Improving the claims management process does more than improve customer satisfaction. It also improves employee efficiency, which allows insurance agents to close more claims on a faster timeline. Whether adjusters have years of experience and are learning new technology or they are new professionals that are used to automated software systems, any insurance agent can benefit from the steps outlined below.
Improving Workflow Processes
Many insurance companies toss around the term best practices, but what they usually mean is common practices. While there are rarely 100% right or wrong answers, agents should incorporate the following into their workflow:
- Work outside the claims box. Falling for the idea that all simple fender benders, bicycle incidents, etc. are the same can result in expensive errors. Assuming one accident will play out as a previous similar accident is foolhardy. Agents should approach each claim with a renewed outlook to make sure they do not miss any important details.
- Assess and address leaks in the workflow. The saying if it ain’t broke, don’t fix it does not apply in the insurance industry. While a claims process may be working on some level, major inefficiencies (or several minor ones) can add to the amount of time it takes to close the claim. Longer claims processes make for unhappy customers and cost more money in the long run. For example, most claims have an abundance of documents. By assessing how agents collect and file these documents, insurance companies can discover inefficiencies. Once they see the problem, insurers can implement a new process to streamline documentation.
- Don’t underestimate processing details. No one stage of the claims management process is more important than another. To put it another way, agents shouldn’t take shortcuts during perceived less important stages of the claim. From pre-claim to post-claim processing, agents need to give the claim their due diligence. This means adjusters need to collaborate and communicate with other relevant agents as well as the customer for a timely resolution with a positive outcome.
Even the best claims management process needs frequent review to ensure it is as efficient as possible. If your claims management process is lacking, Actec can help. Our Full-Cycle Claim and Incident Reporting Solutions can address inefficiencies and improve claims procedures from start to finish. Contact us to learn more.
Most employers realize the value of employee attendance tracking systems. However, not all tracking systems provide the same services or features. When employers and employees work together to make the most of the attendance system, both parties can reap significant benefits. The following points highlight how such a system provides benefits for all:
Employee absences cost businesses money in a number of ways. The company must pay the employee for sick leave, productivity slows down, and other employees may have to take on the burden of additional work if their coworker remains absent for an extended period. The majority of human resources professionals agree that employee absences take a noticeable toll on revenue and productivity, but many employers do not track the effects of employee absence on their bottom line.
Homeowners submitted record high claims this year after several severe weather incidents wreaked havoc across the nation. However, their overall satisfaction with the claims process was at a record high. Insurers are able to do so with improved communication. While many believe faster claims resolution improves customer satisfaction (it does), stellar communication can make it even better. This is because insurance representatives can manage the customer’s expectations for a timeline to resolution.
Employee wellness programs continue to grow in popularity, even as many fail to reach their initial projections. Yet enough successful programs exist for us to conclude that wellness initiatives can be highly effective employee engagement, health, leadership, and recruitment tools when implemented tactically. Bombarding employees with disjointed wellness options has proven one of the most common mistakes in recent years, yielding low participation rates and gross inefficiency.
Technology has forever changed how insurers interact with their customers. However, this is not always to the benefit of both parties. With increased online interactions (i.e. quotes, claim submissions, payments, etc.) came a rise in fraud. While banks and retailers have taken the lion’s share of negative press, the auto insurance industry is just as susceptible to cybercrime and fraud.
Several factors are driving change when it comes to First Notice of Loss (FNOL). Before sophisticated technology became commonplace, first notice of loss was almost universally initiated via a phone call. Now, policyholders can log onto their computers or phone apps to trigger FNOL. Although this change seems monumental, it is nothing compared to the latest trends looking to shake up the industry.