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October 17th - 19th,
1999
"Reliance Achieves 59% in Paid-Loss Overpayment Since 1997 " Routledge spoke Monday at "Continuing the E-volution," A.M. Best Co.'s 12th annual insurance information conference in Baltimore. The new approach involved an evolution from a process-driven strategy to a bottom-line driven strategy that focused on people, processes and technology, Routledge said. Claims professionals must understand how the industry functions financially, Routledge said. "They must have the soul of an entrepreneur, the intellect of a Supreme Court justice and the heart of an Olympic athlete." Reliance found that certain behaviors in the life cycle of a claim significantly affected the claim's outcome, but 45% of their professionals' time was spent on activities that had no impact on outcome. Consequently, the company defined ways to behave in regard to claims, established performance measures that varied from the usual and made claims professionals equally responsible with underwriters for underwriting results. Technology was important to the new approach as a way to facilitate the new behaviors. Philadelphia-based Reliance teamed with Andersen Consulting to apply the necessary technology. Victor Guyan, a partner with Andersen, said the technology that Reliance used, known as "claim components," improved the consistency of the professionals' performance, freed more time for them to do the impact-related parts of their jobs, provided needed information on outcomes at certain points in a claim's life cycle, and fostered better working relationships with employees. "Claim components" captures relevant, timely claim data, understands the life cycle of a claim and prompts the claim professional to do what's necessary at a given time in the life cycle, Guyan said. Well-managed files are the basis for good claim negotiations, Guyan said. "It's like a fight with your spouse," he said. "If you want to win, you have to be prepared." "Claim components" helps the claim professional with a negotiation plan. Routledge previously was general counsel and secretary for Reliance and was vice president and assistant general counsel for Cigna Corp. Guyan, a partner in the Insurance Practice of Andersen Consulting's Financial Services industry team, has served for the past four years as the leadership partner on Andersen's "Leadership in Claims" initiative. By Sally Whitney |
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Claims Information - Getting the
Results: