Michael Quinn Kaiser is a risk management consultant who specializes in risk and insurance management
needs for a variety of corporate clients. Michael Quinn Kaiser found success in, among other
things, identifying inefficiencies in claims management processes. Claims
management is one of the important aspects of
the operation of an insurance company. In a high competitive and dynamic
environment, this aspect can be the differentiator that puts a company ahead of
its peers.
Many insurance firms have different
claim operations, units and professionals that focus on the different products
they offer to clients. This model results in claim departments that have unique
system configurations, processes and infrastructure for each line of business.
In highly complex settings, inefficient process steps can be repeated, often
with cost implications. As a result, insurers struggle to control this department and implement consistent claims
management processes.
Implementing efficient
claims management across the firm is important. While the use of technology is necessary, people and process components also have to be part of
the improvement initiative. Business process management (BPM) is one way insurers can assess the claims process
end-to-end, and find areas for adjustment and resource optimization. BPM technology provides companies with a core best
practice platform that can be applied across lines of business, ensuring an optimal process can be implemented by any adjuster
in any part of the organization.
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This
model can also be readily customized and
applied to market segments the company serves:
The role of automation
Best practices look good when they’re drawn on whiteboards but
often fall short when firms lack the capacity to implement them. Additionally, each claim settlement process
requires a custom approach that takes the precise
nature of the claim into consideration.
Having a strong claim management system can help insurers to
start automating the process. Such a system can automate processes that are
paper-intensive and inefficient file systems, replacing them with intuitive and
robust business tools that execute based on claim information.
Appreciate the customer
experience
Insurers are highly dependent on
the performance of claims management to maintain high customer
satisfaction, manage risk exposure, and deliver reliable
results. These aren’t easy tasks, especially considering how social networks
can expose a firm to scrutiny. Claim management functions have a direct effect
on the enterprise’s performance; they
must balance efficiencies against customer satisfaction and still deliver.
Michael Quinn Kaiser is a Consulting Director of Risk Management
at 24 Hour Fitness Inc.
