In the first article of this series we outlined the many challenges being faced by insurers in property claims. But where to start? The simple answer is to benchmark. Take a good look at your supply chain, identify gaps, and identify improvements.
Start by revisiting your strategy. You can’t address everything at once so what are your priorities? Alternatively, are there areas that you feel you should have a stronger grip on but don’t?
Source : [Unsplash)
When it comes to understanding the effectiveness and performance of a property claims supply chain there are many variables to analyse such as:
Average FNOL call handling, the hold length and abandonment rates
Indemnity spend across the board or on specific areas such as loss of water
Analysis of cashing out to fixing things
Alternatively, you could choose to benchmark your suppliers, find out who is best, why they are best and in what areas? You may want to address the performance (or under-performance!) of your third-party administrators such as claims management and loss adjusting services.
Benchmarking provides you with an independent and in-depth view of your supply chain against that of your peers. It will bring to life any operational issues that you need to know about and conversely can highlight where you are a strong performer. Benchmarking identifies risks and opportunities which you can use to improve your operational resilience (especially now that the FCA have mandated it) and claims costs.
The Procurato Way
We work with several leading insurers and InsurTech companies collecting thousands of records of spend, claims and contract data which will help you to conduct a detailed analysis of your property claims supply chain. We will benchmark your service and performance measures – internally and with your suppliers - against your peers and help you to identify the key areas of strength, focus and improvement. One small benchmarking step can lead to a huge performance leap.
For more information please contact John Gaynor: firstname.lastname@example.org