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.
