Achieving the target operating model
How are insurers assessing their maturity and whether they have achieved the capabilities to meet the expectations of the business, customers, employees, and partners?
Insurers who have invested in updated processes and enhanced their customer journeys should step back to validate that the Guidewire maturity is meeting the initial objectives. Specifically, this assessment should diagnose any areas that are not maximizing out of box capabilities. For instance, when reviewing claim functionality, it is important to ensure the following:
- Reporting and data capture associated with recording the loss
- Automatic assignment of immediate services to the insured
- Acknowledgement for receipt of loss
- Triage and assigning claims to appropriate adjusters using loss characteristics and desired business rules
As part of a holistic assessment, workshops should be designed to assess capabilities and identify pain points. Participation should include cross-functional business stakeholders who can discuss post-implementation hurdles and challenge the current workforce strategies. The outcome should include a clear set of opportunities that can be identified and implemented as part of a roadmap.
Insurers looking to invest in updated processes and an enhanced customer journey should look at this as a starting point for implementation as well as use it as an ongoing measurement of success. This roadmap should include milestones aligned across the target operating model and validated with technology providers. Leveraging an experienced provider like BDO can accelerate these efforts from developing process flows, customer journeys, and post implementation diagnostics. It can also ensure early identification of enhancements and corrective measures to achieve the target operating model.