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Insurers Leverage Claims Technology To Escalate, Fast-Track And Optimize

Claims are an insurance companys biggest expenditure, with claims disbursements and loss-adjustment expenses combining for up to 80 percent of an insurerís total revenue. Until the economy returns to a sounder and more stable level, enhancing combined ratios (also known as composite or statutory ratio) will more likely be achieved through claims processing cost reductions and efficiencies than an increase in underwriting profits.

Escalate Improved Adjuster Toolsets
Improving the effectiveness of the field adjuster with mobile technology is the fastest method that insurers are using to escalate the process. As the availability and capabilities of mobile devices rocket forward, costs associated with the devices has plummeted. Mobile devices can deliver coverage history, prior claims data, incident histories and contact information instantaneously.

The ability to access insurance policies and to augment notes directly into the core system immediately documents progress and eliminates potential duplication.

A properly equipped adjuster receives direct-to-field communication beginning with a new claim notification by an email alert. A call can immediately be made to set an appointment or an adjuster can engage GPS navigation be dispatched directly to the accident scene to take photographs and statements. As the data is collected it is served directly back to the home office claims system.

One of several estimating tools is then accessed, providing location mapping, scene diagramming using precise laser measurements along with automated damage or square footage calculators, depreciation allowance estimators and the formation of loss statements.

Fast-Track FNOL Self-Reporting
Offering customers the ability to self-report First Notice of Loss (FNOL) from their phone or other mobile device establishes a competitive differentiator during a time when customers are the most aware of loss response time and how they treated in the earliest stages.

The creation of a customer app that collects photos, key relevant claims data, GPS information and even aerial views of the accident location and then forwards them to a carrier are also gaining popularity. Not only does this speed the FNOL process, but it upgrades the correctness and timely reporting of accident information, reduces the burden on the field adjuster and enhances home office data collection.

In addition, preferred provider directories (tow services, rental car providers, body shops, etc.) can be employed to generate screen displays and automatic email of service referrals for claimants, combining customer convenience with leveraging pre-negotiated arrangements to lower costs and achieve early resolution.

Optimize Claims Recovery
Another way to reduce expenses is through claims recovery. Claims recovery opportunities including salvage and subrogation were often obscured previously by the overwhelming volume of insurance claims data on hand and the length claims resolution. The use of early warning indicators in analytics and automatic system alerts has enabled insurers to prioritize potential opportunities.

Achieving a better combined ratio in todayís economic environment is more likely to occur by focusing the majority of effort on reducing incurred losses and claims loss expense than in increasing premium revenues. Some Insurers are already experiencing significant ratio improvement by leveraging new available technology to provide better adjuster mobile tools, by encouraging customer self-reporting and by increasing the use of analytics and system alerts in the optimization of claims recovery.
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About Author
Articles Stats
  Published Date - October 3 2013
  Total Views - 706
  Total Votes - 9
  Average Rating - 1
  Comments - 0
  Mr. Steven M Richard
JDi Data Corporation has provided insurance claims software since 1992. Our product suite includes JDi Data insurance claims software for property and casualty, medical malpractice, and specialty lines. If you are looking for workers compensation software, JDi Data can be right choice as it has built a reputation in quality claims management software with special emphasis on complex litigation.
Particular Article
Author Article
  • Insurers Leverage Claims Technology to Escalate, Fast-Track and Optimize
  • [2013-10-03 ]
    Claims are an insurance companyís biggest expenditure, with claims disbursements and loss-adjustment expenses combining for up to 80 percent of an insurerís total revenue. Read More...
  • Improving the Strength of Your Claims System Auditing Process
  • [2013-09-20 ]
    Higher caseloads for claim managers, and an increase in outsourcing has spiraled claim departments into an escalation of human error, and an inflation of fraudulent & improper claims being paid. Read More...
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  • [2013-09-09 ]
    Claims management systems represent an essential part of an insurerís core system because it not only keeps track of all file activity in each claim. Read More...
  • Oh My How Claims Management Has Changed!
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    In the last decade there have been many important changes in Insurance Claim Management that have improved predictability. Read More...
  • The Importance of Proper Data Conversion
  • [2013-08-10 ]
    Replacing legacy claim systems and re-configuring core claims management systems are complex projects with high risk factors. Read More...
  • Creating a Paperless Claims Management System Environment
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    In todayís claims management department implementing a paperless claims management system can sometimes be looked at as an unattainable goal. Read More...
  • How to Capitalize on Emerging Insurance Claims Management Technology?
  • [2013-06-11 ]
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  • [2013-05-04 ]
    Studies show that insurers are now spending majority of their dollars on managing and keeping adjusters trained on the most updated claims management practices. Read More...
  • 3 Ways to Enhance Your Workers Compensation Claims Management Process
  • [2013-03-27 ]
    With financial constraints affecting the workersí compensation industry, companies are pushing a lot of their effort into finding valuable ways to enhance their claims process. Read More...
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