In­ter­nal Claims Man­age­ment

Digital Insurance - - CLAIMS -

For many in­sur­ers, dig­i­tiz­ing claims han­dling is the first step to im­prov­ing the claims process and in­creas­ing re­ten­tion rates. While some in­sur­ers choose to build sys­tems from scratch, there are pur­pose-built out-of-the-box solutions avail­able that can dra­mat­i­cally im­prove the claims process for in­sur­ers and cus­tomers alike. Lever­ag­ing these tools ef­fec­tively can ex­pe­dite and im­prove the ac­cu­racy of ad­just­ing, iden­tify the peo­ple and re­sources nec­es­sary to com­plete a claim, and set­tle them more quickly.

Lay­er­ing an­a­lyt­ics into a claims pro­cess­ing so­lu­tion helps in­sur­ers know which claims to set­tle more quickly while flag­ging the smaller per­cent­age of claims with a higher like­li­hood of fraud and risk of lit­i­ga­tion. This helps in­sur­ers bet­ter ad­just their re­serves as ap­pro­pri­ate and mit­i­gate the risk of jumper claims. In­te­grat­ing an­a­lyt­ics at the claims point-of-en­try gives in­sur­ers more con­fi­dence in han­dling an in­di­vid­ual claim and re­duces bot­tle­necks, which is par­tic­u­larly im­por­tant when an in­surer op­er­ates in ar­eas with a higher like­li­hood of nat­u­ral dis­as­ters, lead­ing to higher spikes of claim vol­ume.

These an­a­lyt­ics are of­ten pow­ered by data part­ner­ships and cus­tomer­gen­er­ated data (e.g., Lemonade’s use of video claim sub­mis­sions), adding vis­i­bil­ity into the po­ten­tial for a prob­lem­atic claim. In the near term, the abil­ity to in­cor­po­rate data from a va­ri­ety of sources will be crit­i­cal in mak­ing claims sys­tems more ef­fec­tive. In the fu­ture, data will come from even more sources, such as drones, au­tonomous ve­hi­cles, data streams from wear­able med­i­cal de­vices, satel­lite im­agery, and con­nected home de­vices.

The NAIC re­search found that one-third of the claims-re­lated com­plaints each year re­late to de­lays. Con­vert­ing to a dig­i­tal claims process that in­te­grates a va­ri­ety of ex­ter­nal data can lessen the chance of cus­tomers feel­ing ne­glected af­ter fil­ing a claim.

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