Managing claims supply spend effectively is crucial. But before you can optimize, you need to
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Managing claims supply spend effectively is crucial. But before you can optimize, you need to
We have full data sets covering the fees incurred, the claims outcome (fulfilled, cashed, zero settlement) and the final indemnity spend for surveyors.
For building repairs we have regional indemnity averages, national indemnity averages and claims management fees comparisons.
At our disposal is a full set of fee data covering various claims types at every value banding.
Of course fees are only one aspect of a loss adjusters output and we have adherence to fee scale data as well as the all important average indemnity controls.
Covering UK, USA and some other territories, we have an extensive data set on TPA’s.
Fees, conversions to Loss Adjusters, indemnity controls and claims outcomes are all covered. We also have data on low value claims as well as more complex and specialist claims.
Over the years we have built up a comprehensive set of legal rates covering most territories around the globe.
These are split by individual hourly rates according to seniority, by type of matter, and by the location the services would be provided.
Multiple data points covering the key metrics which provide valuable insights into how an insurance book of business is performing.
Our insights cover loss ratios, elapsed days from FNOL to closure, reopening rates, claims outcomes, average and total indemnity spend.
◉ Never just look at the fees. Your claims indemnity is always more important.
◉ Supplier behaviour is usually more important than the commercials put in place.
◉ Create an environment where good performance is commercially rewarded.
It also really helps if you are able to understand the procurement / supply chain process AND the insurance claims process. This is where we excel.
We have managed claims, claims teams, repair networks, built contents supply chains, created TPA functions, and run loss adjuster panels. This has been done this as a supplier to the industry and on behalf of global insurers. We undertook a full review of the primary UK Third Party Administrator (TPA) followed by an in depth file review audit.
We have re-engineered repair network processes, implemented IT projects and claims functions, reimagined salvage provision, and negotiated multiple ancillary product line deals o behalf of multiple insurers. We found multiple legal firms being deployed across multiple classes of business with inevitable scope creep.
We have run a full blown multi year, multi product travel insurance tender. Starting from mapping out all requirements to the final implementation of a new provider. Here we worked with a very talented Cyber team who had in-depth knowledge a crystal clear vision of what the output needed to look like.
We have run tenders and managed all manner of suppliers across all classes of business within a leading Lloyds of London syndicate. We ran a formal process to find an outsourced claims solution to take low value and run off claims following an acquisition.
On behalf of a major UK bank we undertook a complete market review of the packaged account provider.
We designed a and issued an RFP and launched a full blown tender process to ensure that the banks customers received value for money. We were able to identify and recommend a new provider and a transformation project launched to move from the incumbent to the new provider.
The premium high net worth bank asked us to run a market review to ensure that the best customer value was being realised for their premium product lines.
A through market review across multiple brand identities was launched in conjunction with multiple highly involved stakeholders.
Renegotiation of terms and conditions were concluded with all parties very satisfied.
In many ways the standard travel product is the easy bit. The upgrades (voluntary) and medical conditions (prescribed) are the hard bit.
Working with third party medical assessment providers we were able to navigate our client through industry applied scoring to ensure that we could provide a continuation of cover even with a change of provider.
On behalf of a major global insurer we have designed the repairer strategy, tendered to the market and implemented a new repair solution.
Using multiple data points and sources with target average repair costs we were able to rationalise a network and make operational improvements with target cost deductions achieved. As importantly, we have significantly improved customer service metrics.
We have renegotiated multiple glass deals over the years. Because of the nature of fixed unit price deals, a change in book can leave the insurer at a considerable disadvantage. Coupled with rising costs and inflation we believe it is often a requirement to review commercial deals more regularly than previously done.
Changing technology has also led to the requirement for multiple supplier panels which we have successfully implemented.
Sometimes it’s not just changing the supplier that is required, but the entire process.
And the supplier.
Working with a motor client we completely redesigned the salvage process Starting with when the agent was deployed, to onsite engineering led categorisation, inside storage, and then the auction process.
Not only was the final product exemplary from a compliance standpoint, but returns back to the client were also improved.
Negotiating parts and paint on behalf of a large retail insurer.
Using multiple data points from within the business we were able to renegotiate commercial deals to reflect a growing and changing book of business and make it as future proof as we could.
Having previously worked for contents providers we are uniquely placed to provide insight and strategy for insurers when it comes to contents spend.
Claims IT in motor was delivered as a programme of works to consolidate outdated technology deals and combat a complex pricing structure that saw overlapping charges at multiple points.
Similarly a consolation of legal firms and introduction of more fixed menu pricing created sizable savings.
I started life as a graduate trainee loss adjuster dealing with domestic and commercial claims in east London. Having progressed to managing teams and then running building repair networks I then joined a global insurer where I then ran the claims supply chain. What this means is that I understand claims and the eco system of a claims supply chain across multiple classes of business.