Heading into your next insurance renewal or mid-term review, you need to know what is going on within your business, and ClaimControl’s reporting will give you the insight enabling you to get the best possible insurance renewal deal.
If insurance renewal time is usually manic, as you try to gather data from different sources then Alphatec’s software solution can help.
Take the example of a pay-out limit, where the ‘claim’ is simply paid, and the costs written off. This may not be fully recorded and you may not have a true view of all your insurance associated costs, and you may struggle to conduct full root cause analysis. This lack of clarity is a risk and you could be just one incident away from a major claim.
With Alphatec’s ClaimControl is a platform to record near-misses, incidents, and claims, and results in clearer insight and transparency.
Look at the diagram below. By getting this type of overview, you can consider all the different scenarios and what may be better for you.
For instance,
- reducing individual claim limit as you have not had any single event come anywhere near what it is set at currently – save money on your premium
- review Write-off / Auto-Accept level as there are lots of pay-outs just under that level, has your limit for where you do not investigate become public knowledge? – save money; investigate for potential fraud and reduce claim costs
- not many entries around excess amount, should this be reviewed to have a higher excess and save on premium – save money?
Taking the analysis, a step further, with inbuilt triangulation reporting, ClaimControl allows you to plan for future needs more easily, whether that’s because you completely self-insure or need to manage cash where excess payments are made. The system is highly flexible so you can focus on the key data that matters to you.
Finally, our insurance renewal preparation reporting is key in preparing you so you understand exactly what is still outstanding from a claim’s perspective. This can help you to focus efforts in the right place to get in the best position possible.
If this sounds of interest, look around our website, or better still give us a call or request a demo. Our products are developed purely to solve our customers problems so do contact us to see how we can work together.