We are continuing detailing the results of the recent BrightClaim-sponsored survey of claims professionals conducted by Ward Group. Now we examine the way that the respondents from 71 different participating companies ranked in terms of focus and opportunity.
The survey asked companies to consider five different areas of focus: customer experience, operational efficiency, indemnity management, expense management and staff management. Each quality was ranked on a scale from 1.0 to 5.0, with 1 being the least important and 5 being the most.
Among the current focus points, customer experience ranked the highest at 4.1, based on nearly 60 percent of respondents. Operational efficiency was found to have the highest opportunity for improvement with a rating of 3.8, or 40 percent.
In addition, the survey compared the claims innovation philosophies of participants in the Ward's 50 benchmark group to the overall benchmark. Fifty-six percent of the overall group were likely to consider themselves market-competitive, 30 percent conservative and just 13 percent market-leading. These results confirm that insurance companies tend to move slowly when adopting and implementing new technology or programs.
While a conservative approach can minimize risk, it can also allow a more forward-thinking company to gain a competitive advantage or reap the financial benefits sooner. This was demonstrated by the Ward's 50 respondents. Twenty-nine percent of the Ward's 50 considered themselves market-leading and achieved superior financial results compared to the rest of the participant companies.
This blog will continue to look at the reports findings related to customer experience, so check back for more information later this week.