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The insurance industry, like the rest of the Financial Services Sector, needs to remain competitive to keep and win new clients. Ensuring that all time spent on a case is recharged in an accurate and timely manner, along with recoverable expenses, can make a big difference to the profitability of a project and the overall profitability of the firm. A history of time spent on previous projects also allows management to price new contracts more accurately.
Sage Timeslips is a Windows PC based project time and expense management software solution. It integrates with other systems but can function as a standalone system, giving you more insight and control over how time is spent in your business. Sage Timeslips is a global leader in Time Tracking and has been purchased by thousands of businesses worldwide.
Claim Experts Ltd (www.claimexperts.co.uk) are insurance loss adjusters. Their team of loss assessors travel the country and are frequently fighting insurance company loss assessors who are not prepared to pay out on insurance claims due to their interpretation of policy documents or the valuation of a claim.
Chartered Loss Adjusters are independent claims specialists who operate under a Royal Charter to investigate, negotiate and agree the conclusion of insurance and other claims on behalf of insurers and policyholders – Claim Experts Ltd work exclusively for policyholders.
It’s a competitive business, and their adjusters need to be seasoned experts with a strong technical knowledge. Moreover, they must have a real commitment to their clients, keeping policyholders up-to-speed on the progress of their negotiations. Claim Experts Ltd were one of the first specialist suppliers in the market and over the years have broadened their range of services.
Claim Experts Ltd has grown by 50% in the last few years and needed a time recording system that would grow with their business, be acceptable and easy-to-use by their staff, and most importantly, transparent to their clients. The management had previous experience of Timeslips in the USA and following research of different time management systems on the internet, called on Deepak Sareen Associates for a Timeslips demonstration.
The demonstration showed them that Timeslips had all the functionality they required without any bespoking of the solution and they found it reassuring that Timeslips was published by Sage.
The subsequent implementation went smoothly and as expected the system soon paid for itself through increased efficiency. Claim Experts found that they could continue to expand their business without pro-rata staff increases. They also found that Timeslips was useful for maintaining client contact details and a history of calls.
One of the major benefits that Timeslips brings to organisations that invest in it is, as Claim Experts found, the ability to monitor the cost of servicing clients. This allows businesses to adjust charges with existing clients if contracts allow and to price new contracts more accurately – a vital component in winning new business.