Simply put, we specialise in dealing with Insurance Claims Supply Chains. We have experience at all stages of a functions journey, from very beginning to highly evolved and add value at each level.
When working with Insurance Companies we typically find that there are five main stages of maturity of the claims supply chain. Each stage requires a different approach in order to maximise return on investment for the client.
That said, these stages and our approach is indicative of what activity is required and what the likely outcomes will be.
Each client is different, with unique requirements and expectations.
There is no generic approach, only the application of experience and expertise within insurance claims procurement.
STAGE ONE – GREEN FIELD SITE
No dedicated supply or insurance claims procurement staff
You only know what you know. No matter how mature your claims supply chain function might be, you can never been 100% sure that you are getting the best deal. We have multiple data sets that form part of our benchmarking analysis service. Contact us or book a meeting for more details.
Examples of our data sets
PROPERTY REPAIRS
Builders and surveyors
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.
Irrespective of which class of insurance business you might be managing, there are consistent themes relevant to all that are helpful to bear in mind. With years of experience and a track record of delivery, we know what these are.
◉ 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.
PROPERTY CLAIMS
Hands on claims experience
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.
Consultancy experience gained from working for one of the leading Lloyd’s syndicates across multiple classes of business.
PROPERTY TPA’S
Procurement and management
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.
LEGAL MATTER MANAGEMENT
Design, consolidation and implementation
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.
CYBER INCIDENT RESPONSE
Procurement and negotiation
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.
LOW VALUE AND RUN OFF CLAIMS
Procurement and implementation
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.
SUPPLIER PERFORMANCE MANAGEMENT
Process design and application
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.
We have been fortunate to have worked with many different insurers, financial services companies and
With backgrounds covering loss adjusting, building repair networks, supply chain management and auditing, we have unparalleled experience in insurance property supply chains.
LOSS ADJUSTERS
Sourcing and management
From being a loss adjuster out in the field we’ve moved to managing teams and then entire loss adjusting panels. We have extensive data on fee bandings, outcomes and indemnity spend.
We are able to audit panel performance on a case by case basis, covering technical application as well as commercial considerations.
We also have a tried and tested methodology for getting the best performance out of loss adjusting firms.
BUILDING REPAIRS
Strategy and deployment
Having previously run repair networks on behalf of insurer clients this has given us a real hands-on knowledge of how to build a repair strategy for insurers.
We have in depth experience of the eco system of building repairs, covering drying, surveying, restoration, asbestos and restoration. We have set insurer strategies and deployed best of breed solutions.
HOME EMERGENCY
Sourcing and procurement
Either as a stand alone product, a bolt on to a main domestic policy or as a value added cover to the main terms, we have expensive experience in undertaken market reviews of home emergency propositions.
We have previously run multiple audits on performance and then strategic reviews of insurers home emergency propositions.
CONTENTS
Design and implementation
Having previously worked for contents providers we are uniquely placed to provide insight and strategy for insurers when it comes to contents spend.
We have created and delivered strategies for multiple clients for their contents spend. Primarily we focus on validation, repair and then replacement solutions in order to manage indemnity spend.
Main contents items are flooring, jewellery electrical goods and bikes.
ALL OTHER SERVICES
Supply chain management
In addition to the main commodities, a complete property supply chain requires a lot more additional services. We have led strategies and tenders for all of them.
Suppliers will typically cover the following;
Glazing services, alternative accommodation, drainage solutions, asbestos testing and removal, garden items, DIY kit, weather validation and prediction services, fraud detection and forensics.
Reviewing your legal panel, especially if it has grown organically over a period of years,
