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28th February 2021
Next-generation claims benchmarking by Willis Towers Watson sets new standard for UK personal lines market
Continuing COVID-19 impacts and the upcoming whiplash reforms together accentuate claims performance as a competitive differentiator for insurers under pressure to cut costs and enhance their operations.
Willis Towers Watson today announces an updated version of Claim Metrics, a bespoke Motor Claims benchmarking platform specifically for UK personal lines insurers. With insurers under pressure to make their claims operations more efficient by digitising processes, Claim Metrics 2.0 provides claims leaders, underwriters, pricing teams, reserving actuaries and senior management with vital insights into profitability drivers, inflation trends and other opportunities to significantly improve claims performance.
Tom Helm, head of Claims Consulting, Willis Towers Watson, comments “This latest release of Claim Metrics represents a material step forward for progressive UK claims leaders, as our business intelligence platform now provides self-service benchmarking via Software as a Service(SaaS) technology. This places visualisations in the claims experts’ hands, with highly dynamic functionality which better empowers users to make rapid, data-driven decisions.
“The major boost in performance and user experience has sharpened the capability of claims, pricing, reserving and underwriting teams to independently analyse detailed claims performance against market data, track claims inflation and understand emerging trends.”
Upgraded features of Claim Metrics include:
-Dynamic dashboard: Claim Metrics 2.0 offers insurers a faster user experience with an advanced interactive dashboard to analyse and compare claims performance across a broad range of operational and financial metrics. Data is refreshed on a six-monthly basis to deliver a contemporary view of performance and enable claims inflation to be closely tracked, enhanced by new visualisations, filtering and granularity. Deployment of report updates mid-cycle is available to develop and share new claims insights within a week in response to emerging market trends
-Smart segmentation: Increased segmentation makes it possible to filter with unprecedented granularity, such as comparing average repair costs versus other subscribers for small prestige vehicles less than three years old, on drivers over the age of 50, residing in Luton. This gives an unrivalled level of sophistication when adjusting an insurer’s benchmarks to mirror its chosen business footprint or when seeking to diagnose the root causes of claims inflation.
-Trend analysis: Rigorous, fact-based analyses are based on six years of historical granular data. Results can be presented on settled claim, underwriting or accident year basis, as well as quarter-on-quarter development patterns. This enables insurers to evaluate the results aligned with their own internal approach and also gives invaluable context and insight into current and emerging market trends.
The Claim Metrics subscription service is built on insights based on £14.5bn of claims spend and so benefits from a large benchmarking pool reflecting strong market support. It is supported by a combination of Willis Towers Watson’s in-depth claims knowledge, strong analytical skills and insurance technology expertise. Ease of access has also been improved in the new version to support a seamless transition from the office desk to working on the move.
Helm added “The COVID-19 pandemic has served as a watershed event, accelerating digitisation efforts and challenging insurers to understand better customer needs. The unpredictable environment that lies ahead, compounded by the upcoming whiplash reforms, suggests to us that consumers and businesses will increasingly rely on and choose insurers offering resources and tools that can best meet their needs, particularly as digital adoption continues to grow.
“Claim Metrics is a vital tool in helping claims, pricing and underwriting teams adapt at pace to these demands. The ability to understand their own claims performance with greater accuracy in different sectors, and how variations in portfolio, model or claims handling lead to particular outcomes, gives them invaluable insight into future claims inflation and the opportunity to deliver a more competitive business plan.”
Willis Towers Watson Trends(272 articles)