Case Study: Top 10 Global P&C Carrier

Company:
 Top 5 Property & Casualty Insurance Carrier  
Line of Business:
Personal Auto
Location:
North America
Client History:
Cybersettle customer since 1998

 

Challenge:

  • Cycle time on settling attorney represented claims was more than 150 days between claim evaluation and final settlement
  • At a reported cost of $20+ per day to keep a file open, the average cost to the carrier to process a file from evaluation to settlement exceeded $3,000.
  • Increasing pressure on Claims department to reduce its expenses!

Resolution:

  • Training of each of their Bodily Injury adjusters in their 15 regional claims offices to use Cybersettle on plaintiff attorney represented claims meeting management submission criteria

Results:

  • Claims Professionals submitted over 8,000 claims over a one year period.
  • Customer reported more than 100 days cycle time reduction on 60% of claims submitted to Cybersettle
  • Reduced carrying costs of settled claims by an estimated $2,000 per file!
  • Total annual savings in excess of $10 Million
  • Estimated ROI: 1,000+%