Insurance Company Undergoes Procurement Transformation
A major UK based national provider of motor and home insurance policies engaged Procurato to review their motor and home supply chain with the aim to increase performance, enhance customer journey and reduce costs where possible.
The client wanted subject matter expertise on how to best structure their motor repair network and home suppliers and required vital support in getting their supply chain match fit as well as improve digital journey and customer experience were essential and provide a future roadmap for delivering financial benefit, direct visibility of spend and partnership / innovation.
To achieve these objectives the Procurato team performed peer comparison baselining of spend and performance which helped identified savings opportunities and improvement to customer journey. Procurato reviewed the clients existing contracts to incorporate best practice terms, reporting and MI structure, conducted a comprehensive market analysis and started discussions with key repair networks at early stages in the process to understand current issues, opportunities, and risks, supported the design of a multi-tiered and –faceted strategy to ensure all potential opportunities were explored and organised a competitive RFP process for motor and home repair management using a continuous feedback and touch point approach that allows suppliers to engage throughout the process.
From this the Procurato team have delivered data insights and analysis for the client to make better informed decisions and delivered a comprehensive dashboard that delivers greater insight through enhanced data. The Procurato team were able to review of existing contracts enabled the inclusion of best practice terms to ensure continuous improvement from both cost and quality of service perspectives.
Procurato team developed for the client a future roadmap for incremental improvements to their motor and home claims business i.e., improved technology and enhanced customer journey. Future improvements include detailed MI and value-adding strategies around policy terms, limits, and pricing. Ensured the delivered solution was future-proofed through flexible contracting and a detailed legacy document which will allow for incremental improvements.
The expertise gained from this project by the Procurato team ensured the client had a clear set of balanced objectives (Customer, Expense, Indemnity), supported by good baseline analysis from the beginning so that the work carried out is well aligned with the required outcomes.
Procurato team learnt that by working closely across the executive stakeholder map we gained clarity and alignment of objectives and ensured coordination and minimise decision-making timescales, which taught us to be ambitious in our end goal and aim to provide a multi-channel digital solution for customers. Procurato saw that providing detailed feedback at each stage to suppliers assists them with improving their future bids and ensuring that they are getting their message across. Procurato team also recognised that quite often you are dealing with a sales manager who will need to report your feedback up the chain so more detail means more improvement and better scope of future alignment.
MD - Strategy, Finance & Business Service
MD - Sales, Client Operation & Client Technology