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The Three Digital Game-Changers Revolutionizing the Carrier Industry

The world of general insurance is fast-paced with rapidly evolving technological advancements driving operational performance improvements for those who adopt them. Recent years have seen emerging technologies revolutionize ways of working amongst businesses, allowing carriers to streamline claims processes, make better decisions more consistently, and ultimately deliver superior outcomes.

While analytics innovation has clear benefits, knowing how to leverage these tools for success is essential. In this article, we highlight three digital game-changers revolutionizing how carriers operate, unlock efficiency, and deliver superior outcomes.

  1. Waypoint: Applying the Latest in Predictive Analytics

The integration of cutting-edge technologies, such as predictive analytics, has transformed decision-making processes in the insurance industry. Gallagher Bassett’s (GB) Waypoint platform, powered by machine-learning models and insurance expertise, empowers carriers to make optimized decisions at the claim, policy, and portfolio levels. By harnessing data-driven insights, carriers can achieve cost efficiencies, improve claims outcomes, and streamline operations, ultimately gaining a competitive edge.

Predictive analytics enables carriers to proactively manage risks, identify emerging trends, and develop innovative strategies. With Waypoint, carriers can leverage years of claims outcomes to make informed decisions, reduce the total cost of risk (TCOR), and optimize underwriting processes. By automating manual tasks and improving operational efficiency, carriers can deliver faster and more accurate services, enhancing customer satisfaction and retention. Implementing predictive analytics and decision support tools is critical for carriers seeking long-term success in an ever-evolving insurance landscape.

  1. SMART Benchmarking: Using Pioneering Data Analytics Techniques for Better Outcomes

Achieving sustained performance in the insurance industry requires utilizing the latest data analytics techniques. Analytics has become an indispensable tool for carriers to assess performance, identify excellence, and pinpoint opportunities for improvement in risk and insurance.

GB’s SMART Benchmarking platform is at the forefront of innovative tools for measuring carrier performance and uncovering untapped opportunities. This digital risk management system considers each claim’s intricacies to comprehensively evaluate a carrier’s expected performance, establishing a benchmark for success. By leveraging SMART Benchmarking, carriers can compare their performance against industry standards, gaining valuable insights into specific policyholders or portfolio segments ripe for improvement.

Best-in-class carriers use a robust benchmarking methodology, such as SMART, to build a roadmap for success. This includes translating insights into actions, focusing on specific areas, identifying the root causes of underperformance, and recommending steps to improve. This comprehensive approach empowers carriers to achieve desired outcomes, reduce operating costs, and maintain a competitive edge in the dynamic landscape of general insurance.

  1. Luminos: Adopting a World-Class Digital Risk Management System

We developed Luminos, a cutting-edge RMIS tool, to support carriers in streamlining claims processes and optimizing performance. It serves as our clients’ window into our world. GB’s mission is to drive demonstrably superior outcomes, and Luminos plays a vital role in achieving this goal. By leveraging Luminos, clients gain transparency in the results we deliver for them. This industry-leading tool provides clients with visibility of their performance at a high level and offers valuable insights into their financial standing. Clients can track progress against performance goals, ensuring a clear line of sight for planned improvements. Any variation in high-level outcomes can be further analyzed with significant detail and explanatory power to understand the root causes of any fluctuation.

By adopting a world-class digital risk management system like Luminos, carriers can ensure transparency in their results, evaluate their performance, identify areas for improvement, and make data-driven decisions to outperform their competitors. Identifying opportunities for continued enhancement across a carrier’s portfolio offers a decisive advantage in shaping the future of general insurance.

Contact our team today and explore how we can help you utilize analytics innovation to strengthen your processes and identify opportunities for lasting success.

Joe Powell

SVP - Analytics

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