"What do you see as the biggest growth drivers for the next 12 months?"
State Auto's Chief Claims Officer Steve Hunckler is one of four CLM fellows who answered this month's question.
“Companies that can quickly deliver true product and service differentiators will be best positioned for growth from both subtle market evolution and not-so-subtle market disruptions. The keenly observant will see the opportunities, and the nimble will win them.”
1. Mike Bondura, Vice President, Claims, Capitol Insurance Companies. CLM Fellow since 2009.
“One of the significant growth areas, not only for the next 12 months but well beyond, is the use of big data focused on effective and efficient claims handling—effective being the greater accuracy, the lower leakage and efficient being cost appropriate to gain the end result. Those on the cutting edge will earn a considerable advantage.”
2. Steve Hunckler, VP, Chief Claims Officer & Risk Control Services Officer, State Auto Insurance Companies. CLM Fellow since 2012.
“There is a strong appetite among insurers for new, more flexible core systems that respond to changes in market buying behavior and competition. Top-line growth requires rapid new-product introduction and multichannel capabilities, and bottom-line pressure demands consolidation on a single multiline platform.”
3. Alec Miloslavsky, CEO, Exigen Insurance Solutions. CLM Fellow since 2013.
“Technology will be a big driver. With P&C insurance becoming more of a commodity, pricing and economic volatility will continue to be a challenge for profitable growth. Insurers will continue to expand technological capabilities to better target desired segments and improve self-serve capabilities and retention, which will improve operational efficiencies for better overall customer experience and, ultimately, a competitive advantage.”
4. Tony Smarrelli, SVP, Claims, Infinity Insurance Company. CLM Fellow since 2010.
The bytes of data we create each day.
Percent of CEOs who have a digital strategy.
Percent of business leaders who expect to have a chief digital officer by 2014.
Days taken for automated scan to pinpoint 0.5% of relevant docs out of half a million pretrial docs.
Source: McKinsey & CompanyConsulting
Percent of enterprise executives who use analytics for daily decision making in crucial matters.