Industry: Financial Services (National)
Issue of Concern: Client holds a self insured licence and needed to meet a range of compliance issues within selected jurisdictions to maintain their licence at the highest level. Concurrent with this imperative was the desire to manifestly improve the performance of claims in terms of opened and closed matters and for there to be a clear reduction in the accrued liability of the entire portfolio.
Timing: The initial activity commenced in August 2004 and is ongoing
Agreed Resolution: A range of projects were agreed upon over an 18 month period to address the various concerns which were discovered along the way in terms of compliance. These in turn were addressed in concert with an alteration in the nature / modus operandi in which claims were managed
Outcomes: Over a full two year period the client enjoyed the following outcomes:
- 27% reduction in accrued liability
- 55% reduction in the number of open files
- 3 year Full licence renewal
Current Position post Resolution: This organisation continues to pursue the various initiatives which brought about these outcomes. These are reviewed annually and various performance targets are set to seek to drive continued financial and operations benefits.