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Case Study – Insurance Carrier
| Company: | Top 5 Property & Casualty Insurance Carrier |
| Line of Business: | Commercial Lines |
| Location: | North America |
| Client History: | Cybersettle customer since
1999 |
Challenge:
- Improve efficiency in order to increase business while maintaining current resource levels
- Reduce cycle time on claims but keep customer satisfaction high and continue to pursue critical business initiatives
- Increasing pressure on Claims department to reduce its expenses!
Resolution:
- Training of all Commercial claims adjusters in more than 25 regional claims offices to use Cybersettle on plaintiff attorney represented claims meeting management submission criteria
Results:
- Submitted approximately 4,000 claims in 2005
- Reduced cycle time by an estimated 270,000 days
- Company’s claims have increased by 20% during the past two years, yet by using Cybersettle the company has maintained adjuster levels by increasing adjuster efficiency
- ALAE is down while ULAE has remained unchanged despite the increase in the number of claims
- Estimated ROI: 1000+%
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