Insights from The Lab

Insurance Claims Transformation

Category : Insurance Claims Transformation

Applying Business Intelligence in Insurance: How to Improve Claims with BI Transformation

With business intelligence in insurance, companies can rise above their competition.

We see it all the time: Insurance companies are striving to get ahead in the field of business intelligence. They’ll invest, often heavily, in systems such as Oracle Business Intelligence, Microsoft Power BI, and so on… and yet they struggle to find the value from these investments. Why is that? Many times, it’s because they …

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How to reduce insurance operating costs with lean claims transformation: Cost of claims control strategy implementation

How to reduce insurance operating costs

Our previous article reviewed the claims leakage reduction project design requirements for an insurance claims transformation project. This article will discuss both the implementation and ongoing improvement, based on The Lab’s lean insurance claims experience with numerous insurance companies across the country. Just as important, we’re going to zero in on some important details, based on …

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Insurance transformation projects: How to reduce insurance loss ratio and claims leakage with lean claims implementation

How to reduce loss ratio in insurance

In our last blog post, we discussed the opportunity, and it’s massive, for successfully reducing insurance operating costs, claims severity, and claims leakage. In this article, we’re going to dive into deeper detail, again culling from real-life insurance transformation projects which The Lab has undertaken for numerous Fortune 500 companies and their claims operations nationwide …

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Insurance claims transformation: Successfully reducing insurance operating costs, claims leakage and claim severity

Reduce the loss ratio in your insurance

If you’re looking to reduce the loss ratio in your insurance business, there’s no better place to start than the claims process. Contrary to prevailing opinion, claim severity can be reduced by standardizing the processes in your claims handling operations with lean insurance management methods and non-technology improvement. In fact, you can realize significant claim …

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