We’re living in an age of accountability and transparency; the damage to a brand and customer relationships can be enormous when things go wrong. If companies do face a mass claim situation, it needs to be dealt with quickly, efficiently, transparently and fairly. But not all companies have the necessary scale, infrastructure or resources to do this. Even organisations with claims teams and past experience can find the combination of a sudden crisis, volume and complexity of claims a challenge.
We saw this recently with the unprecedented number of refund requests in response to cancelled travel and leisure plans during the pandemic. Companies with well-resourced teams and experience of regular claims processing were completely overwhelmed. And with ongoing uncertainty, it’s impossible to know how much resource may be needed at any given time.
Data breaches are another area becoming increasingly common and driving claims activity. It’s increasingly likely that regulators will step in to facilitate consumer claims for compensation if their data is lost or stolen.
How to get claims management right
Whether you’re handling claims in-house or using a managed service option, here are three things that should be part of your claims management planning:
- The right technology and insights from data: Claims can be complex, requiring process management, regular interactions with claimants, evidence gathering and storage – manual processes can quickly become overwhelmed but the right technology, coupled with data driven insights and automation can simplify claims processes and make them much more efficient.
- The ability to identify, extract and understand necessary information: It is key to be able to identify potential claimants and to quantify the potential loss early, allowing management to plan and budget and to manage stakeholders expectations.
- The ability to react and scale up quickly: To limit the business impact, you must be able to respond at speed and scale up operations as required.
Significant claims management events are on the increase and companies will be judged on the quality of their response. Claims events that are not well handled can be very costly financially and can significantly damage a company’s reputation. Make sure you have reliable, efficient and transparent claims management processes that will flex with your needs.
Businesses are increasingly turning to us for Execution Managed Services (EMS) as a flexible option that allows them to scale claims management resources up and down as necessary. With our industry expertise, forensic accounting and claims quantification skills combined with cutting edge technology and the infrastructure and surge capacity of our Operate teams, we have been managing and processing huge volumes of claims on behalf of clients, quickly and efficiently. Read more about our Execution Managed Services and how we can help you with claims management and other resourcing challenges.
If you’d like to discuss your claims management needs, please get in touch.