A large Property and Casualty insurance carrier wanted to move claims from "a cost center" to a differentiator and a customer retention tool. While the legacy claims platforms worked well for settling claims, handling transactions, and was efficient with back-office responsibilities, the technology didn't track the impact that claims have on customer satisfaction and customer loyalty - and ultimately whether or not a customer decides to renew a policy. The Chief Claims Officer wanted to reinvent the claims processes, with the goal of exceeding customer expectations while maintaining financial integrity.
Applying a business-oriented Enterprise Architecture methodology and codifying the strategy into a measurable statement was a critical key to success. By laying the assessment against the business value chain, LiquidHub was able to point out the weak spots in the system. Solving these problems required the development of a new claims strategy, in essence reinventing claims as a business function. Due to the new architecture and strategy, customer satisfaction and retention greatly increased.