Managing claims supply spend effectively is crucial. But before you can optimize, you need to
- ian@etherintroductions.com
- 07795 275934
Ether IntroductionsInsurance Supply Chain Experts
Ether IntroductionsEther Introductions
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.
We undertook a full review of the primary UK Third Party Administrator (TPA) followed by an in depth file review audit.
As a result, self serving behaviours from the supplier were identified which were leading to indemnity leakage. New commercial arrangements agreed to reflect a more optimum claims process which lead to substantial savings.
Similarly a data audit of the North American TPA’s showed that sub optimum claims processes were being implemented with an over reliance on use of Loss Adjusters. Revised processes and commercials were negotiated which again led to significant claims cost savings.
We found multiple legal firms being deployed across multiple classes of business with inevitable scope creep.
Once we had established the true spend by firm, we set about rationalising the panel based on performance metrics. Once this was achieved, we designed and implemented a set of billing protocols which each firm had to sign up to.
Finally we engaged with a legal matter management software provider who were able to actively apply the billing protocols and rates agreed on a matter by matter basis.
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.
Whilst we often lead claims procurement projects due to our extensive knowledge, there are occasions where we immediately recognise we need to adopt a background supporting role. This was one of those occassions.
We provided procurement and negotiation support on a full blown RFI/RFP covering Incident Management, legal services, IT Forensics, Public Relations and other related IT providers.
We ran a formal process to find an outsourced claims solution to take low value and run off claims following an acquisition.
Each provider had very different pricing models that could not be changed and therefore we created a complex data analysis tool to be able to accurately compare costs and benchmark against internal operational costs.
We provided the performance management blueprint for claims supplier management so that different classes of business were able to proactively manage claims suppliers.
By applying this model as well and commercial improvement methods, savings were soon realised on claims spend.
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.
