The insurance industry has long been regarded as a stable and reliable sector, but it is not immune to the challenges of today’s fast-changing business landscape. Mutual and mid-market carriers are facing a confluence of factors that are impacting their bottom lines, including rising business costs, complex claimant needs, and the mounting impacts of inflation. As a result, many mutuals and mid-markets may be feeling stuck and struggling to get ahead. However, for those seeking to move forward, leaning on a strategic partner could be the answer to unlocking the tools and expertise needed to address these challenges.
In this article, learn how GB’s expert Carrier Practice team has supported a mutual carrier to overcome industry fluctuations and emerge with strategies for lasting success.
Carrier Practice Boutique
In our latest case study, one mutual carrier was facing the daunting task of sourcing a new workers’ compensation claims management partner. The mutual carrier had recently achieved new heights in their business success and had surpassed their existing partnership with a smaller TPA. As the mutual carrier’s business needs evolved, finding the right claims and risk management partner to upscale their operations became even more critical to their future growth and success. Leveraging further analytics and insights, enhancing their customer service offering, and driving superior claims outcomes were among their top priorities.
GB’s Carrier Practice boutique team approached this challenge by first strengthening the mutual’s resources by attracting, educating, and retaining staff to ensure a customized service that meets and exceeds insureds’ expectations. This approach enables mutual and mid-market carriers to align their goals early, maintain dialogue with their claims partner, and leverage expertise to streamline processes and claims outcomes.
Streamlining Outcomes with Quality Claims Resources
In the crowded marketplace of mutual and mid-market carriers, elevating claims management processes has become a critical step to driving competitive advantage. As customer expectations continue to rise, mutual and mid-market carriers must streamline their claims processes and ensure they are able to handle complex claimant needs efficiently.
For GB’s mutual carrier partner, a smooth transition was of the utmost importance to ensure minimal disruptions for injured workers. By mapping the tactical complexities of the transition from the beginning, GB was able to ensure little to no volatility was experienced, and within weeks, the benefits of the partnership began to surface.
One of the core philosophies of the Carrier Practice team is the commitment to operating as an extension of the client’s team through thoughtful and collaborative ways of working. From partnering with this mutual carrier on their charitable and D&I initiatives in the community to building a deep understanding their pain points and opportunities, our teams were able to connect on a number of levels. This resulted in long-standing claims being resolved, less litigation, and improved outcomes for the mutual carrier. By triaging run-in claims and integrating advanced claims management technologies, several hundred run-in files were reviewed, updated, and on the road to resolution within 90 days of the partnership.
Our commitment to streamlining efficiencies and improving policyholder satisfaction saw the partner entrust GB with a multimillion-dollar portfolio that achieved an 11% decrease in average claim duration and improved portfolio closure rates by 8%. Amid the external factors driving the industry through harsh economic times, strengthening internal processes and productivity with minimal capital investment is the gateway to becoming a dominant force in the marketplace.
Performance and Predictive Analytics
Capitalizing on strategic growth opportunities with leading data analytics tends to be one of the most missed opportunities among mutual and mid-market carriers. The complexities involved in selecting, integrating, and maintaining data insights platforms are beyond the resources at hand for many mutuals, who are simultaneously managing the mounting pressures of inflation. To get ahead of the competition and empower leaders with data-led strategies for future growth, making the most of capital investments through a strategic partner is the way forward. By partnering with GB’s dedicated Carrier Practice team, businesses can leverage an award-winning RMIS system, risk management capabilities, SMART Benchmarking, and predictive analytics tools.
Some of the most significant results achieved among GB’s mutual partners include material improvements to their risk program, loss control strategies, simplification of insurance renewals, and positive changes to profitability. The benefits of leveraging deep technical expertise, specialized knowledge, and a global footprint cannot be understated for mutuals and mid-markets looking to keep pace with a rapidly changing market.
If leveraging cutting-edge technology and innovation and driving operational improvements are among your top priorities, GB’s Carrier Practice boutique team is well-equipped to support your business to navigate the path forward. Contact me today to learn how a strategic partnership could help you achieve a competitive advantage in today’s industry. Or, to learn more about this case study, visit here.