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Willis Towers Watson has something new for personal lines insurers in the UK.
The subscription service, called Claim Metrics, is a claims benchmarking solution designed to help insurers determine how they can handle claims more effectively and efficiently. It affords claims leaders a unique tool for identifying performance improvements, and also provides underwriters, pricing teams, actuaries, and senior management insights into profitability drivers and trends.
Supported by Willis Towers Watson’s insurance consulting and technology team, the new offering features an interactive dashboard to analyse and compare claims performance across operational and financial metrics; the ability to select data factors which adjust the benchmarks to mirror an insurer’s business footprint; and rigorous, fact-based trend analysis.
“Data and analytics have transformed many areas of the insurance industry, but it has been slower to adapt than other financial services, such as banking and retail,” said Tom Helm, head of claims consulting at Willis Towers Watson.
“This is changing as the claims process in the insurance market finds itself increasingly under the spotlight, with more insurers recognising claims as an investment opportunity to help gain competitive advantage, market differentiation, and increased customer loyalty.”
Helm noted that a highly competitive market has made it all the more difficult for insurers to differentiate on price and cover, and pointed to the ability to handle claims faster and more efficiently for the benefit of customers as a promising differentiator.
