Industry : Insurance
Process : Claims processing and Customer service
Cutting down the time taken for claims settlement by 35% and escalating the insurer’s debt recoveries by 25%
Here we are talking about an important supplier of insurance products in Australia, with a large number of business concerns and units located all across the seven seas.
In the current scenario, one of the major bottlenecks with many businesses is to manage the process of debt collection. Our client is also striving hard to build a loyal customer base and retain old clients and pursue prospective clients in this competitive business environment.
Outsourcing indeed in the past few years has been the talk of the town, hence following suit in 2011, our client realized that by partnering with somebody who would be able to provide smoother services as regards to motor claims recovery and dispute management operations would ultimately enhance their quality assurance process and prove to be beneficial in all aspects. Therefore, the client decided to outsource their general insurance business debt recovery services and dispute management of claims to Insurance Support World.
Insurance Support World’s Solution
In order to get rid of system inefficiencies and to overcome the claim life cycle , Insurance Support World decided to make significant changes in the company’s key processes. By making use of some business strategies such as effective communication, implementation of six sigma approach, distributing workforce processes and flawless tracking systems, ISW was not only able to enhance the quality and productivity but also bring about a fall in the overall operating cost.
Key Features of the Insurance Support World’s Solution:
- Rearrangement of similar kind of processes on the basis of complexity and type. This helped in bringing about overall efficiency that too in a very small time frame.
- According to the skill set, Insurance Support World selectively chose the team that would work on the project and appointed specialist group leaders for accomplishing the target.
- Insurance Support World realized the importance of effective communication and hence appointed a particular person specifically for client interaction.
- It brought SIX SIGMA program into practice which maximized the productivity of each team member and also motivated them to achieve their assigned targets.
- Insurance Support World made use of programs and techniques that automatically sent the claim to the team members, hence reducing the workforce effort and ensuring timely reporting of each and every claim.
- Insurance Support World worked on reducing the time lag between the claim received and the claim sent to legal counsel by making use of re-engineered processes. Hence, it was seen that the speed at which a claim was processed was increased by 90%.
Extending Your Enterprise:
Customer satisfaction level amplified as the ISW team made sure that their daily collection on behalf of the client’s company increased as well as the time involved in the claim life cycle also reduced. On the other hand, ISW team also generated more business by making use of the revenue generated, hence adding to the business.
The Benefits Delivered by the Insurance Support World Team:
- Rapid business growth as the client’s daily collection increased by 25% in the very first year of operation.
- Insurance Support World worked on customer satisfaction as it led to the reduction in claim settlement time from 212 days to 137 days , which was a significant change of 35%.
- It also made immense changes in sending the claims to the legal counsel. Now they were able to send the claim in less than 2 days as compared to the 25 days earlier. This again was a massive improvement of 90% in totality.
- Proper documentation helped in generating new business of 5%, which was around AUD 3.6 million in a year. All this happened as the ISW team worked cautiously on the revenue leakages.