The insurance industry is going through a huge technological flux.
Alongside this the focus on increased efficiency and reduction in leakage continues. We are investing in the latest technology to give our clients an edge in the market, provide the best customer experience and a truly transparent audit trail - from our claims handling system, to a self-booking portal to virtual card payment technology. All supported by the most sophisticated cloud-based telephony system.
Our new state of the art claims handling system has been specifically developed to provide the most comprehensive solution to handling alternative accommodation. It includes diary management alerts for loss adjusters and clients to help decrease lifecycles and is able to produce the most detailed management information – in real time – meaning that instant actions can be taken in time to influence outcomes (and reduce indemnity costs) rather than learning from historical analysis.
A unique self booking tool which can be used by desk-based handlers, loss adjusters in the field – and potentially by customers themselves – instantly accessible digitally.
Sophisticated MI suite
There has traditionally been a lack of information about alternative accommodation costs. Knowledge is certainly power and the ability to interrogate data is key to the successful management of the customer journey, fraud identification and cost.
Our new Claims Management System utilises Tableau - a data visualization tool which allows for rapid insight by transforming data into interactive dashboards that look amazing. If required clients can be given their own access to areas of this system so that real time ad-hoc reports can be run in addition to monthly MI produced by Rapid Relocate. This will be of particular benefit during surge periods.
Our system has the ability to produce (and share) a wealth of MI - from peril to location, from number of instructions/extensions per claim to claim lifecycle, from lifecycle at point of instruction to average costs per night/per month of different types of accommodation, from instruction source to analysis of closed/open claims. All this as well as tracking SLAs and more specific KPIs.
New digital B2B payment platforms, already commonplace in the corporate travel market, offer more secure, efficient and transparent ways for UK insurers to do business.
“VCNs” (Virtual Card Numbers) can solve many traditional payment issues ranging from payment accuracy and slow reconciliation to security and fraud prevention – as well as offering ‘new’ advantages such as chargeback and reward structures to help margins.
A VCN is simply an automatically generated unique 16 digit card number used to facilitate supplier payments meaning 1-to-1 payment matching between the payment and underlying claim is possible - reconciliation is automatic and immediate, reducing overheads and eliminating manual errors and improving management information quality as you can merge and match all the other information gathered.
Rapid Relocate work with several different partners and can afford introductions and facilitate easy implementation.