In The News
02-06-2006
Insurance Newslink - Clear Technology on the Case....
Clear Technology on the Case...
Newslink recently met up with Graham Dawkes and Ian Ramsay, managing director, UK and sales director, UK respectively of Clear Technology, who have attracted attention of both sides of the Atlantic.
Clear have patented a case handling solution that has already been used across a wide range of insurance processing. After eight years of studying process, Clear aims to take over where workflow, rules engines and business process management systems end, and automate much of the knowledge worker's activities and decisions-work that usually requires large numbers of operational staff.
The company is headquartered in the US and employs around 100 staff, with 25 in the UK.
One of its major clients is Norwich Union where the first target was to improve claims recoveries. Not only were 7% more monies received but the cost of claims reduced by 5 to10%, cash was received in under 60 days compared to a previous average of 180 days, and case handlers managed double their workload-training times were also cut from six months to one week. The development, which accessed information across several legacy systems, paid for itself in less than 18 months, and Clear are now engaged on a project relating to third party bodily injury claims to achieve quicker decision making.
Clear worked with Vertex (previously Marlborough Stirling) to streamline nine high value processes within the supplier's life and pensions application software, Lamda, typically in the area of customer requests such as a surrender.
The results for Vertex and its BPO closed life book client were processing efficiency gains of more than 50%, and a process that was 100% accurate with a clear audit trial, significant for consistency and compliance. Staff became more multi-skilled and again, training time was reduced. 95% of customer calls are responded to in under 15 seconds and around 90% of enquiries are dealt with at the point of call.
As Clear builds up its client base, particularly in the US, and also works with Australian insurer, IAG, it believes it has achieved a productivity breakthrough. Other projects include commercial and allied lines underwriting and policy processing and medical bills processing.
The company works with a range of partners including IBM and Patni, has experience in the credit card sector and is expanding into mortgages and retail banking. Clear is certainly a company to watch, having produced significant, measurable cost and service improvements for its clients.
