Running Head Contemporary Management Technique 1
The Contemporary Management Technique of
Sedgwick Claims Management Services
Contemporary Management Technique 2
In order for Sedgwick Claims Management Services to dominate the industry and handle all lines of services in the insurance industry, it should incorporate Total Quality Management in order to be more competitive. Sedgwick Claims Management Services customizes their service to the specific client. And if this company were to incorporate Total Quality Management with Mass Customization, the belief is that it would increase the profit margin as well as expand the company. In the research of Sedgwick Claims Management Services, It was found that this company utilizes Mass Customization. Mass Customization is a contemporary management technique in which marketing and production processes are designed to handle the increased variety that results in delivering customized products and services to customers (Bloucher, Stout, Cokins & Chen, 2008). Sedgwick Claims Management Services develops policies and practices for each individual company, but this does not necessarily mean that it will obtain all of its client’s lines of business in the insurance industry. Sedgwick Claims Management Services handles many lines of businesses for their client that includes: worker’s compensation, disability, liability and integrated injury management. Sedgwick Claims Management Services has stated that it has a flexible development environment that has allowed the Sedgwick Claims Management Services to build reliable and high volume customized solutions for each of its clients. The company’s core values are: To Grow as Individuals, To Operate As One Company, One Team, To Deliver Excellence, and To Operate Openly and with Integrity, and To Embrace Change.
Contemporary Management Technique 3
In the industry that Sedgwick CMS operates, the revenue of insurance fluctuates with the economy. Normally, sales in the insurance industry decline at the same time if the economy declines. Sedgwick CMS’s revenue increased by approximately five percent and this shows that the company is growing in this economic downturn. Sedgwick CMS is committed to saving its clients’ money as well as increasing profit revenue. Sedgwick CMS was recognized as the largest third party administrator in the United States by Business Insurance. Sedgwick CMS services more than 400 clients under multi-year contracts that include 25 of the Fortune 100 and 72 of the Fortune 500. The company has gone green by utilizing a paperless document processing unit which shows potential and current clients that it cares about the environment as well as about saving its clients money. This shows and reiterates the Sedgwick CMS is a company that is willing to keep their clients happy. Their increase in revenues proves that this company is concerned their clients and the bottom line….Savings and sales. Sedgwick Claims Management Services is striving to be a billion dollar company by expanding and acquiring other businesses like Fidelity National Title Group, the nation’s largest title insurance company. Sedgwick CMS positioned itself to outsource insurance claims management services and compete for more Fortune 100 companies. Worker’s Compensation claims accounts for 43 percent of the business that Sedgwick CMS outsource to its clients, Liability accounts for 29 percent and Disability accounts for 18 percent. By focusing on some of the largest companies, it is able to offer customized claims solutions and great customer service
Contemporary Management Technique 4
that continues to increase the revenue for the company. Even with the improvement in safety and work environments, Sedgwick CMS ventured into Family Medical Leave arena and now services many large Fortune 100 companies. By offering a full range of products, it...
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