Making the difference

Three months into his new role at Broadspire UK, Managing Director Ian Sutcliffe discussed changing market dynamics

Current market conditions in the claims arena are driving up competition and leading to more TPA providers focusing solely on cost to differentiate their client offering. This, in our view, is detrimental to the market, as providers must fully demonstrate the end-to-end value of the service on offer if the client is to truly appreciate their worth.

This is a key challenge. To achieve the differentiation necessary in today’s market, it is essential we deliver on all fronts. This extends from the customer experience and claims cost savings, through to providing the comprehensive data analysis critical to helping clients fully understand the impact of claims on their business. Only by providing a full picture can clients appreciate the true value that we bring.

There also needs to be a greater focus on transforming claims outcomes, and we are investing in this at Broadspire UK. The insurance sector, in my opinion, has been focused on measuring service-level compliance. Whilst this is clearly very important in tracking performance and delivering consistent customer experience, the real win for clients and their customers is to transform outcomes in terms of customer satisfaction, the claims lifecycle and overall cost control.

Scale is also a key differentiator, with global reach increasingly viewed as a critical factor for larger clients. The global aspect is of significant value to those international businesses that want to understand the real impact of claims across their entire organisation. Being able to report claims on one system in the same format across 100 different countries, recording the same data fields and then being able to report on cause, cost and emerging trends is vital to understanding exposures and developing risk management programmes.

Data analysis remains a core component of the TPA claims offering, central to informing risk mitigation activities and reducing exposure levels. Moving forward, we firmly believe the value of
data analytics will continue to grow.

In recent years, we have seen an overall decline in claims volumes, reflecting a more sophisticated approach to risk management underpinned by improved access to data. The more data we can
provide, the better able our clients will be to forecast emerging trends and potential impacts, and put in place the necessary measures to deal with them.

At Broadspire UK, we recognise that we must continually strive to maintain our market relevance, improve our service offering and promote the multiple factors which we view as key differentiators in today’s crowded claims arena.

Central to this is the significant investment that we are making in our infrastructure, with a particular focus on ensuring effective leadership and an expansive skills base. We have made changes
at the top to enable the substantial growth plan that we have in place for the next three to five years. We will continue to invest in bringing on board those individuals who can add substantial expertise to our business model and support our growth strategy.

We are investing in expanding expertise across the business, not only bolstering our capabilities in core markets, but also in specialist areas such as cyber. Handling cyber claims is about providing
access to the right expertise at the point at which it is needed. Such claims need to be handled by teams that can respond quickly and help clients minimise the impact of the incident, and ultimately preserve their brand reputation.

Technology is also a key investment area and we are transitioning our business onto a new claims manager workflow system which will transform our approach to data capture and analytics.
Our ability to continually develop and expand our client services is central to our ongoing success. To achieve this we are investing in the three core components of people, processes and
technology. We still see significant opportunities both within our core markets and in emerging markets to differentiate our offering, and by so doing further demonstrating the intrinsic value
of what we deliver.

 

June 2016