Customer Story
Top-20 Insurer Realizes Substantial Cost Reduction Driven By Lower CNR Rates
Compex’s recent pilot with a well-known national auto insurance carrier delivered substantial improvements to speed and reliability of record retrieval, while improving productivity and employee satisfaction.
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Have you achieved your efficiency and cost reduction targets for the quarter?
A top-20 national insurance carrier was unhappy with the high percentage of “Certificate of No Records” (CNR) or “No Records Statement” responses they were receiving, indicating that their previous vendor did not have strong processes in place to ensure diligent retrieval of all records. They approached Compex looking for a new partner with more advanced technology, processes, and capabilities to retrieve records more quickly and reliably.
Over the course of a 90-day pilot, Compex helped the carrier hit their cost reduction and efficiency goals for the quarter by reducing claim cycle time and loss expense. Here's a preview of some of the results we achieved in this pilot, which resulted in an exclusive 3-year agreement:
- 33% Turnaround Time Improvement
- 75% Response Time Improvement
- 50% No Record Statement Rate Improvement
- 2-3 Hours Time Savings per Claim