This top-10 P&C Insurance Carrier was looking to find new solutions to help them decrease cycle times while increasing their policyholder satisfaction. TheBest Claims was their solution.
The Challenge: Increasingly longer cycle times and claims costs.
- Average cycle time – 39.6 Days
- Average lines of Contents produced – 519
- Average RCV per claim – $88,600
When this Fortune 100 Carrier looked at their large loss claims, they agreed that their current results weren’t hitting the mark. With an average cycle time of nearly 40 days and costs trending upwards, they knew they needed a change.
Between relocating existing staff and the increased influx of claims, longer cycle times were inevitable. Before launching a 6-month pilot program with TheBest Claims, the Carrier had 44 adjusters managing their large loss claims. Their goal was to measure the impact outsourcing to TheBest Claims team could have on their claims performance metrics.
As an expert vendor partner with over 50 years of combined claims leadership experience and a known commitment to excellence, TheBest Claims knew that the most tedious part of large loss claims is Contents. TheBest Claims offered a simple solution to their problem: outsource contents claims with our national network of experts.
The Solution: Access to TheBest Claims’ national network.
By giving their adjusters access to a new Contents claims vendor, the Carrier aimed to accomplish the following objectives:
- Cut down on cycle times and claims costs
- Improve policyholder satisfaction and retention
- Retain quality of work throughout the claims process
The key to accomplishing their goals? TheBest Claims’ national claims resources.
Instead of navigating the challenges that come with having a limited number of adjusters managing claims, TheBest Claims offered the unique alternative of having access to a network of claims professionals readily available to take care of Contents Creation. Their national reach enables their team to contact the policyholder within 2 hours of receiving the claim. By eliminating travel time and costs, the Carrier lowered their overhead and freed up their adjusters to focus on where they are needed most.
And while TheBest Claims’ network is made up of claims experts with years of training and experience, they still guarantee accuracy through multiple quality control checks at each step of the process.
The Results: Decreased cycle times, lower costs, and happier policyholders.
- Average cycle time – 24.83 Days
- Average lines of Contents produced – 536.71
- Total lines produced and valuated – 46,157
- Average RCV per claim – $79,852.25
- Total RCV valuated – $6,867,293.50
- Total claims handled – 86
Over 6 months, TheBest Claims utilized their network and their expertise to complete contents assignments for the Carrier’s adjusters. TheBest Claims’ creation specialists would go onsite and collect the loss details and send them to their onsite valuation team for both RCV and ACV valuation before passing it back to the Carriers’ adjuster to finish settling.
At the end of the program, the results were clear: outsourcing was the answer.
Through their new vendor partnership, the Carrier was able to reduce their average cycle time by 37% and lower their RCV by 10%. The positive results weren’t just reflected in the numbers, though. Their adjusters were grateful to have reliable resources taking the tedious work off their plates and the policyholders were glad to have their claims settled quickly. And TheBest part? The quality of work was never sacrificed.
The Reviews
“[TheBest Claims] has always excelled at our claims process. Using this option has not only been easy but very beneficial. The time savings allows me to continue to focus on what makes me money. I have enjoyed your communication and timely efforts of getting things done.” – Adjuster
“Your prompt response in processing my claim, coupled with your pleasant demeanor and empathy, made a significant impact. I received my replacement items within a week, and this proved to be invaluable in swiftly restoring my store amidst the challenges we faced due to the vandalism and theft incident.” – Policyholder
