Dominion Digital Improves Claims Processes for Insurance Firm
A Client Success Story in the Insurance Industry
Business Situation
A $2.5 billion Property & Casualty insurance firm sought new sources of competitive advantage to differentiate the firm in a highly commoditized marketplace. The firm’s senior leadership decided to optimize insurance functions to capitalize on growth opportunities. They identified the need to improve claims operations by increasing operational capacity and reducing expenses--a challenging task given functional silos, regulatory constraints, and disparate legacy systems.
Business Result
Dominion Digital leveraged its value-focused, iterative approach to ensure rapid and measurable return on investment. Dominion Digital partnered with the firm to:
- rapidly assess the claims operations unit to identify improvement opportunities;
- identify and implement lean process improvements;
- reduce claims setup time by 50%;
- reduce errors in claims setup by 55%; and
- increase process capacity by 6%.
As a result of the project team’s constant focus on business value, the 14-week project resulted in an ROI of over 500% with a payback period of approximately 1 year.
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