http://www.xactware.com/uk/ — The property insurance industry is facing a number of challenges — from rising indemnity costs and growing claims-handling expenses to calls for greater claims transparency and increasing customer-service expectations.
Merlin Professional Claims Services recognised the need for a robust and dynamic software solution for property claims that would help them meet these and other challenges as well as sup¬port their growth plans and give them the ability to deliver faster and more detailed claims-handling service. To address these issues, Merlin adopted Xactware's claims estimating and claims management products, Xactimate® and XactAnalysis®, into its workflow.
As a result of its use of Xactware products, Merlin has reduced indemnity spend by 20 per cent and cut claim cycle times by 34 per cent.
Download the case study at http://www.xactware.com/uk/resources/case-studies to read more about Merlin's experience with Xactware.
To learn more about Merlin Professional Claims Services, visit http://www.merlinclaims.com/.
The full video transcript is provided below.
Transcript
Kevin Wood, Merlin Chief Technical Officer: Merlin, we are a claims management business. We developed a desktop claims management capability, and we also developed a contractor network.
Some of the biggest challenges plaguing the insurance industry at the moment are control of claim cost.
Peter Smith, Merlin Head of Contractor Services: Greater customer expectation certainly plays a huge part. Allied to that is a need to reduce indemnity spend.
Kevin Wood: Scope creep is particularly important to the industry because, essentially, it is the opposite to the control and reduction of claim cost.
Jeff Wynne, Merlin Building Surveyor: It's a massive problem for the insurance industry really because if even on each claim if you said that the scope creeped by £100 or was originally overcosted by £100, insurers are dealing with millions and millions of claims every year.
Kevin Wood: Our relationship with Xactware started probably back in March, April of 2008. At that time, essentially, we felt there must be a better way to produce insurance-related building repair estimates.
One of our guys heard about Xactware coming into the U.K. market and suggested that we have a look and talk to them. And it was immediately apparent that our specification, Xactware products ticked all the boxes.
Jeff Wynne: Xactimate aids Merlin in reducing scope creep because the estimates that come out of Xactimate and the quotes for the work to be carried out are so accurate.
Using the sketch function, we can see that the rooms are the correct sizes and the correct layouts because they fit together to match the footprint of the property.
Kevin Wood: It's all visible. The dimensions are visible, the variations are visible, and there's no scope creep through perhaps ambiguity over what a particular line item means.
Peter Smith: The features in XactAnalysis which have been the most benefit for us have been the tools that enable us to manage and monitor each process of the claims life cycle.
We have complete visibility of the life cycle of the claim. That allows everybody at Merlin as well as the policyholder and insurer to know exactly the moment that the claim is concluded.
Kevin Wood: Ultimately, what it means is the life cycle is considerably reduced.
We've been able to deliver proven indemnity cost saving, essentially 19.5 per cent saving on the indemnity spend when benchmarked against 2008. We've delivered reduced lifecycles, 34 per cent shorter life cycle of claims. We're constantly achieving higher and higher customer satisfaction scores.
Use of the software, application of process, tremendous benefit for the business.
I'd say give it a try.
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