(Image credit: mingchen J/Starry-J.)
Everest Global Markets, part of global reinsurance and insurance organization Everest Re (Hamilton, Bermuda), has implemented Charles Taylor InsureTech’s (London) Trax claims management solution for its International platforms in order to be able to speed up claims processing and improve customer experience.
“The implementation of Trax will enable us to minimise operational overheads through reduced claims administration,” comments Ashley Lawrence, Head of Claims, Everest Global Markets. “The automation of claim notifications and monitoring of ECF will also allow us to eliminate manual processes and data re-entry. We look forward to a long-term relationship with Charles Taylor InsureTech.”
Everest Syndicate 2786 was established in 2015 to facilitate the further expansion of Everest’s international insurance operations.
Charles Taylor InsureTech describes Trax as London’s leading fully managed Electronic Claims Files (ECF) write-back-enabled claims management solution. The vendor says that implementing Trax will enable Everest Global Markets to automate claim notifications and monitor ECF through its write-back capabilities. It will also assist in eliminating manual processes and data re-entry. The solution will improve the customer experience as well as meet regulatory compliance obligations and internal audit requirements.
Trax claims management solution is a fully hosted and managed SaaS (Software as a Service) claims workflow platform which delivers the following key features, by the vendor’s description:
- Facilitates flexible authority and approval process for adjusters supporting role-based authority levels.
- Hosted and managed centrally (Software as a Service), meaning no additional server or software costs. This also ensures all users are on the same software release.
- Uses write-back messaging technology to ensure that there is no re-keying of data between the system and ECF.
- Provides a web-based platform delivering enhanced workflow, automatic and manual diary management.
- Facilitates internal peer review processes and automates several key functions including triage, diary and exception reporting. Simple triage rules being based on the client’s individual requirements.
- Retrieves and holds ECF documents locally within the system meaning users have no need to download them from the IMR.
- Captures and records Carrier and Conduct Risk-specific data that is not available on ECF, for reporting and Audit purposes
- Provides a comprehensive dashboard and reporting suite for operational management and claims data analytics.
- Is accessible 24/7 from anywhere in the world via a standard enterprise web browser enabling permitted TPA access without implementing IT security changes.
“We are extremely pleased Everest Global Markets selected Trax to help streamline its processing of Lloyd’s bureau claims, improve efficiency, reduce the claims lifecycle and achieve faster claims settlements,” comments Tony Russell, Chief Commercial Officer, Charles Taylor InsureTech. “Trax fundamentally demonstrates how technology is being embraced in the Lloyd’s market to help automate key processes, as part of its Future at Lloyd’s program, and drive business benefits. This is a significant win for us and is an exciting new partnership for both companies. We look forward to Everest Global Markets joining the growing Trax community in London.”