The Auto Claims Management application uses a proprietary IBM Process Excellence framework to help auto insurance providers streamline their process, improve insured service, and grow the business while plugging cost leaks and reducing risk. It does this by:• Identifying process variations and the impact to KPIs for Efficiency, Experience and Compliance • Providing detailed analysis of KPIs across attributes. KPIs include: • Average cost per claim • Revenue per policyholder • Average policy size. • Combined Operating Ratio • Policy lapse ratio • Average customer satisfaction • Time to settlement
This is where IBM and Celonis Combine their Strengths:
Reduce cycle time for the process.
Process the claim accurately by using x-ray views of the auto claim processing, validation, and payments based on KPIs.
Applying intelligent automation.
Eliminating process bottlenecks resulting in business inefficiencies. Monitoring risk and compliance.
The foundation for the Executive Management Dashboard is a proprietary IBM Process Excellence framework that categorizes KPIs by Efficiency, Experience and Compliance. It provides Claims Managers and Executives the ability to:
• Easily monitor and improve KPIs impacting Efficiency, Compliance and Experience
• View real time KPI performance and comparison against internal targets and industry benchmarks to determine focus areas
• Have visibility into the global end to end auto claims management process and performance through a Control Tower like view
Monitoring Auto Claims Management KPI trend across Efficiency, Compliance & Experience help Claims and Service Managers to focus on KPIs and applications with significant impact, and drill down into the details that help to address problem areas.
The Compliance view helps Auto Claims Managers: Identify the common challenges, trends and gaps in compliance to lower overall risk. Drill down on root cause for bypassing mandatory activity. Focus on applications under investigation that may elevate risk.
The Experience view helps Claims Managers and Service teams: Enhance the customer experience with minimum repetitive touch-points with customers. Identify products and channels that are leading towards lower NPS.
The Efficiency view helps Claims and Service Managers to: Identify potentially fraudulent Insurance claims. Validate incorrect information provided by claimant. Monitor and control ad-hoc execution of operational processes. Identify ways to reduce manual handoffs. Process simpler claims faster and focus on the more complex claims. Check incorrect premium amount allocation for products. Course correct bad underwriting practice.
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