Insurance & Technology article...

Why Claims Must Try Harder – Making the Case to Replace Legacy Claims Systems

Claims executives must leverage new technology for initiatives that transform the claims department and deliver clear financial results.

By Bill Garvey, Eastern Shore Consulting

June 16, 2011 Making the Pitch When the heads of Marketing and Product tag team the automation committee they typically pin them down. Replacing that thing that's been churning out policies since the 70's is required for survival. Products take way too long to develop; rate changes are stagnant or too slow. The competition is eating our lunch. And when one exec spouts that he can't take advantage of web services, the Claims VP wants to roll her or his eyes into her or his head. Fact is, it's a lot harder to make the case for claims transformation. Marketing and Product make money. Claims spends it. When Claims makes its pitch for similar automation replacement the C level committee turns into the panel from Shark Tank. They're looking for money -- how much will it save, how soon the ROI, why should we do it?

Read more...

Managing Claims Work Force Through Technology

How a New Claims System Helped an Early Adopter of Technology Manage Its Work Force

Ray Rose, claims manager, Operations and Oversight at Hastings Mutual Insurance Company, discusses how the implementation of Guidewire’s Claim Center helped his company manage its field and internal adjusters and reduce allocated loss adjustment expense. Hastings Mutual was the first carrier to go live with Claim Center nearly seven years ago, and Rose was integral in the decision process.

Listen to Ray on Claims Beat.

"The Company you Keep" Intangible Qualities of Software Vendors

Bill Garvey Eastern Shore Consulting

Relationships matter

When carriers ask me what's out there in the world of software solutions I can confidently tell them many good options currently exist for Policy Administration, Rating, Claims and Billing. Vendors have matured in their abilities to meet functional requirements, develop systems that perform well in carrier environments, and they have learned how to install their applications. As vendors gain more live experience, the test bed of reality strengthens their applications often at the expense of an insurance company, but the lessons move solutions forward, not backward.  So why choose one vendor over another? (Read more)

Podcast: The Changing Role of the Claim Adjuster in the Market Place

John Beringer, CEO of Beringer Associates, discusses the different role of claims adjusting resulting from the transition to self-insureds from traditional insurance carrier. Beringer analyzes the change in adjuster duties, relationships and allegiances as a result of this paradigm shift. He also discusses regulatory differences between carrier and self-insured adjusters.  Listen to the podcast...

COUNTRY Financial Press Release

Effort provides COUNTRY Financial with disciplined methodology for future software evaluation and selection

CHICAGO--(BUSINESS WIRE)-- Eastern Shore Consulting, a consulting firm specializing in insurance software selection services, today announced it has completed the management and oversight of an extensive project with COUNTRY Financial focused on the evaluation, selection, and procurement of multiple new core processing systems. In addition, Eastern Shore Consulting has provided COUNTRY Financial with a formal and disciplined methodology to be used for future software evaluation and selection efforts.
Read more...   

Podcast: Claim System Implementation: What to Expect and How to Prepare for it

In this episode of Claims Beat, Bill Garvey of Eastern Shore Consulting talks with George Grieve, CEO of CastleBay Consulting, and discusses the nuts and bolts of Claim System implementation from how to resource the project to rolling out the new solution. CastleBay Consulting is in its 14th year of business. They specialize in system search and implementation for the insurance industry.  Listen to the podcast...

A Hidden Aftermath of Katrina: Cost Containment of the litigation following the Louisiana Hurricanes

In the second episode of Claims Beat, Bill Garvey of Eastern Shore Consulting talks with Claim/Litigation Management Professional Suzanne Ganier about litigation cost containment practices she instituted for Louisiana Citizens Property Insurance Corporation following Katrina and other storms. Suzanne is an experienced attorney and litigation management professional with over 15 years in the property & casualty industry. She is widely published on the topic of litigation management.  Listen to the podcast...

Software Search and Selection for Insurance: a Best Practice Approach

I spoke at the Insurance-Canada Conference in Toronto:
Selecting software for your business, whether the software is a core system or a lesser component, is a major challenge. Not only can the selection process be time consuming and expensive, but at the end of the day, making a less than optimal choice can cost your business a lot in the future.

• The pros and cons of an RFP vs RFI
• How broad the vendor search should be and why
• What Decision Criteria are right for you
• Drafting requirements that get best responses from vendors
• Demos - what to do and NOT to do
• Value of a Bidder's Conference and when to conduct them
• Proofs of Concept - planning for success
• Selection Criteria - making the best choice
• Contract negotiations - getting what's right for your organization

Making the Case to Replace your Legacy Claim Systems

Claims Beat with Bill Garvey, is a conversational podcast with claims industry leaders who share their thoughts on management and the technology affecting their business.

In this first episode, Randall Day, head of Product Marketing for FINEOS software, explores tangible cost and business reasons to replace old systems. He gives measurable benefits regarding claims cost, regulatory and staffing issues. Randall brings twenty years of insurance management experience to this topic, as well as his experience at FINEOS.