Claim Metrics 2.0 reportedly provides claims leaders, underwriters, pricing teams, reserving actuaries and senior management with “vital” insights into profitability drivers, inflation trends and other opportunities to significantly improve their claims performance.
According to the group, the upgrade has been rolled out as insurers are under increasing pressure to make their claims operations more efficient by digitising processes.
Among the new features of the updated offering is a new “dynamic” dashboard, which offers insurers a faster user experience with an advanced interactive dashboard to analyse and compare claims performance across a broad range of operational and financial metrics.
According to Willis Towers Watson, data is refreshed on a six-monthly basis to deliver a contemporary view of performance and enable claims inflation to be closely tracked, enhanced by new visualisations, filtering and granularity.
Deployment of report updates mid-cycle is also available to develop and share new claims insights within a week in response to emerging market trends.
In addition, increased segmentation allows users to filter with “unprecedented” granularity, providing an “unrivalled level of sophistication” when adjusting an insurer’s benchmarks to mirror its chosen business footprint.
The updated platform also provides “rigorous, fact-based” analyses based on six years of historical granular data. Results can be presented on settled claim, underwriting or accident year basis, as well as quarter-on-quarter development patterns.
This enables insurers to evaluate the results aligned with their own internal approach and also gives context and insight into current and emerging market trends.
Tom Helm, head of Claims Consulting, Willis Towers Watson, said: “This latest release of Claim Metrics represents a material step forward for progressive UK claims leaders, as our business intelligence platform now provides self-service benchmarking via Software as a Service (SaaS) technology.
“This places visualisations in the claims experts’ hands, with highly dynamic functionality which better empowers users to make rapid, data-driven decisions.”
He added: “The major boost in performance and user experience has sharpened the capability of claims, pricing, reserving and underwriting teams to independently analyse detailed claims performance against market data, track claims inflation and understand emerging trends.”