Cambridge Sol subsidiary wins insurance claims biz from VWA

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Cambridge Sol subsidiary wins insurance claims biz from VWA

Cambridge Solutions subsidiary wins insurance claims business from Victorian Workcover Authority. The Scheme administers approximately 30,000 claims per annum for the employers in the State of Victoria.

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Cambridge Integrated Services, a leader in innovative claims and risk management services, and subsidiary of Cambridge Solutions Ltd., announced today that it has been awarded a multi-year BPO contract to handle insurance claims transactions for the Victorian WorkCover Authority (VWA) of Australia. 

The Victorian WorkCover Authority (VWA) is an Australian State Government run Workers' Compensation Scheme, with annual revenue in excess of A$1.7B. It is renowned as the best performing Workers Compensation Scheme in Australia, and on many fronts, it reaches the world's best practices standard.

The Scheme administers approximately 30,000 claims per annum for the employers in the State of Victoria. The claims are managed by six authorised contracted agents on an outsourcing basis.  Cambridge is one of these agents with a 15.3% market share. Cambridge plans to grow its market share to at least 20% over the next 3 years.

Cambridge will handle all WorkSafe claims for the 1,400 employees of VWA. In July 2002, Cambridge was appointed a service contract which permitted them to provide support to Companies doing business in Victoria.  Cambridge has consistently been a top performer for the company, according to the VWA Annual Report, ranking above the competitive average on 14 of the 15 measures tracked.  The VWA put its own WorkSafe  account out for bid for the first time, relying on a rigorous tender process to choose Cambridge as its new agent. 

"I am proud of our claims team's work in securing this additional opportunity to work with VWA," remarked Wesley O' Brien, President, Cambridge Integrated Services.  "This appointment reflects our extremely high level of expertise in the claims field, and serves as further evidence of our quality, growth and global outreach."

Each year, the VWA publishes information that it uses to assess its authorized agents for remuneration purposes and for general performance management.  Last year, Cambridge ranked first or second out of six agents in 10 of the 15 measures, according to the VWA Annual Report 2007 (Appendix 2 Agent Performance).  Australian CEO Paul Serong attributed the securing of the new contract to "Cambridge's reputation as the best performing agent in the VWA scheme."

Sourced From: Corporate Voice|Weber Shandwick