The need for speed in insurance claims processing
Insurance carriers today face a significantly transformed claims environment, one in which tech-enabled consumers, rising customer expectation and increased regulatory scrutiny are demanding that companies respond ever faster to customer claims. The aftermath of Superstorm Sandy on the East Coast vividly demonstrated that carriers who can respond quickly and comprehensively to catastrophic incidents can boost their reputation in the marketplace, gain market share and retain customer loyalty.
This paper, produced by Sutherland Global in collaboration with Oxford Economics, documents how the growing “need for speed” in claims processing can increase pressure on people, systems, and back office processes, and suggests actions and tools to help contend with the quickening demands of the insurance marketplace.
Welcome from Sutherland Global Services and welcome to our first joint white paper with Oxford Economics looking at Insurance Megatrends and focused on the issues involving the need for speed in insurance claim processing.
The report draws upon detailed data from vetted organizations, together with observations of the leading practices that drive top performing insurance organizations.
Sutherland comes to this study with the advantage that we provide front-offce and back-offce business transformation and technology enabled BPO services to a diverse client base of Life and P&C entities in the US, UK, Canada, Mexico, Chile, Columbia, Panama and India. We rank in the top 1% for “Superior Customer Service.”
We have the domain expertise, established synergies and adjacencies, and the service delivery and technology infrastructure to leverage in delivering service excellence.
We service over 3 Million members of our 15 Insurance partners, service $500M in premiums across multiple product lines domestically and internationally and process over 10 Million transactions annually. We have executed on our strategy to provide end-to-end services to insurance carriers so that we may add value to both their revenue growth as well as cost reduction initiatives. To that end, we provide new customer acquisition, customer service, policy administration, underwriting support services, claims administration, database management, information exchange, and analytics including fraud detection and prevention. Additionally, we provide actuarial support including loss modeling and catastrophic modeling and industry specific finance and accounting services including reinsurance accounting. In addition to the major insurance carriers we support, we provide BPO services to reinsurers and the Lloyd’s market, specifically in the back offce arena.
While we maintain a strong global footprint with significant offshore presence, our ability to support opportunities utilizing our Insurance Center of Excellence in Chesapeake, VA separates us from our competition. The onshore center is dedicated to insurance and houses our licensed agents for every US state providing services in both English and Spanish, as well as our domain experts for quality management, supervision, and process optimization. The Chesapeake Insurance Center is providing services to companies such as Aflac, Mutual of Omaha, ACE, Hiscox, Argo, MetLife, The Standard and Hanover. This dedicated insurance center originally opened in Virginia Beach in 2004. The growth of our operations dictated a recent move to a larger facility in Chesapeake where it continues to be the home of our onshore insurance business. The center’s proximity to Naval Station Norfolk provides a unique recruiting pool of Navy veterans, their families and the families of active Navy personnel. 10% of the center’s employees currently come from the veteran community.
Once you have read this report, I personally invite you to reach out to me and my team to share with you in greater detail any of the examples cited in this study and to discuss what we might be able to accomplish for your organization.
Global Head, BFSI
Sutherland Global Services