January 22, 2024

Property and Casualty Claims Transformation: Using Benchmarking Data to Overcome Challenges

Property Claims executives are facing headwinds in getting investment for transformation efforts.

In 2023, property claims executives faced an austere economic environment and a mandate to cut costs and eliminate roles. Major carriers have announced wide-ranging layoffs across departments, including Claims. But eliminating positions and employee headcount is a short-term solution and creates new risks, including brain drain that eliminates institutional knowledge and reduces innovation.

Rather than job elimination, there are other ways to achieve efficiency – such as defining a comprehensive suite of KPIs that let you track your claims department’s process effectiveness, identify potential improvements, and measure the team’s performance against peer institutions that are confronted with similar challenges.

But when deciding which KPIs are important, it’s important that claims executives keep in mind the organization’s overall strategy. Is it to become the lowest cost provider? To provide the best customer service? Using that as a guiding light can help define the right KPIs to plug in and push down.

In this Q&A, executives from Auriemma Roundtables, the leading provider of operational data in financial services, and Celonis, the global leader in Process Mining, discuss how property and casualty claims executives can use data and insights from peer institutions to better substantiate transformation efforts.

Click the image below to read the Q&A.

White Paper: Benchmarking Data’s Role in P&C Claims Transformation

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