Novarica’s new “best practices in claims” CIO checklist
Boston, MA (Nov. 21, 2016) – Before setting out on claims transformation efforts, property/casualty insurers should establish clear strategic goals and success metrics, consider the ways in which the claims process is changing, and understand the potential impact of emerging technologies like medical analytics and IoT. Research and strategic advisory firm Novarica provides insurers with important areas of attention to ensure a successful claims transformation in a new CIO checklist report.
“While replacing any core system is a complicated task, claims system replacements have nuances and differences that can create opportunity—or risk—for carriers in implementation,” said Jim Klotz, Vice President of Research and Consulting at Novarica. “In order to have a successful claims transformation, whether carriers are using a third-party vendor or building a solution in-house, they need to consider the impact of complex, multi-party processes, direct communications with claimants, and what their strategic goals are.”
The report offers CIOs the following checklist of best practices in claims transformation:
- Gain strategic clarity;
- Define the key measures of success;
- Assemble a cross-discipline team;
- Understand the evolving processes and organization;
- Assess the impact of emerging technologies;
- Apply core system project best practices.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy. Its research covers trends, best practices, and vendors, leveraging relationships with more than 300 insurer CIO members of its Research Council. Novarica’s advisory services provide on-demand phone and email consultations on any topic for a fixed annual fee; its consulting services include vendor selection, benchmarking, project assurance, and IT strategy development, providing rapid, actionable insights and guidance, delivered directly by the firm’s senior team. For more information, visit www.novarica.com.