Top-20 Insurer Realizes Substantial Cost Reduction Driven By Lower CNR Rates

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.

Throughout a 90-day pilot, Compex helped the carrier hit its 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