The insurance landscape presents unique challenges, but at a time when some insurers are feeling the pressure to optimise operations and grow, there is one often overlooked opportunity to unlock growth. For insurers looking to make the most of their assets, legacy claims portfolios hold significant untapped potential.
While there are numerous advantages to closing down discontinued or legacy claims portfolios, there are some product types where that is not possible, nor desirable, yet the opportunities are significant when insurers can effectively redirect their resources toward growth. If older products have been siphoning resources away from new product development, or the platform maintenance cost keeps increasing with end of use in sight or perhaps it is the in-house institutional knowledge that is no longer, then partnering with a specialist in legacy claims management becomes a strategic step toward unlocking untapped potential.
From managing group life and health insurance programs to supporting clients in reducing the cost of their general insurance portfolios, Gallagher Bassett has extensive experience in helping insurers address stagnant or long tail claim portfolios, break free from outdated claims and policy systems, as well as transition closed books, all while unlocking resources for active programs.
Let’s explore the four ways a strategic claims partner can unlock the capital opportunities within legacy claims.
- Holistic Legacy Management Expertise
With a deep understanding of the unique challenges presented by complex legacy claims portfolios and closed product lines, Gallagher Bassett can offer specialised expertise to help insurers navigate these complexities. Our team of experts is well-versed in the legal, financial and regulatory intricacies involved in managing legacy claims and policy administration.
By partnering with these portfolios, insurers can streamline their operations and reduce inefficiencies in managing legacy claims. Our tailored end-to-end management approach ensures that insurers can maximise the value of their legacy claims, while also ensuring compliance with all relevant regulations. All done under a white label solution, ensuring that customers continue to receive a great customer experience.
In the area of Life and Health insurance, Gallagher Bassett has a proven track record of supporting insurers with closed products. Our team has the knowledge and experience to effectively manage these policies, providing insurers with peace of mind and allowing them to focus on their core business.
Overall, partnering with Gallagher Bassett can bring a wealth of legacy-focused knowledge to the table, enabling insurers to effectively address the complexities of legacy claims and policy administration. With our expertise, insurers can achieve greater precision in managing their legacy portfolios and maximise the value of their closed products.
- Optimise Technology
Legacy claims inherently pose operational challenges, often diverting valuable resources and attention away from an insurer’s core business. The increased costs to develop and maintain these legacy systems can be eyewatering, let alone an increasing risk to overall data security and governance. A strategic partner, like Gallagher Bassett, efficiently handles these complexities by ensuring seamless integration from outdated claims systems. By integrating leading technologies, such as our award-winning claims management platform, Luminos, real momentum can be created in streamlining the claims management process. Supported by a dedicated team, leveraging expertise and leading claims management technologies becomes invaluable for navigating legacy claims with ease.
- Refresh Claims Closure Strategies
Transforming dormant legacy programs into active capital generators is a key benefit of working with a strategic claims management partner. Often, a fresh perspective, bolstered by specialised expertise and data-driven insights, can uncover opportunities within a legacy claims portfolio that may have previously gone unnoticed. A strategic partner can support insurers in maintaining a competitive edge by leveraging industry-leading analytics tools to unearth opportunities to turn a financially burdensome book of business into a source of active capital generation.
- Unlock Internal Resources for Live Programs
Collaborating with experts in legacy claims management allows businesses to reclaim critical internal resources that can be redirected towards capital-generating opportunities. By entrusting a strategic partner with the management of legacy claims, insurers can free up internal resources and focus on achieving long-term goals.
Working with a strategic partner is a cost-effective way to ensure that insurers stay on track towards their long-term goals. By alleviating the resources tied to legacy portfolios, insurers can work closely with their strategic partners to identify growth opportunities and develop strategies for long-term success.
Our team at Gallagher Bassett is dedicated to meeting the unique needs of the legacy claims sector. By partnering with us, insurers can free up internal resources to work on other important areas of their business, reducing costs and expediting outcomes.
Just as legacy claims portfolios are an untapped growth resource, collaborating with the right strategic partner is essential to realising that goal. With our industry-leading expertise in claims and risk management solutions since 1962, as well as our decades of experience in life and health insurance program management and policy administration, Gallagher Bassett has the people, strategies, and technology to help insurers unlock their full potential.
Connect with our team of experts to learn more about how we can support you in discovering the capital opportunity in your legacy portfolio.
