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Reward and Recognition System

Reward and Recognition System to Enable Organizational Change

This is a presentation developed from a previously submitted proposal to provide a reward and recognition system for AIG's claims processing employees. The system is intended to eliminate late claims-processing fees. Reward and Recognition System to Enable Organizational Change

American International Group (AIG) is suffering economic loss due to late-processed workers compensation claims. Late claims generate repeated, multiple fines. Since claims processed after 30 days are liable to a penalty equal to 10% to 20% of the bill, this adds up to a substantial financial loss that is completely preventable. Furthermore, the delay in payment to medical providers negatively impacts AIGÆs working relationship with them, eroding the quality of that relationship and thus creating additional ôdragö on the bill-paying process.

An integrated reward and recognition system is the key to mitigating the financial penalties AIG is encountering due to late claims processing. The system is designed to provide both rewards (tangible benefits) and recognition (praise) to employees who demonstrate the timeliness and accuracy required to achieve the pay-on-time goal. This strategy will provide a number of peripheral benefits as well; it will raise employee awareness of the problem, improve compliance with the 30-day limit, reduce turnaround time in reviewing and paying bills, increase employee job satisfaction, and improve workflow efficiency. This strategy will encourage timely claims processing and thereby reduce penalties.

We will provide the background and analysis used to develop our proposal, continue by explaining the proposal, and follow by elaborating on the metrics system and implementation strategy. We will end by discussing lessons learned from the project.

The root cause of AIGÆs claims processing delays is the inconsistent workflow associated with claims. ...

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Reward and Recognition System. (1969, December 31). In LotsofEssays.com. Retrieved 12:48, April 26, 2019, from https://www.lotsofessays.com/viewpaper/1713039.html