WNS helps a multi-line insurer’s debt recoveries & reducing time for settlement of claims

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<h1>WNS helps a multi-line insurer’s debt recoveries & reducing time for settlement of claims </h1><strong> Author: <a href='http://www.articleseen.com/profile_wnsglobal.aspx'>wnsglobal</a></strong><br /><p>This client is a leading provider of insurance products in Europe with substantial business entities and units located around the world. In the highly competitive insurance business where the bottom line has become a singular focus and customers are less loyal than ever, our client's challenge was to efficiently manage and improve its debt recoveries collections, while enhancing the customer experience. In 2004, the company recognized that, by outsourcing the entire motor claims recovery and dispute management operations to a third party provider, it would be 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 dispute management of claims. WNS focused on transforming the key processes of the client's motor claims recovery business to eliminate system inefficiencies and reduce the claim life cycle. By re-engineering the delivery teams to include insurance specialists, creating activity-based teams, implementing distributed workflow processes, introducing Six Sigma initiatives establishing effective communication frameworks and designing efficient tracking systems, WNS was able to minimize costs and increase revenue, while improving quality and efficiency. Key features of the WNS solution include Realigning processes by type and complexity, thus increasing efficiency and reducing claim processing time Restructuring the team for maximum effectiveness by appointing specialist groups according to skill sets Introducing a new customer ownership model wherein WNS implemented a communications model whereby a single team member was responsible for customer communications Maximizing productivity per resource by implementing LEAN Six Sigma programs to ensure real time inputs and motivate the teams to achieve established targets Reducing claims cycle time by implementing a process to ensure that claims were automatically sent to the WNS team within three days of initiation, thus not only reducing elapsed time, but also avoiding loss of claims in the system Implementing a daily dashboard whereby key metrics related to claims were farmed daily in order to accurately capture data and report it in real time Restructuring and re-engineering 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 90percent. Extending Your Enterprise The WNS team significantly increased daily collections for its client and reduced claim life cycle time resulting in greatly elevated customer satisfaction levels. Moreover, WNS was able to add value by generating additional business through increased collections per year, significantly impacting the business unit's bottom line. Benefits delivered by the WNS team • Increasing daily collections by 30 percent within the first year resulting in significant financial advantages for business • Reducing claims settlement time by almost40 percent from 212 days to less than 130 days, resulting in higher customer satisfaction • Increasing the speed at which claims were sent to legal counsel by 90 percent from over 25 days to less than two days immediately after transition • Generating additional business of 5 percent amounting to GBP 3.6 million in collections per year by identifying revenue leakages caused by claims that were not being registered in the system. About WNS WNS is a leading global business process outsourcing company. Deep industry and business process knowledge, a partnership approach, comprehensive service offering and a proven track record enables WNS to deliver business value to the world’s leading companies. WNS is passionate about building a market leading company valued by our clients, employees, business partners, investors and communities. </p><strong>About the Author:</strong><br />For more such article insights, please follow the link http://bit.ly/eMHhcl <p> Article Source: <a href='http://www.articleseen.com/Article_WNS-helps-a-multi-line-insurer’s-debt-recoveries--reducing-time-for-settlement-of-claims_58607.aspx'> http://www.articleseen.com/Article_WNS helps a multi-line insurer’s debt recoveries & reducing time for settlement of claims _58607.aspx</a></p>

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Keywords : WNS, insurer’s, debt recoveries, reduce, settlement, claims, debt recoveries, dispute management, ,

Category : Business : Business