Tag procurement

You have got most of the basics. We ensure you have ALL the basics.

Measure whats missing.

Once we know what is needed, we provide a series of bespoke templates of what should be in place. This then provides the framework for a well functioning procurement and supply chain function.

This will cover the core areas of;

  • Compliance – contracts, due diligence, reporting and any regulatory requirements
  • Performance management – adherence to service levels and claims service delivery (including claims outcomes)
  • Category plans – what does the business require for each spend, what are the market conditions and what is our sourcing approach

We then provide a roadmap of activity with indicative timelines for delivery and a benefits case.

Whilst we may be supply chain and procurement focussed, we are insurance claims professionals at heart. We fully understand that claims indemnity and performance is key.

Commercial Performance

We have a great deal of experience when it comes to measuring the commercial performance of your claims supply chain.

Category by category we are able to compare and contrast so that you are aware of who is performing well and who is not. This then informs your review meetings and dictates the best use of sourcing activity.

By using performance data correctly it identifies your savings levers and sets in motion a programme of activity and expected savings outcomes.

There is a temptation in procurement to try and change everything. From experience not everything requires this and good performance needs to be recognized.

Our aim is to set the strategy to help you move to the next stage tomorrow and deliver benefits today.

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
  • Total supplier spend not known
  • Rates sometimes recorded
  • No formal panel
  • Few if any signed contracts
  • Ad-hoc MI
  • Claims experts not vendor experts

If this describes your company, click here

STAGE TWO – STARTING ON THE JOURNEY

  • Individuals allocated to vendor management as part of wider duties
  • Formal panel exists
  • Annual spend is known
  • Semi-regular MI received from vendors
  • Some contracts in place

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STAGE THREE – GOOD FOUNDATIONS

  • Dedicated Supply Chain and Procurement Teams
  • All vendors on client based contracts
  • MI received monthly in client format
  • Spend data is matched to client not vendor view
  • Claims audit regime in place
  • Formal review of SLA’s and performance

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STAGE FOUR – MATURE FUNCTION

  • Vendor management and bidding software utilised
  • Contract management automated
  • MI and data sets absorbed into central data base for analysis
  • Audit scores (performance, compliance and ESG) centralised and monitored
  • Extensive category plans in place

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STAGE FIVE – HIGHLY ADVANCED

  • Claims supply chain “Eco-system” is all connected and automated
  • Real time data feed and analytics
  • Predictive tools in place to feed into pricing and other areas of the business
  • Surge resilience adaptability
  • Real time measurements of capacity and failure points
  • Performance based work allocation in real time

If this describes your company, click here