King Price clinches coveted SAAMA Value Achievement Award 2022
The King Price Community Schemes team won the SAAMA Value Achievement Award for Project Felix during the 2022 awards ceremony on Wednesday, 22 June 2022. The winning project highlights how a partnership between a business, the correct asset management product and service provider can disrupt markets, overhaul operating models and result in a competitive edge. In this instance, the community schemes insurance landscape.
Felix is the result of a digitalisation project delivered by the teams from King Price Community Schemes, Pragma (an engineering firm that provides a comprehensive spectrum of physical asset management services), and On Key (a Verdantix Industrial EAM Software Green Quadrant leader). Felix is essentially a King Price community portal solution that enables a connected community of brokers, managing agents, service providers, trustees and homeowners together with King Price’s community insurance claims and underwriting departments through the entire value chain to complete underwriting, claims admin, and repairs tasks. By integrating all parts of the insurance solution, the team has created a dynamic ecosystem with improved management, accountability, and profitability.
A significant contributor to the project’s overall success has been the team’s ability to apply their expertise and industry-related best practices toward a common goal. The solution is unique to King Price’s needs, and its benefits are realised and validated in its daily use by all stakeholders.
King Price now has a more detailed view of the assets insured than that which is commonly available to insurers. This approach allowed King Price to streamline the processes involved in managing activities related to insured assets; it has resulted in significant performance improvements in service delivery and increased client satisfaction. In addition, human intervention is minimised when handling asset claims, allowing for a smooth and user-friendly experience for brokers, managing agents, service providers, trustees and homeowners, and the King Price support teams.
Felix allows managing agents and brokers to request quotes, view clients’ policies as well as submit and follow their claims’ progress on a single integrated platform. It categorises all the components and makes realtime data accessible 24/7. Stakeholders in the King Price ecosystem work from a single truth on both claims management and policy administration. As the platform collects data about client satisfaction from service providers and King Price staff, it helps the insurer to manage and improve service levels.
However, the main productivity benefit is the automation of supplier allocation as soon as the claim is registered; this allows for client services interaction within 1.5 hours of submitting an incident. Due to the automation, King Price saw a productivity increase of 66% in the claims management processes. This productivity increase allows the King Price claim handling team to focus on other aspects of their day-to-day work deliverables. The workflow that standardises the way King Price staff work also improves quality assurance and enforces regulatory compliance.
Since claims validation is built into Felix, this automation allows a trainee to successfully manage 70% of claims (eg geysers and glass) with minimal management supervision while keeping strictly to the South African National Standard (SANS) 10254 regulations; applicable to hot water systems.
The configurable user interface allows for a more responsive client configuration, which supports King Price’s aim to innovate and adapt quickly in a fast-evolving industry.
An in-depth asset register specifies claims to a component level. Owners Managing agents, and brokers have 24/7 access to their clients’ policy data and full traceability on all work words. Contractors are given 24/7 access to full traceability on all work orders. The better-structured data collection allows for new quantitative evaluations of risks and associated costs and the identification of opportunities for adding business value.
The On Key Suite, owned by Pragma, forms the foundation on which Felix is built. Core to the digitalisation project was the implementation of an enterprise asset management solution (On Key EAM) that integrates with Grail, King Price’s insurance underwriting system, in realtime. The core EAM capabilities are extended with:
- A set of On Key Action mobile apps that facilitate maintenance, repair, and overhaul transactions. The apps include a Service Request app, a Work Portal app, a Field Engineering app and a Chat app which is integrated into all the other apps to facilitate realtime communication between all the different stakeholders. With these apps:
- Managing agents and brokers have 24/7 access to policy data of the assets and the ability to request quotes for new and existing clients using the Underwriting Work Bench.
- Claimants can register and track progress through a single platform.
- Contractors can accept or decline work that gets auto-assigned to them and also manage work execution, quotations and invoicing in a single solution.
- Workflow automation that assigns contractors and approves specific repair work without human intervention, based on predefined parameters.
- Traceable workflow of claims through the work order management process.
- Automatic validation of a work order (ie claim), including approval of fast track claims such as geyser and glass, etc. auto-assignment of suppliers and online quoting, as well as auto-approval of invoices where quotes are already approved.
- Automated notifications using service level agreement (SLA) functionality and work order triggers.
- A set of On Key Insights business intelligence (BI) apps that analyse contractor and claim processing with dashboards that can easily be adjusted based on learnings by King Price and display near realtime information on delayed work.
More about Pragma and On Key
For more details about the SAAMA Awards, visit the SAAMA website. Alternatively, visit Pragma’s webpage to learn more about our services. Alternatively, if you want to reap the benefit of digital disruption, visit Pragma’s webpage to learn more about our services.