Property-Casualty Company: Treasury Operations and Claims Process Improvement

Summary

DEA helped a large property-casualty company by performing comprehensive documentation of all work processes within their treasury operations and claims departments and making recommendations regarding process enhancements and improvements.

Client Company Profile

A major property-casualty insurer in New Jersey that writes Workers’ Compensation, Commercial Auto, Personal Auto and Homeowners coverages. The company has controlled expenses and has provided dividends to policyholders since the early 1900s.

Business Challenge

The company’s overall objective was to continue to set the marketplace standard and raise the bar for superior service and prompt, fair handling of claims – while also positioning itself to handle increased claim volumes. However, within the Treasury Operations and General Claims business units, the company lacked a clear and accurate depiction of all processing. The company realized that process excellence is a competitive differentiator. In order to achieve this goal and to have a solid basis for future process reengineering and technology initiatives, the company embarked on a project to generate clear and comprehensive work process documentation.

Solution

The objectives of the effort were two-fold. First, DEA worked with the client to document the key processes and process components in the Treasury Operations and General Claims business units. This included evaluating and understanding the claims processes from first notice of loss to resolution of the claim. System Architect, a repository based modeling tool, was utilized to store the process information which made all information re-usable for planning future state environments.

Secondly, DEA identified and developed recommendations for process enhancements and improvements to address bottlenecks, shortfalls and areas of opportunity. Recommendations were also made for improvements that could be implemented immediately to gain effectiveness and/or efficiencies.