Global re/insurance broker Willis Towers Watson has announced the launch of Claim Metrics, a bespoke claims benchmarking solution for UK personal lines insurers.
WTW says the service provides claims leaders with a tool for identifying performance improvements, as well as offering underwriters, pricing teams, actuaries and senior management vital insights into profitability drivers and trends.
The new Claim Metrics subscription service is designed to help insurers identify how they can handle claims more effectively and efficiently.
It is supported by a combination of WTW’s claims knowledge, analytical skills and insurance and technology expertise.
“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 WTW.
“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.”
The service includes an interactive dashboard to analyse and compare their claims performance across a broad array of operational and financial metrics.
Smart segmentation allows for the selection of data factors which adjust the benchmarks to mirror an insurer’s business footprint helps claims, pricing and underwriting teams to understand their own performance with greater accuracy in different sectors and how variations in portfolio, model or claims handling lead to particular outcomes.
Additionally, WTW says the product’s trend analysis capabilities provides rigorous, fact-based analyses based on over five years of granular data.
“A highly competitive market has made it increasingly difficult for insurers to differentiate on price and cover,” said Helm.
“The ability to handle claims faster, more efficiently and with greater customer satisfaction, gives companies an invaluable opportunity to differentiate themselves in the marketplace and ultimately help them secure a stronger and more profitable future.”
“Claim Metrics provides independent validation and deeper analysis than previously possible on the drivers of change across the spectrum of small to large loss motor and household claims.”
“This generates a more accurate assessment of performance, claims process effectiveness and the optimal strategy necessary to fine tune an insurer’s approach,” added Helm.