We asked three key questions:
- What are your business priorities when it comes to claims management
- What are you key challenges when it comes to claims management in your business
- What/who are the biggest barriers to collaboration in resolving claims
The responses were telling about the priorities and challenges when it comes to the management of claims within businesses today.
- Brand Protection absolutely topped the concerns, which is of course far from surprising. Claims can be the most tricky type of interaction with a customer or potential customer and care is always needed in terms of both overall strategy and the practical way the claim is managed. In many sectors, such as retail, everyone is a potential customer, so empathy in approach can be key. We do see differing approaches from clients. Whilst for some it can mean a reluctance to ever pursue litigation and even prosecute fraud, for others it can translate into a duty to do so. We would say that balance is key - closing cases quickly and fairly where possible but picking the right cases to stand firm.
- Minimising indemnity spend was another priority and we recognise this internal pressure just increases year on year. Fundamentally the proactive driving of claims to speedy conclusion is always the key, whether by utilising early offers or making firm repudiations backed by thorough early investigation. This ultimately also links to another highlighted concern around time to resolve, which has been much tougher during the pandemic between delays in medical examinations to supply capability.
- Understanding claims data is another important tool to reduce overall cost of spend and pinpointing where leakage really sits. Interestingly this did not poll so highly, but we would always support clients to really dig deep into their data intelligence. The value of data is driven by its accuracy at the front end – the richer and more accurate it is at the outset the better its aids the claims process and feeds learning. Good systems enabling data capture and analysis are a critical part to reducing total cost of risk.
- The internal workings of business itself was, interestingly, one of the biggest barriers to collaboration on claims, rather than suppliers, brokers or insurers. We know internal business stakeholders can bring different pressures and therefore drive conflicting behaviours, particularly the challenges of competing internal budgets when it comes to addressing repeat issues or who bears the cost of improving defensibility. Claims and legal advisors can often help form a bridge here – bringing an evidence and data based analysis to why a different approach, process change or improved behaviour may be needed.
DWF offer bespoke services to help you manage corporate claims at every stage of the process. If you'd like to find out more about what we do and how we can help your business please contact Archana Makol.