The Evolving Value Of The Claims Sector
While the traditional view of claims is that it sits towards the back of the value chain, that is changing, a speaker said Wednesday during KPMG’s 30th annual insurance conference.
The evolving role of claims was one of four macro (or high-level) trends discussed during the Reimagining Operations session at the virtual conference.
Paul Jones, senior manager with KPMG in Canada, said the traditional view of claims is that it ‘has to deal with the repercussions of all of the policies that have been written, and it’s a very process-focused function within an insurer.
‘We’re starting to see that change as we start to see claims really demonstrate value within the organization, and demonstrate that it can bring insight that can start to shape the strategy and really impact the end-to-end value chain of every insurer,’ Jones said. ‘So, I think it’s definitely an interesting, exciting place to be, where claims moves from the back of the value chain very much towards the front.’
In addition to the evolving role of claims, the three other global macro trends KPMG is seeing include those related to customer expectations, digital capabilities, and a purpose-driven culture, Jones said.