AMP’s struggles lead to a couple important questions. Should all large financial service companies be more active around its claims management processes? Has the need for advanced automated claims management technology become a priority?
A 2011 RGA Claims Technology Survey predicted an increase in claims technology enhancements:
“69% of participants are anticipating significant enhancements in their claims technology solutions over the next 3 years and 58% of respondents are of the opinion that the lack of investment in claims technology will change within the next 5 years.”
Globally, companies are beginning to prioritize claims management technology enhancements. For example, a few years back Québec Blue Cross (QBC) encountered legacy claims system inefficiencies and redundancies. After an extensive market evaluation, QBC selected ClaimVantage to streamline their claim management process, automate their eligibility process, and even integrate policy, financial, and check printing systems. Read the case study: QBC System Overhaul Brings Cost-Saving Efficiency Improvements.
In Europe, the leading insurance company in Ireland—Irish Life (IL)—anticipated its need to optimize claims processing for Life, Pension, and Income Protection products, along with its need for more sophisticated reporting and tracking of senior level decision-makers. ClaimVantage, with integration technology partner Version 1, delivered a single source solution to more effectively manage Irish Life’s claim cycle, from intake through adjudication and payment. Read the case study: Single Source Automation Solution Significantly Improves Claim Operations.
The AMP profit warning, along with the two case studies above, demonstrate that an increased push for proactive claims management is necessary to prevent other large insurance industry companies from getting the front-page knock down.