Claims Performance Gap Analysis

As a member of the management executive committee, you are concerned with the robustness of your claims processes and financial outcomes, as well as your automated processes and predictive analytics solutions. You understand the impact of weak claims teams on expanding your business, on your reputation among brokers and in the context of cost optimisations with reinsurance.

But how do your strategic claims controls and operational claims processes measure up against international benchmarks?

The IBNR Difference

Claims Performance Gap Analysis

We help insurers:

  • Identify gaps in your claims and risks control and mitigation of financial outcomes in the settlement of losses
  • Gauge the effectiveness of your processes compared to international standards
  • Arrive at workable solutions to bridge the gaps by making substantiated recommendations
  • Understand the cost-benefits of implementation to inform investment decisions

IBNR is the first expert consulting firm to provide clients with relevant claims performance indicators, from a strategic perspective down to the case management level. These help insurers steer their claims handlers in the right direction, avoiding unnecessary delays in settlements so they can accelerate the business towards automation and digitalisation.

Our recent success stories:

  1. Life insurer, Taiwan: Defined an efficient operating model for claims and realised savings for beneficiaries for a runoff operation.
  2. Regional medical insurer, Hong Kong: Identified strengths and weaknesses of their medical claims services.
  3. Multinational P & C insurer, Hong Kong: Established an efficient operating model for a merger of two claims operations.
  4. Global P & C insurer, Hong Kong: Boosted quality and efficiency of Marine claims services.
  5. Motor insurer, Thailand: Elevated productivity and workflow efficiencies to international standards.

testimonials:

ln all, the project was a very successful experience. After a four-day site visit and a further week of offsite analysis, IBNR was able to present its findings. These have become the roadmap for a wide-ranging claims department service uplift project. I would recommend IBNR’s services for any similar exercise.
CEO, Regional Medical Insurer

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