thryve Customer Story
RTT is one of South Africa’s top logistics companies, moving thousands of deliveries every day to satisfied customers both inside SA and beyond her borders. Part of these operations includes insuring cargo as well as processing claims related to such insurance.
The challenge:
Due to its international footprint as well as the variety of divisions inside the organisation, RTT manages a complicated and diverse policy framework. It operates a number of incident and claims reporting channels, including phone calls, email, web forms and store walk-ins. These are captured in a variety of formats, from Excel spreadsheets to third-party systems, depending on the business unit, location and communication channel.
The environment has also bred unique and sometimes complicated processes, covering areas such as incident intake, claims administration and management, and policy and contract management. Data existed unevenly across different systems and related processes. This made it taxing to scrutinise processes, identify blockages and develop efficiencies.
The requirement:
RTT wanted a way to address these shortcomings systematically and speed up claims processing. The main goal was to establish a ‘single truth’ of its policy environment – an aggregated view across the entire organisation. It wanted consolidated reporting it could rely on, but realised it would be impractical to rein in the various reporting channels and formats. Instead, RTT needed something that could bring all of these together eloquently.
It also wanted to improving tracking its various compliance and regulatory obligations in different markets. Since each country has distinct laws around insurance, RTT desired to ensure it had a valid and consolidated view of various local policies and their limits, excesses and documentation. This would greatly reduce the administrative burden of managing its overall insurance program.
The Solution:
thryve deployed the Riskonnect RMIS (Risk Management Information System) to meet these requirements. The RMIS enabled RTT to configure and manage their ever-changing organogram. This can be structured for operational, functional, geographical or any other required format, then comprehensive property, exposure, policy and claim information is captured and linked to the hierarchy structure for aggregation and administration. External data sources from brokers, insurers and others could also be added to create a more comprehensive picture.
“We now have complete visibility of the process from start to finish,” said Paul Meyer, Insurance Administrator at ITT. “All our processes have been improved by automation.”
Processes are also addressed through the Riskonnect RMIS. Its claims and policy modules in the Riskonnect RMIS enabled RTT to identify and formalize the most efficient processes for creating and renewing policies, as well as administering claims throughout their business. Processes can be configured specifically with each business unit’s local environment and particular requirements in mind.
The Result:
RTT soon experienced the result of Riskonnect RMIS. It saw significant administrative improvements, both in capturing information and addressing holdups among processes.
“We have gone from between 60 to 90 days to process a claim to just 14 days on average now,” said Meyer, “We have created a position where users can manage themselves using the metrics setup in the reports and dashboards of the system.”
Generally speaking, it was able to reduce costs-per-claim for claims of R5,000 or less by 7%, and by 12.5% for claims larger than R5,000.