Technology Must-Haves to Unlock Legacy Portfolio Growth

Technology has been advancing at a rapid pace in the insurance industry, but escaping the confines of outdated claims systems can be easier said than done. While innovative claims technologies continue to surface, many carriers may feel stuck in place as legacy claims remain tied up in outdated systems. From integration challenges to compliance risks and claims management inefficiencies, the challenges of having an outdated claims system are well-known, so what exactly should you be prioritizing when looking to break free of technology constraints?

In the complex ecosystem of claims management technologies, integrating new claims systems with existing tools can be a daunting and expensive task. For organizations that are familiar with these challenges, working with a strategic partner is a cost-effective way to open the door to greater efficiency and enhanced technology.

Three must-have keys to success that will enhance legacy claims management efficiency for carriers include:

  • Data-Driven Insights: Navigating legacy claims requires a nuanced understanding of trends and patterns. Claims management technology that offers advanced data analytics is necessary to unravel the intricacies of legacy portfolios. In doing so, carriers can identify hidden patterns, outliers, fresh claim closure strategies, and emerging risks. By leveraging data-driven insights, carriers gain a strategic advantage in making informed decisions, optimizing workflows, and proactively addressing challenges unique to legacy claims, ultimately enhancing operational efficiency and claims outcomes.
  • Seamless and Integrated Claims Management: Integrating your existing claims system with leading technology, such as Gallagher Bassett’s award-winning RMIS suite, Luminos, gives carriers unmatched analytics and risk management insights that can create real movement on stagnant legacy claims. Access to this industry-leading platform allows carriers to harness the power of our data experts to streamline claims closures for complex legacy portfolios. Through a combination of superior software capabilities and differentiating data analysis, this best-in-class platform empowers carriers to unlock talent for live programs and growth opportunities. From simple menus and data modules to drill-down features at your fingertips, this technology platform ensures agile responses to complexities, contributing to swift resolutions and an efficient claims management strategy for legacy portfolios.
  • Performance Benchmarking Capabilities: The ability to benchmark performance is crucial when continuous improvement in legacy claims management is the goal. Access to comprehensive benchmarking metrics allows carriers to set realistic performance goals, monitor progress over time, and foster a culture of sustainable excellence. Carriers can evaluate performance against industry benchmarks and prior results to identify areas for improvement and align their strategies with industry best practices. This approach elevates the overall efficiency and effectiveness of your legacy claim portfolio management.

If legacy portfolios have distracted from new program growth, partnering with experts that specialize in legacy claims management is a strategic step toward unlocking your time, energy, and capital opportunities. However, striking the balance between technology and the human touch is an important component of legacy claims management success. Advanced technologies offer valuable data interpretation and insights, while human expertise is vital to understanding the nuances and broader picture of complex claims. As legacy portfolios begin to close out, leveraging the value of a strategic partner and award-winning technologies becomes even more important to identify and unlock growth opportunities.

GB’s Legacy Practice Group is dedicated to addressing the unique needs of the legacy claims sector. Our demonstrated claims expertise and access to performance dashboards, including our award-winning RMIS suite, Luminos, support the successful transition of legacy portfolios and claims trapped in outdated systems to accelerate your legacy claims outcomes.

To learn more about how you can empower your business with digital innovation and leading claims expertise, visit our dedicated solution page for more information or book a free consultation today.

 

Chris Hampshire

VP Carrier Practice Sales

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