In efforts to combat rising costs, decrease cycle time and streamline Total Loss and Salvage claims operations, the scope of this study was to examine and advise on alternative Total Loss and Salvage Claim processing solutions as well as identify process improvement opportunities for our client, a leading P&C insurance carrier in the United States.
Highly customized and a leading application on its own, our client’s current Total Loss and Salvage claims solution is not, nor can it be, integrated with their core claims platform. User familiarity coupled with a long list of features and functionalities; their current solution has few competitors. Advising on a solution that would be similar in function, cost-friendly, and support longer-term visions was a challenge.
Thorough application assessments and validations, current state evaluation and process mapping, and understanding the improvement opportunities that exist are vital components to develop and support a practical solution that builds upon current strengths. We have advised our client that the ideal approach is to leverage their current core claims platform and augment it to support their Total Loss and Salvage requirements. As well as maintaining the majority of their current Total Loss and Salvage capabilities, leveraging and augmenting their current core claims platform provides for a simplified enterprise system architecture and reduced operating costs.
Current state artifacts, including current Total Loss and Salvage Claims application features and functionalities, end-to-end current state process maps, and noted process improvement and cost savings opportunities.
Reference materials, including complete feature/ functionality fit-gap assessments of Total Loss and Salvage Claims platform offerings, and a full appraisal of process improvement opportunities for each Total Loss and Salvage Claims platform offering.
Recommendations, including a proposed solution, approach, indicative effort, cost, and timeline. We also provided a cost-benefit analysis and a comprehensive list and approach for process improvement opportunity countermeasures.
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