Case Study 2
A mature general insurer who owns one of the largest pet insurance books wanted to review their claims management and spend where they found there was a lack of information, transparency and the costs of the claims were spiralling out of control. Our Senior Associate led the supply chain review by engaging with the internal claims teams to identify supply chain efficiencies and create innovative solutions that were new to the pet claims market.
This was done on two fronts, externally and internally. Externally, our Senior Associate, engaged and built relationships with veterinary practices and subsequently launched a competitive tender process for a preferred referral vet network to agree on contracts with negotiated rates and commercial terms. Internally, the Senior Associate trained call handlers on the benefits of the referral vet network and on how to sell the new supply chain solution reactively, while working with the underwriting teams to apply policy changes to support the vet network and affect claims proactively.
This was further enhanced by leading the sourcing, development, and implementation of a dedicated pet claims management system to enhance MI, control, and facilitate the engagement between the vets and the insurer on processes such as immediate approvals on treatments and payments of the vet bills. The successful completion of the project resulted in best in class management and control of pet claims, an increase in affinity deals with the insurer’s clients while also generating savings in excess of 8% of the total pet claims spend.
Enhancing Pet Claims Management Setting Up An Innovative Vet Network