Turning data into good decisions
12th December 2023Tweet
The value of information is in the understanding of it, and tech partners can help businesses gain deeper insights to support better decision making.
That was the message of a panel discussion with Stewart Griffiths, Chief Executive Officer, Albany Group, and Kate Archer, Partner and Head of Motor Injury, DAC Beachcroft, during ILC’s inaugural Risk and Compliance event, which took place at etc Venues, Manchester, recently.
Themed, ‘Consumers – more than just a duty,’ the event was sponsored by Albany Group, ILC insurer partner First Central, Gallagher Bassett and Padda Consulting.
Stewart and Kate explained how Albany and DACB have been working together to interpret individual and aggregate claims data to get a better understanding of processes, trends, and where improvements can be made.
Kate said, “As lawyers we’re dealing with a lot of claims, but working with Albany Group allows us to assess the aggregation of what we do, to monitor trends and feed it back to insurers. Their technology enables us to know what good looks like in individual claims but also identify where there is room for improvement.”
She continued, “We are constantly referring back to the data. You have to make sure you’re measuring the right things for the right claims, and then come together internally to develop good practices and share them with colleagues and throughout the supply chain.”
The challenge comes through the multitude of stakeholders and touchpoints within a claims journey, each working in siloes with little transparency or connectivity. Albany Group has developed solutions such as Conect to deliver greater visibility for everyone involved, creating a more seamless process.
Stewart said, “Information is just information and you can’t do much with it until you understand it. One thing insurers aren’t short of is data. What Conect allows us to do is drill down into that and turn information into intelligence, and the next phase is actionable intelligence. That is where we help teams make decisions.
“It doesn’t need to be complicated. For example, we capture customer complaints data for a client and found that the biggest issue was communication. If you think of a claims process, you have different people in different departments or different companies, working on different systems. How do you connect it up to make it seamless? That’s what systems like ours do.
“The data can then be fed back into the supply chain to make them better suppliers, delivering more, meaning you get value all the way through.”
Like most industries, insurance is under intense pressure in terms of cost, resource and regulatory demands, such as Consumer Duty. While this puts greater emphasis on using data to improve service, efficiencies and offer fair value, it also means departments are sometimes stretched to breaking point, making implementation difficult.
Stewart continued, “What we’ve found is the biggest barrier to technology implementation is not the cost or the technology itself but the capacity of the teams. They are doing their day jobs, dealing with Consumer Duty and trying to be innovative. It just becomes too much. But by taking that deployment burden off them and providing a seamless transition, we provide the best way to move forward.
“DACB is very good on the policy and regulatory side of things, which has allowed us to focus on and deliver the technology.”
And certainly DACB and its customers have benefitted, as Kate concluded, “Consumer Duty means we have to innovate, we have to make it a priority to deliver better service, and if we can’t do it ourselves we need to find partners to help us.”Tweet