The Client:
Our client is a renowned supplier of insurance products based in Australia with units located all across the nation.
Scope of Work:
Streamline claims process to boost debt recoveries.
Process Obstructions:
When the client sought our assistance in debt collection, we recognized the pressing need to streamline their motor claims recovery and dispute management operations. These challenges were significantly impacting their service quality and hindering their ability to achieve their primary goal: cultivating a loyal customer base by retaining existing clients and attracting new ones. Addressing these issues became our top priority.
Insurance Support World’s Solution:
Insurance Support World (ISW) embarked on a transformative journey to eliminate system inefficiencies and overcome bottlenecks in the claim life cycle. By implementing key business strategies such as effective communication, adopting the right approach, optimizing workforce distribution, and implementing flawless tracking systems, ISW achieved remarkable improvements in quality, productivity, and overall operating costs. Our comprehensive understanding of the process enable us to streamline the process step-by-step:
- Streamlined Processes: We reorganized similar processes based on complexity and type, resulting in overall efficiency gains within a short timeframe.
- Skill-based Team Selection: Recognizing the importance of skill sets, We selectively assembled teams and appointed specialist group leaders to ensure successful project completion.
- Emphasis on Communication: We dedicated a specific individual for client interaction, emphasizing effective communication throughout the claim process.
- Six Sigma Implementation: The adoption of the Six Sigma program maximized team members’ productivity and motivated them to meet assigned targets.
- Automated Claim Distribution: We leveraged software to automatically assign claims to team members, reducing manual effort and enabling timely reporting.
- Reduced Processing Time: Through re-engineered processes, We significantly minimized the time between claim receipt and forwarding to legal counsel, resulting in a remarkable 90% increase in claim processing speed.
Benefits
- Increased Customer Satisfaction: Our team’s efforts led to an amplified level of customer satisfaction by ensuring an increase in daily collections on behalf of the client’s company.
- Reduced Claim Life Cycle Time: Through effective strategies, We successfully reduced the time involved in the claim life cycle, enhancing operational efficiency.
- Increased Revenue Generation: Our team capitalized on the revenue generated and utilized it to generate additional business, contributing to overall growth and success.
Impact Delivered
- Client’s daily collection increased by 25% in the initial year of operation
- Reduced claim settlement turnaround time from 212 days to 137 days
- Improved claims transmission time by 90%
- Streamlined documentation drove 5% business growth, worth AUD 3.6 million
