The recent High Court Ruling on Business Interruption Insurance has rocked the insurance industry at large, piling extraordinary pressure onto claims teams throughout the UK. Leveraging digital transformation could be the lifeline that takes you from crisis to conquest – and implementation is far easier than you might think.
It's an unprecedented time.
In the wake of COVD-19, a huge surge of BI claims - intensified by the High Court ruling in favour of policy-holders - has left many insurers in a thick smog of cases to settle, all while navigating their own post-pandemic challenges including remote working and sickness-related absence.
In reality, there’s only one way to extinguish a billowing claims influx – and that’s to move each incident quickly and efficiently through the handling process so it can be resolved. However, with claims handlers already maximising their workloads, the industry is left with an even bigger problem… Recruitment.
Hiring levels for claims specialists are up 107% in two years.
As of January 2022, there were 400 vacancies for claims insurers in the UK – and the yearly figure is expected to top 4,000.
For insurance professionals looking for work, it’s a buyer’s market. As every commercial insurer feels the pinch of exponential claims, talented staff are quickly sought out and headhunted; meanwhile, employees who grow weary of their current employer can quickly find an alternative who is keen to expand their workforce.
It’s no secret that businesses who struggle to fill their vacancies are often forced to push their growing workloads onto poorly resourced teams. The result is a vicious circle of unhappy customers who aren’t dealt with efficiently and, unfortunately, unhappy staff who take the brunt of the fallout and want to leave their job.
So, how do we break the cycle?
Financial insecurity will continue to create industry challenges – but accelerating digitisation will help to reduce costs, enhance reputation and even plug a sizeable skills gap.
For insurers wishing to increase speed to settlement and alleviate the pain of convoluted claims management pathways, the answer is EvoClaim.
At its core, EvoClaim is a cloud-based claims software ecosystem that allows businesses to work quicker and smarter - without having to increase their workforce.
A leg-up on digital transformation that cuts the requirement for laborious change resource, EvoClaim unleashes the power of automation by allowing your customers to self-serve and your claims handlers to reduce handling effort – spearheading vastly improved indemnity spend and reduced claims leakage.
EvoClaim is powered by DWF, a leading global provider of integrated legal and business services. We help to protect your business by complementing your software with the expertise of our legal, risk, claims and regulatory teams.
On top of our EvoClaim software – which helps insurers to resolve claims quickly, efficiently and at less cost – DWF are also proud to offer our claims team, who provide a full claims management service. Rather than raising capacity with extra staff, DWF Claims Management services allows insurers to outsource their workload overflow to a highly reputable team, for as long as required.
By using EvoClaim, DWF Claims or a blend of the two, manpower requirements are significantly reduced, and businesses can scale with ease - without needing to reactively boost and contract employee numbers.
EvoClaim offers you a platform to streamline your end-to-end insurance process.
This is the technology you need to mitigate and reduce claims impact – all whilst giving your insurance teams a powerful, automated claims solution. It will help you to make data driven decisions quickly, at the lowest cost, whilst remaining compliant.
As a fully integrated solution, EvoClaim will work seamlessly and effectively with your existing processes and software, empowering you to:
- Improve efficiencies which reduce cost and exposure
- Increase process compliance
- Support a mobile/agile work force
- Strengthen data security and integrity
- Enhance MI for faster, data-driven decisions.
Think you need large-scale IT deployments to spark real change for insurance operations? Think again.
Configuration - not development - is the fastest way to ensure a cost-effective delivery and onboarding of your new software.
Because the EvoClaim platform is pre-built, it will simply slot in with your existing technology. This allows your team to start using the system without stress, upheaval or significant investment in change management – as well as benefitting quickly from all that EvoClaim can do to make their job easier and more rewarding.
- Great software underpins excellent employee and customer experiences.
- Your claims professionals are on the front line of your operation.
- When they battle sluggish and unintuitive software, it frustrates and slows them.
- When information is not properly gathered or logged, they risk making mistakes.
- When customers have slow or inaccurate service, their queries turn to complaints.
By liberating your staff from tired legacy claims systems, siloed data and outdated MI, they are fully equipped to do their best work, every day. Not only will this improve your operations, but it will massively improve your staff satisfaction and retention – and might just make you a destination for new talent, too.
By switching your attention from hiring frenzies to future-forward software, EvoClaim will steer you away from the skills gap and accelerate your business towards a more efficient and economical path to success.
By partnering with EvoClaim, you will have the power to:
- Reduce the impact of claims
- Improve efficiency and streamline operations
- Enhance customer satisfaction and renewal rates
- Shrink costs and exposure
- Scale down manpower
- Scale up staff retention.
Of course, the best way to experience the benefits of EvoClaim is to try the software for yourself – without commitment.
Can you spare 10 minutes to revolutionise your insurance operation?
Request a 10-minute chat with an EvoClaim expert below.