Corporate Claims Management Fundamentals

Assignment Task

Claims department are responsible for the day-to-day adjudication of claims. Corporate Claims sets strategic direction for the Claims product. One of the ways that Corporate Claims accomplishes this is by developing standards and processes that support product (Auto, Property or Casualty) objectives. Standards are identified measures within claims handling that are important and should be actively monitored to ensure the claims product is performing as expected. Standards align to the Corporation’s goals and strategies of building meaningful customer experiences and maintaining financial stability. Standards address risks and/or provide a strategic focus. The data collected supports data driven decisions building a performance-based culture.

Corporate Claims will be creating a reserving standard. To be successful in reserving, claims reservesshould be set up quickly and accurately. Corporate Claims has set a requirement that claims should have accurate reserves set up within 7 calendar days of first notice of loss when appropriate. Additionally, the reserve set up needs to match the appropriate circumstance (mapping provided).

To understand current state, baseline measurements need to be established. These baselines should be represented by region as well as holistically. This information will be used to set strategic direction and inform on current performance.

Using the data set provided, answer the following questions:

1. Using the data, identify and establish the baseline measurements for the reserving standard.
2. State all assumptions used to get to your conclusions and why you made them.
3. Document the best way to automate this reporting going forward, knowing there will be a new data set each month.
4. Recommend the expectation Corporate Claims should set for the requirements.
5. Create a dashboard highlighting your findings.
6. Create a report (3 pages max) based on your analysis that you could present back to leadership.

This Management has been solved by our PhD Experts at My Uni Paper.