Strategic claims segmentation diverges from the traditional ways of managing claims, promoting a more detailed, data-driven approach.  Traditional segmentation only considers the monetary value and data points such as the cause of loss and the exposure. Strategic segmentation considers the individual merits of each claim, ensuring more accurate and efficient adjudication, a major priority in today’s environment marked by increasing loss costs and expenses. By taking a data-driven approach carriers can harness a deeper understanding of ‘claims like this’ to enable proactive decisions and handling strategies to influence the trajectory of the claim effectively.

Carriers can employ claims segmentation  to shape strategic direction and business priorities, identifying focus areas ripe for the investment of advanced capabilities, either as a standalone initiative or as a precursor to any significant transformation.