London, UK (Oct. 1, 2014) – Xchanging plc, the business process, procurement and technology services provider, and ProFormance Group Insurance Solutions (PGIS), a Canadian-based specialized insurance services company that delivers claims, TPA, training and auditing services, have chosen the RIMS Canada conference to launch a jointly developed Third Party Administrative (TPA) service specifically tailored to meet the needs of the Canadian Market when processing London Market Business.
Aimed to facilitate the reduction of indemnity spend, the solution seeks to combine innovative technology solutions with qualified and trained professionals to maximize efficiencies for the Canadian insurance market, a significant force with approximately $1.7 billion in direct premiums.
According to industry feedback sourced by PGIS and Xchanging over the last year, some of the current challenges within the Market include; lack of TPA options in Canada, inconsistent reporting formats, and an inability to provide requisite and comprehensive data. The new service will provide an all-encompassing solution to facilitate end to end workflow, addressing the current challenges experienced by all stakeholders including the Canadian Coverholder, London Broker and Syndicate.
The companies’ newly aligned TPA solution tailored to the Canadian market will be based on the following services and technology components:
- Claims experience: Subject matter experts by type of loss are enlisted to ensure appropriate and timely investigation is completed and reserves are set to reflect the value of the loss.
- Network of specialized adjusters: Various adjusting firms across Canada are accessed to ensure the most qualified adjuster is used to suit an individual client’s needs and that the proper data is being captured and reported on. Additionally, Xchanging’s London-based adjusters will be utilized as a second layer of quality control.
- Training and hiring programs: Untrained or poorly trained professionals can cause massive financial loss, claims leakage and poor customer service. Furthermore, the Insurance Institute of Canada cites that a quarter of the industry could retire by 2017, emphasizing the need for smart talent acquisition. The experienced and qualified training division will support this need through client-specific training programs that address individual KPIs and service level agreements, as well as the acquisition of new talent.
- Binder360: Sophisticated Bordereaux Transformation Services remove complex tasks and requirements around mapping, cleaning and validating risk, premium and claim bordereaux. Information is converted into standard formats in compliance with ACORD and Lloyd’s requirements to ensure consistent quality, reporting and efficiency globally.
- Express Bordereaux: A ‘one-stop’ service enables the bordereaux to be agreed and processed simultaneously, within five working days or less, increasing efficiency and reducing costs, enabling faster payment to clients’ real time claims information.
- Customized auditing: Dedicated auditing teams allow for customized audit templates that deliver more accurate KPI measurement and the identification of key issues and trends early on.
“Xchanging and ProFormance Group Insurance Solutions are deeply committed to providing a superior third party administration solution to the Canada market,” said Tammie Norn, CEO, ProFormance Group Insurance Solutions. “We believe our combined portfolios of global and Canadian insurance experience, suite of innovative technologies and talent development will allow the market to scale down the number of third party administration bodies for a simpler auditing process.”
Sean Allen, VP Sales, Xchanging Insurance Services, North America concludes: “A unique component of this new solution is the assignment of both a Canadian control adjuster and London examiner to each program. This encourages a greater flow of information from first notice of loss to settlement, timeliness of reporting, reduced bordereaux processing time and ensuring that all stakeholder needs are met through local and global knowledge of legislation and requirements.
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries. Xchanging brings innovation, thought leadership and passion to its customers� businesses so as to enhance performance and value. Our values are embedded into everything we do. Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.