VSynergize helps a Multi-line Insurer Increase Debt Recoveries by 35%

VSynergize helps a Multi-line Insurer Increase Debt Recoveries by 35%

Challenge

In 2004, the company recognized that, by outsourcing the entire motor claimsrecovery and dispute management operations to a third-party provider, it wouldbe able to tap into a team of trained insurance specialists and leverage proven tools, methodologies and quality assurance processes.This would in turn, allow management and staff to increase its focus on its core business. In the scope for transformation included key processes within the client’s general insurance business debt recoveries collections and disputemanagement of claims.

Result

By re-engineering the delivery teams, VSynergize was able to minimize costs and increase revenue, while improving quality and efficiency.

  • Increased daily collections by 35% within the first year resulting in significant financial advantages for business.
  • Reduced claims settlement time by almost 40% from 212 days to less than 130 resulting in higher customer satisfaction.
  • Increased the speed at which claims were sent to legal counsel by 90% from over 25 days to less than two days immediately after transition.

About the client

This client is a leading provider of insurance products in the US. The client wanted to efficiently manage and improve its debt recoveries collections while balancing its customer experience.

Solution

VSynergize transformed the client’s auto claims recovery business process to eliminate system inefficiencies and reduce the claim life cycle.

  • Realigned processes by type and complexity, appointed specialist groups based on skill sets and improved customer communication, thus increasing efficiency and reducing claim processing time.
  • Implemented Six Sigma programs to ensure real time inputs and motivate the teams to achieve established targets Automated process of receiving claims.
  • automatically within three days of initiation, thus not only reducing elapsed time, but also avoiding loss of claims in the system.
  • Real time dashboards with key metrics related to claims to accurately capture data and report in real time.
  • Restructured processes supporting claims tagged for litigation to ensure that their life cycle was reduced. The speed at which a claim was sent to legal counsel was increased by 90 percent.

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