CLAIMS PERFORMANCE Building Consistency & Predictability Into Your Claims Process TERRY TATE

TRUE OR FALSE “move claims from a cost centre to a profit centre’’

IDENTIFYING THE ORGANISATIONS BONES  Back Bones  Wish Bones  Knuckle Bones

RULES & EXPECTATIONS  Encourage Questions and Interaction  People, Process Technology Perspective  No Buzz Word Bingo 

INTRODUCTION  Country QLD Born and Bread  Father of two with one on way in 48hrs  Ex-Professional NRL Player  Racing Enthusiast  Serial Entrepreneur  Insurance Futurist  Founded and built large claims management and claims technology businesses and more recently expanded internationally.  Experienced in claims, claims process, supply chain performance and developing emerging technologies to support claims transformation

NEVER TOO BIG TO FAIL  Blockbuster  Boarders Books  Nokia  Blackberry  Kodak

TRUE OR FALSE “claims executives are at a crossroads’’

CONSIDERATIONS TO BUILD FOUNDATIONALLY STRONG CLAIMS PERFORMANCE CUSTOMERS TECHNOLOGY PROVIDERS PROCESS PEOPLE SOCIAL, MOBILE, ANALYTICS, CLOUD CQL OBJECTIVES

X-PECTATION THE NEW CUSTOMER GENERATION X-PECTATION The New Customer A Digital Savvy, Mobile Enabled Sceptic who questions conventional assumptions and insists on deal on his or her terms.

SMAC YOUR STRATEGY Cloud Social Analytical Mobile

YEAR 2020 EMERGING TECHNOLOGIES  3D Printing  The Internet of Things (IoT)  Drones/Aerial Imagery – Drones  Driverless Vehicles  Artificial Intelligence  Semantic Technologies  Biotechnology  Wearable Devices  Gamification

ANALYTICS – THE DATA EXPLOSION  Customer are increasingly better connected, instrumented and intelligent.

TRUE OR FALSE “road map for future proofing claims resilience ’’

THE ROADMAP FOR BUILDING RESILIENCE 1.Tackle the whole and not the pieces 2.Stand lifecycle out as a core measure 3.Recreate the claims professional 4.Maximise the use of technology 5.Build business intelligence that’s meaningful

TACKLE THE WHOLE AND NOT THE PIECES  No quick fix systems or process  Take a holistic view of the claims  People  Process  Technologies  Embrace ‘end to end’ ‘bottom to top’  Ensure views can achieve business objectives  Must be supported by well defined processes  Compliment with meaningful metrics  Foundation for Continuous Improvement

STAND LIFECYCLE OUT AS A CORE MEASURE Claim Lifecycle Customers Experience Broker Advocacy Policyholder Retention Brand Advocacy Claim Lifecycle Utilisation of Resources Staff Performance Supply Chain Value Claims Cost Customers PerspectiveInsurers Perspective

RECREATED THE CLAIMS PROFESSIONAL  Equip them with the right tools and systems  Encourage innovation and new ideas reward it  Develop a strong back end office to support them  Develop meaningful metrics to ensure performance is aligned to strategy via balance scorecard  If you want them to care, connect them to the value they create.

ELIMINATE NON-CORE ACTIVITY

MAXIMISE THE USE OF TECHNOLOGY  Technology is the foundation of transformation  Must go beyond replacing legacy systems  Step change approach needed to set up ‘outcome orientated claims delivery’  Technologies must be available to all parts of the business  Simply put claims technology must;  Capture data at granular level  Interrogate it in real time  Present customer and outcome analytics  Be able to evolve processes based on these outcomes  Take advantage of the developments such as cloud where systems can be rapidly deployed as SAAS

BUILD BUSINESS INTELLIGENCE THAT’S MEANINGFUL  Customer Analysis  Supplier Analysis  Lifecycle Analysis  Cost Analysis  Connect people who impacts the outcomes