation of outliers (fraud,
customer vulnerability).
EFFECTIVE THIRD PARTY
INTERVENTION (TPI)
3rd party captured early and
brought into insurer claims
ecosystem (primarily in motor).
Where successful, this removes the
involvement (beyond TP noti昀椀cation)
of the 3rd party insurer and the
potential for inflation through credit
hire and credit repair.
Bene昀椀ts: Reduced cost and delays
associated with credit hire, repair
and injury claims; crucially, an
opportunity to make a positive
impact on the third-party claimant
(a potential future customer and
advocate in a dynamic, competitive
environment).
4
5 OPERATING MODEL
There needs to be a strong
coherence to this operating model,
incorporating systems, process and
people, to avoid replicating the
existing issues around multiple,
interlinked systems which can
become out of date.
Figure 8: Key considerations for an optimised claims model
32
