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Case Studies

Virtualfiles Claims Platform Helps Managing General Agent (MGA) Streamline Claims Management.

One of the largest MGAS in the UK, a multi-class, multi-territory Managing General Agent (MGA), faced challenges in managing claims across all lines of business. Following a period of rapid growth due to acquisition, the client had inherited multiple systems, which had subsequently resulted in it having a fragmented and inefficient claims-handling process. To overcome these challenges, Virtualfiles delivered a fully dynamic claim management solution with advanced management information (MI) and analytics capabilities, enabling the client to streamline its claims life cycle and centralise all its data.

Meeting the Challenge

The client's disparate data landscape posed significant challenges in managing claims efficiently and getting a comprehensive overview of all lines of business and handling activities. The adoption of the Virtualfiles claims platform allowed the client to merge multiple systems and data into a single, centralised structure, enabling the delivery of real-time MI and analytics. The platform also facilitated financial control against delegated limits with tiered approval and advanced reporting, allowing the scheduled delivery of reports aligned with agreed cycles.

Furthermore, the platform provided a full audit of all activities for compliance purposes and a secure document management system (DMS) for securely storing and issuing documents. It also enabled easy building and embedding of key business processes and workflows, in addition to the management of service level agreements (SLAs) and key performance indicators (KPIs).

Our innovative claims platform provided a comprehensive solution for managing claims across all lines of business, allowing the client to have MI and analytics from a single dashboard resulting in streamlined claims lifecycle management, reduced costs, and improved efficiency. The platform's advanced MI and analytics provided a global overview of all handling activities and helped the client make informed decisions using real-time data, and the implementation of financial controls and advanced reporting allowed for greater transparency and accountability, while the DMS ensured secure document management.

Simplicity and Efficiency

The Virtualfiles claims platform provided a comprehensive solution for managing claims across all lines of business, streamlining the claims life cycle management, removing complexity, and driving improved productivity. The advanced MI and analytics capabilities provided live insight to inform strategic decisions, while the implementation of financial controls and advanced reporting provided greater transparency and accountability. The platform's zero-code fully dynamic nature and API has enabled the client to adopt new schemes featuring new requirements with greater pace and seamlessly integrate these with third-party systems.

The client has successfully used the VF Claims platform for more than 10 years, facilitating the long-term effective management of its claims across all lines of business, and providing a central point of accurate data and a streamlined claims-handling ecosystem.

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