The insurance landscape presents unique challenges, but at a time when carriers are under pressure to optimize operations and grow, there is one potentially overlooked opportunity to unlock capital. For organizations looking to make the most of their assets, legacy claims portfolios hold significant untapped potential.
While there are numerous advantages to closing out discontinued or legacy claims portfolios, the opportunities are significant when carriers can effectively redirect their resources toward growth. If older files have been siphoning resources away from new program development, partnering with a specialist in legacy claims management becomes a strategic step toward unlocking untapped potential. Collaborating with a strategic partner offers the means to address stagnant claims, break free from outdated claims systems, and identify growth strategies, all while unlocking resources for active programs.
Here, we explore the four ways a strategic claims partner can unlock the capital opportunities within legacy claims.
- Legacy Claims Management Expertise
Complex legacy claims present unique challenges that demand specialized expertise. Working with a strategic partner can bring a wealth of legacy-focused knowledge to the table, enabling businesses to navigate legacy claims with greater precision. From various legal, financial, and regulatory intricacies, a strategic partner can be instrumental in addressing the complexities of legacy portfolios. By leveraging the expertise of a strategic partner, carriers can streamline operations, reduce inefficiencies, and maximize the value of their legacy claims, ultimately freeing up capital that can be reinvested in other areas of the business.
- Optimize Technology
Legacy claims inherently pose operational challenges, often diverting valuable resources and attention away from a carrier’s core business. A strategic partner, like Gallagher Bassett, efficiently handles these complexities by ensuring seamless integration from outdated claims systems. By integrating leading technologies, such as our award-winning RMIS suite, Luminos, real momentum can be created in streamlining the claims management process. Supported by a dedicated Implementation Team, leveraging expertise and leading claims management technologies becomes invaluable for navigating legacy claims with ease.
- Refresh Claims Closure Strategies
Transforming dormant legacy programs into active capital generators is a key benefit of working with a strategic claims management partner. Often, a fresh perspective, bolstered by specialized expertise and data-driven insights, can uncover opportunities within a legacy claims portfolio that may have previously gone unnoticed. A strategic partner can support carriers in realizing their potential by leveraging industry-leading analytics tools to unearth opportunities to turn a financially burdensome book of business into a source of active capital generation.
- Unlock Internal Resources for Live Programs
Collaborating with experts in legacy claims allows businesses to reclaim critical internal resources for capital-generating opportunities. Entrusting a strategic partner with legacy claims management is a cost-effective way to stay on track to achieve long-term goals. By alleviating resources tied to legacy portfolios, carriers can work with strategic partners to identify growth opportunities and strategies for long-term success. Our dedicated Legacy Practice Group is entirely focused on the unique needs of the legacy claims sector, which means internal resources can be freed up to work elsewhere, reducing costs and expediting outcomes.