Here’s how we can help a company like yours:

SUPPLIER TENDER

A law firm wanted hep with a tender it was preparing to submit. SX3 set out an insurer’s perspective on what they want to see from the supplier in their tender. We also researched the insurer involved to understand their company culture and claims handling philosophy, then provided challenges to the draft tender to develop and enhance the supplier proposal.

RESERVING

An insurer asked SX3 to provide expert insight into the effectiveness of its reserving approach. Our team performed an audit of files and data reports to enable accurate quantification of the reopen rate expected from the insurer’s dormant file closure process.

CASUALTY CLAIMS

Insurance actuaries wanted insight into the impact of LASPO on Casualty claims. We provided market insight provided on the actual v expected impact of LASPO on Casualty claims to inform the insurer’s pricing approach.

SERVICE DEVELOPMENT

An investigation company enlisted our help to develop a new service product. The service provider wanted to diversify its range of services. SX3 consulted with existing and potential new customers to identify current needs. From that, we developed a new claims handling service, identified the resource to deliver the service and a pricing menu.

LITIGATION STRATEGY

A Top 5 claimant law firm wanted to implement a new litigation strategy. SX3 engaged with senior claims managers across the market and mapped their appetite to work more closely with the law firm. From the mapping exercise, we outlined a strategy that led to a range of processes being introduced that will reduce friction and lifecycle of claims for both the law firm and the insurers.

BUSINESS DEVELOPMENT

A niche defendant practice wanted to identify and engage with insurers that would represent a close fit for the nature of services the law firm provided and thereby widen their insurer client base. This was not business development on a mass scale, this was a targeted piece of work, looking at a small group of potential clients with similar operational and litigation approaches. As well as finding new clients, we helped the client develop their marketing material.

EXIT STRATEGY

The owner of a niche service provider was looking to sell on their business. SX3 reviewed the service in question, identified its USPs and, using its market connections, found 3 high quality interested purchasers.

PERFORMANCE REVIEW

A Top 10 insurer invited SX3 to review its claims operation, benchmarking the performance of processes from FNOL to final settlement to identify opportunities to improve loss ratio.  We enabled the insurer to:

  • quantify savings through improved decision making at FNOL
  • introduce additional tactics for third party intervention
  • identify gaps in their approved repairer offering
  • further tactics to control processes for TPD spend
  • target opponent specific strategies to reduce litigation spend.

HOME CLAIMS

An insurance broker wanted to identify opportunities it could enhance the service to their clients during the claims process. SX3 mapped the trends in the home claims process, looking at insurer and loss adjuster models, innovation, and emerging technology.

SX3 provided support to a service provider who tendering to be part of an Insurer’s legal panel. We reviewed the tender answers and provided feedback from a Claims Manager’s perspective. Having successfully made the shortlist, we then assisted with that service provider with the preparation of their presentation, helping focus the presentation’s key messages to those areas most important to the insurer. As a consequence of our assistance, that service provider was invited to join the Insurer’s legal panel.