Electronic Claims File – Continuous Improvement
Posted by Carl Phillips | Market Development on Monday 22 August 2011, 2:14PM Share
Carl looks at how the Electronic Claims File is contributing to Claims Transformation.
I’ve written before about the Electronic Claims File (ECF) and its impact on the time it takes to settle claims. It's clear that its influence in improving the processing of claims continues.
David Lang’s article on lloyds.com illustrates the success of the Claims Transformation Programme with standard claims taking half the time that they did before Claims Transformation and probably around a quarter of the time that they did before ECF.
But why is this reduction so significant? These standard claims represent the majority of claims. The drop therefore brings the Lloyd’s market within touching distance of world-class settlement times.
Achieving this improvement without ECF would not have been impossible but it's difficult to comprehend the resources that would have had to be deployed to achieve a similar result, particularly considering the challenge of measuring a manual process across 250 firms. With ECF it is simply at the touch of a button.
Proof again that the market modernisation efforts are driving out benefits and in this case, client focused benefits.
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