Creating a claims strategy aligned to business strategy
To ensure we generate optimum business value, our end-to-end approach begins with confirming the insurer’s existing business strategy or building a new one (if needed), aligning the claims operating model to support the business strategy, and then optimising the claims platform (people, processes, technology) to support that operating model.
Guiding the course via a transformation roadmap
Unlocking and maintaining enterprise value from claims management requires focus. Therefore, we help our clients create a claims transformation roadmap designed to allocate their resources to address the most pressing challenges and areas of most significant potential payback first. By conducting a meaningful evaluation of an insurer’s organisation across the claims value chain, then distilling the results of this assessment into a Claims Success Index to assess the maturity of the insurer’s existing claims operations, we can identify key gaps between current and desired capabilities. We establish a portfolio of initiatives to close those capabilities gaps, assigning highest priority to initiatives that both the business and customers value and that address areas in which the company faces the largest gaps.
Core claims processing
Capgemini provides insurers with a predictable, reliable and flexible claims platform that can help them rapidly improve operational efficiency. Such a platform simplifies and streamlines processes and workflows which, in turn, enables insurers to implement straight-through processing for simple claims, improve exception handling, and free technical claims handlers to focus on high value-add activities. The end result is reduced claims loss adjustment expense, lower total cost of ownership, and a 15-20% reduction in claims cycle time. Building such a platform requires the insurer to have a clear understanding of the market conditions, the customers they wish to pursue, and those customers needs and expectations. Capgemini uses that knowledge to create a clear definition of the operating model for the organisation and the platform improvements needed to deliver that model. We then identify and implement the most appropriate tools to support the optimised processes, whether that involves building core claims systems or modernising existing ones.
Capgemini can help insurers optimise total indemnity expenditures by improving their efficiency and effectiveness in managing vendors and legal expense, controlling fraud costs and improving recoveries. Insurers are more able to identify fraudulent claims, reduce fraud levels, improve claim outcomes and reduce claim leakage.
For instance, Capgemini has built and successfully implemented claims-related predictive models for:
- Recoveries, including both subrogation and salvage
- Vendor management, scoring preferences for vendors best suited for claims fulfilment
- Claims forecasting, preparing to make adequate provisions to overcome anticipated losses
- Litigation management, based on historical data predicting the likelihood of potential outcomes
Enterprise integration services
As claims organisations begin to excel in operational aspects of their business, Capgemini’s enterprise integration services help them progress to using claims information as a pervasive enterprise asset that supports predictive analytics, improved operational decision-making and more transparent enterprise financial reporting. For instance, transparent data and effective loss reporting help underwriters understand and assess risk better and enhance their ability to underwrite risks, resulting in improved and effective underwriting.