Overview
An insurance provider specializing in motor and property faced significant challenges due to rising indemnity costs, driven by inflation, capacity constraints, and increasing fraud risk. The company sought expert guidance to benchmark their performance against peers, identify cost-saving opportunities, and develop a strategic roadmap for long-term cost management. Procurato was engaged to provide the necessary insights and recommendations.
Objectives
To meet the client’s needs, Procurato aimed to:
• Benchmark the client’s property claims costs against industry standards.
• Deliver insights into competitor strategies and emerging trends in indemnity control.
• Identify and assess opportunities for reducing claims costs and improving supplier performance.
• Provide a roadmap for implementing cost-saving initiatives and enhancing operational efficiency.
Key Activities
• Conducted a benchmarking review, analysing claims costs by damage type and peril across property portfolios.
• Provided insights into competitor approaches and future trends in fraud detection and indemnity control.
• Delivered a comprehensive report summarizing benchmarking results and strategic insights.
• Conducted an opportunity assessment, identifying areas for cost reduction and process improvement.
• Proposed a detailed program for delivering identified opportunities, ensuring alignment with the client’s strategic objectives.
Benefits Achieved
Working closely with the client, Procurato delivered:
• A clear benchmarking report, highlighting the client’s performance relative to industry peers.
• Strategic insights into future trends and best practices in claims management.
• Identified cost-saving opportunities, including supplier optimization and process enhancements.
• A roadmap for implementing long-term strategies to manage and reduce claims costs effectively.
