Our aim is to assist our clientele in fostering a transparent and measurable supplier management process which highlights and promotes best practice and is geared towards eliminating poor performance.
Technology/service solutions should complement and support business workflows and processes, not drive them. LSG is founded upon gaining a clear understanding of the client's requirements at the outset of any project and to keep these updated through effective relationship and project management at the appropriate levels.
Our approach to supplier management is based upon nurturing greater collaboration between clients and their suppliers through objective performance measurement of quality, performance and value.
Through our TOP approach, a (claims/non-claims) organisation may improve its risk exposure and thus move to mitigate these risks.
TOP is a measure for results. For insurance claims, this will be a set of Key Performance Metrics (KPM), which underpin the Combined Ratio, but focused mainly on the utilisation of scarce and expensive external resources, such as lawyer, experts, forensics, loss adjusters, TPAs, coverholders, and any other supplier, associated with the resolution and settlement of the claim.
These KPMs may be derived from a number of data/information sources, such as:
LSG focuses great attention to the claims handler/adjuster/examiner and how effective they are at managing professionals, such as lawyers and loss adjusters, etc. Resource utilisation is also a strong measure of how well claims are managed.
We take certain key metrics, such as:
These metrics, along with other data including for example, injury codes (in the case of a personal/bodily injury claim), enable LSG to collate a view of claims Total Outcome Performance, and evaluate the historical data:
These are then grouped into patterns, and presented back to the claims handler/adjuster/examiner, by way of Early Case Assessment Dashboards.
These are used as Predictive Models, which creates an effective Knowledge Base for your organisation to share prior, historical outcomes, helping to drive better informed decision making and empower Claims Personnel.
Early case assessment dashboards are transmitted to the claims personnel in order that they may intervene earlier in the lifecycle and settle the claim(s) at the optimal juncture in its lifecycle.
The LSG Total Outcome Performance approach to claims resolution and settlement will drive down costs, on both allocable, external profession resources and indemnity.