Save Costs and Support Operations with Fulcrum Insurance
Industry
Insurance
Technologies
Claims Processing tools (File Handler), Policy Admin tools (Stingray)
Company Size
$50-100M
Domain Area
Operations Support
Industry
Insurance
Company Size
$50-100M
Technologies
Claims Processing tools (File Handler), Policy Admin tools (Stingray)
Domain Area
Operations Support
Business Challenge
Our client is a US-based Insurance company specializing in Risk Management. They have a high volume of Property and Casualty claims across different lines of business, including Auto Liability, Excess Coverage, First Party Property, and General Liability. All claims must be processed within the agreed timeline and with accurate data and precision in quality.
Fulcrum stepped in to ensure the maintenance of a proper process for optimization of existing operational procedures. Each P&C claims program has a bespoke implementation process, which may lead to human error. We engaged with the client and conducted training sessions so standard operating procedures(SOP) can be prepared for each program and can be referred to while processing claims.
Solution
The Fulcrum team established a process optimization methodology to stabilize the process and enabled the client to complete customer requests within the agreed time with expected quality. Impressed with the quality of Fulcrum’s services, the client plans to collaborate long-term and add more programs to process claims. In the 1st quarter, the team processed 330 claims. In the 2nd quarter, the claim processing count increased to 515, which is almost a 59% jump compared to the prior quarter. The client could reduce 40% operation resource cost by transitioning operational business from high to low cost geography.
Benefits
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Drop us your details and one of the Fulcrum team will reach out within one working day.
Let's Talk
Drop us your details and one of the Fulcrum team will reach out within one working day.