Claim handlers spend a lot of time on the phone trying to get third-party policy information for subrogation purposes or to validate coverage. Policy data is critical to resolving claims, but acquiring that information is typically manual and incredibly time-consuming.
The primary way adjusters obtain policy information is by calling adverse carriers. But even finding out who the third-party insurer is can be elusive. And once you have that information, getting someone who can and will share coverage details for the other company on the phone is challenging. You often have to leave multiple voice messages and wait for a return call to get any useful and actionable details.
Fortunately, aggregated industry data and analytics are transforming this process. They enable claims teams to access pertinent policy data seamlessly to identify coverage quickly and start the subrogation process earlier. The bottom-line benefits? Greater efficiency and reduced exposure. The following are some claim scenarios that illustrate the value of quickly accessing hard-to-find policy data.
Streamline subrogation, improve customer experience
Easy access to third-party policy data can significantly reduce cycle times for subrogation and enhance the policyholder experience. For example, suppose an insured was involved in a two-car accident, and there was either missing or incorrect policy information for the third party in the police report. In that case, the claim handler could get a notification that important policy details are available.
They could also obtain the same information by searching the VIN or license plate number and state, which would also provide policy information for the vehicle.
With this information, not only can you accelerate the recovery process, but you could potentially waive the deductible or afford early deductible refunds to improve customer satisfaction.
Validate eligibility for medical claims
Policy information is also valuable in handling PIP and Med Pay claims. Individuals injured in a motor vehicle accident typically file claims with the host vehicle’s insurance, which may not be primary for these parties. Having access to policy data helps you quickly determine if the passengers are listed on or have access to another policy and find the correct PIP provider. This information can mitigate your exposure, especially if multiple passengers are injured.
Identify excess coverage for UM/UIM stacking
Policy and coverage data is also very useful when handling bodily injury/uninsured/underinsured motorist claims. Policy information helps you find availability of other policies for not only primary but also excess coverage for your losses.
For example, it’s not uncommon for someone to get into an accident while driving a friend’s car. In many instances, the claim adjuster will first check the host vehicle's policy but should also look for excess coverage for the driver elsewhere. In some cases, the driver may have their own policy or be listed on another resident relative’s policy. Discovering multiple policies enables stacking, which is effective at reducing your company’s and customer’s exposure.
Get accurate policy insights in your workflow
There are numerous ways third-party policy data enhances the claims process. But if you can’t easily access it, you end up with longer cycle times, higher LAE, greater exposure, and lower customer satisfaction.
Verisk’s Policy Insights Report (PIR) simplifies the process. It automatically notifies claim handlers in ClaimSearch when policy details are available on a claim. They can also search for policy information via Decision Net, including acquiring data when searching by VIN. The report returns vital information such as insurance carrier, policy number, insured names, insured vehicles, and listed operators.
The report draws insights from ClaimSearch and other Verisk industrywide databases, providing a rich source for accurate and up-to-date policy data. Learn more about PIR and how your company can access this essential data.