Broker Willis Towers Watson has introduced a new benchmarking solution to enable personal lines insurers in the UK enhance claims management.
Dubbed Claim Metrics, the new subscription service offers underwriters, pricing teams, and actuaries insights into profitability drivers as well as flags performance improvements.
It consists of an interactive dashboard, enabling users to compare their claims performance across various metrics. The results are updated every six months.
The solution also enables insurers to choose data factors that adjust the benchmarks to mirror their footprint.
Besides, Claim Metrics offers fact-based analyses utilising five years of granular data.
Willis Towers Watson head of claims consulting Tom Helm said: “A highly competitive market has made it increasingly difficult for insurers to differentiate on price and cover. The ability to handle claims faster, more efficiently and with greater customer satisfaction, gives companies an invaluable opportunity to differentiate themselves in the marketplace and ultimately help them secure a stronger and more profitable future.
“Claim Metrics provides independent validation and deeper analysis than previously possible on the drivers of change across the spectrum of small to large loss motor and household claims. This generates a more accurate assessment of performance, claims process effectiveness and the optimal strategy necessary to fine tune an insurer’s approach.”