The new Claim Metrics subscription service, which benefits from a large benchmarking pool due to strong market support, is designed to help insurers identify how they can handle claims more effectively and efficiently. It is supported by a combination of Willis Towers Watson’s in-depth claims knowledge, strong analytical skills and insurance and technology expertise.
Tom Helm, Head of Claims Consulting at Willis Towers Watson, said: “Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail. This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation and increased customer loyalty.”
The main features of Claim Metrics include:
- Dynamic dashboard: Claim Metrics provides insurers with an interactive dashboard to analyse and compare their claims performance across a broad array of operational and financial metrics. Results are refreshed on a six-monthly basis to deliver a contemporary view of performance and to enable claims inflation to be closely tracked.
- Smart segmentation: The ability within the solution to select data factors which adjust the benchmarks to mirror an insurer’s business footprint helps claims, pricing and underwriting teams to understand their own performance with greater accuracy in different sectors and how variations in portfolio, model or claims handling lead to particular outcomes. This provides invaluable insight into future claims inflation, which can then be factored in to delivering a more competitive business plan.
- Trend analysis: Rigorous, fact-based analyses are based on over five years of granular data. Results can be presented by either settled claim, underwriting or accident year basis, as well as month-on-month development patterns. This enables insurers to evaluate the results aligned to their own internal approach and also gives invaluable context and insight into current and emerging market trends.
“A highly competitive market has made it increasingly difficult for insurers to differentiate on price and cover,” said Tom Helm. “The ability to handle claims faster, more efficiently and with greater customer satisfaction, gives companies an invaluable opportunity to differentiate themselves in the marketplace and ultimately help them secure a stronger and more profitable future.
“Claim Metrics provides independent validation and deeper analysis than previously possible on the drivers of change across the spectrum of small to large loss motor and household claims. This generates a more accurate assessment of performance, claims process effectiveness and the optimal strategy necessary to fine tune an insurer’s approach.”
About Claim Metrics
The Claim Metrics service is supported by Willis Towers Watson’s Insurance Consulting and Technology team, which provides a powerful combination of advisory services, integrated with leading-edge technology solutions and software, including our market-leading Radar software, underpinned by unparalleled analytical capabilities.
We have over 250 software staff that can potentially provide direct support, including software architects, developers, quality assurance, project management and subject matter experts. This is part of a software development community of over 1,000 Willis Towers Watson software professionals.
About Insurance Consulting and Technology
Willis Towers Watson’s Insurance Consulting & Technology business has over 1,200 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
About Willis Towers Watson
Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving in more than 140 countries. We design and deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.