Insurance companies need to improve process management to cope with claims overload
Elizabeth Gooch, CEO of eg solutions, a provider of proprietary operational intelligence software packages, cautions insurers about work management backlogs created by the summer's floods.
Gooch said: “Britain’s horrific floods have caught many people off guard, leaving businesses and home owners suffering. British insurers have particularly felt the strain and, ideally, need to make their customers’ claim process as stress free as possible. This can be achieved using operations management solutions more effectively to control backlogs and manage service levels.”
“Organisations including Legal & General and Co-operative Insurance Society have access to real–time, fact-based operations management tools, such as capacity planning, proactive work allocation and end-to-end performance measurement – and as a result can deliver better service for their customers. These tools should be seen as pre-requisite for every customer services operation but are often implemented in an ad-hoc non automated way.
“It is a common misconception that excellent customer service, quality and compliance can’t be achieved in the long-term without significant investment in technology. In the businesses we have worked with these objectives have been achieved at the same time as reducing costs by 20-50% - and the solutions can be implemented in weeks.”