If you work for a property casualty insurance company, your CEO probably talks a lot about innovation. It is a cutting-edge subject, it can improve results, and consultants have built big practices around it and its cousin, transformation. More importantly, many CEOs believe the phrase “innovate or die” is absolutely true. So, as Dennis Berman of the Wall Street Journal once said:
“Most CEOs now spray the word ‘innovation’ as if it were an air freshener.”
But let’s back up. What is innovation, and how critical is it to the success of a property-casualty insurance company? Innovation is often described as the implementation of something new — a product, a service, a process, an alliance, a market, or an experience — that creates value. Yet while innovation may begin with big ideas, it requires execution and results before it can demonstrate value. That’s maybe why Dr. Lewis Duncan, president of Rollins College, once said: “Innovation is the ability to convert ideas into invoices.”
Many insurers are aware there are many types of benefits that can be harvested through innovation — lower costs, higher margins, new or more attractive products or services, more engaged employees, new customers, new distribution channels, happier customers, more loyal customers, enhanced reputation, even better outcomes on litigated claims.
Better outcomes on litigated claims? If you are responsible for managing claims litigation, and you could implement a new approach that would improve outcomes on your litigated claims, would you do it? Of course you would!
ClaimEdge is a highly secure collaboration platform designed to help attorneys and litigation managers communicate more effectively, make better decisions, reduce costs, and improve outcomes on litigated claims.
For more information on how the secure ClaimEdge cloud-based digital workroom can help legal and claims professionals collaborate on your toughest claims, go to https://www.claimedge.co/