Build a better claims department: Meeting the operational efficiency challengeBy Susan Pisano | June 6, 2016
With claims costing insurance carriers more than $246 billion in 2015, claims department are under scrutiny. Operational inefficiencies must be minimized to mitigate costs and help improve your company’s bottom line.
Although claims departments have lagged behind in terms of technology adoption, that’s changing as insurers view claims process optimization as one key to staying competitive. We can’t change everything; there will always be high pendings and not enough time to work them. But there are manual processes that can easily be automated—from streamlining legacy systems, to offering staff and customers mobile capability, to implementing vendor integration programs. While some upgrades may require significant funding and resources, others can be accomplished at minimal cost. For example, something as simple as a single sign-on will save your reps time, freeing them up to focus on service goals.
Another way to take control of your operational expenses is to harness the power within your data. While insurers have data everywhere—their data warehouses, ISO ClaimSearch®, third-party contributors—it can seem nearly impossible to manage and get the best results. That’s where data analytics comes in. By analyzing claims data right from the earliest stages, claims departments can better fast-track payments on meritorious claims or quickly route files to appropriate handlers based on experience or context. When automated analysis is built into your process, the result is quicker resolution, which both improves your cycle time and provides better service for your customers.
ISO ClaimSearch is currently being updated, and the new version will give customers more data analytics at their fingertips. The updated system will feature new capabilities:
- layer analytics over claims data and present information in a visual manner to enable users to work smarter and more efficiently
- help identify when a claim needs to be referred for further investigation rather than be paid quickly
- provide direction on where claims handlers need to focus their efforts, which helps mitigate loss expenses
Building a better claims department through new efficiencies is essential for insurers’ success. Streamlining processes through technology investments and better use of analytics will allow insurers to make better decisions faster—and give claims adjusters more time to provide excellent service to customers.
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