Why is Reporting So Critical?
Among the many things an insurance company and its claims staff must do to indemnify the claimant, data and reporting aren’t necessarily the first things to come to mind. However, insurance companies working with workers’ compensation and automobile no-fault claims must gather and analyze data from their claims. Collecting data can assist with a variety of things, ranging from holding down costs to improving claimant satisfaction and retention rates.
Learn how data impacts claimant satisfaction
Knowing what data to collect and how to analyze that data can be difficult and often overwhelming. This is where it can be beneficial to work with a third-party administrator (TPA) on both workers’ comp and auto no-fault claims, since both types of claims contain myriad intricacies and challenges. A TPA that is focused on collecting the right data can assist your company in increasing claimant satisfaction in a variety of ways.
A good practice when it comes to collecting data is to first implement data collection through appropriate surveys and tools. Having a consistent process on each and every claim, no matter whether it involves work comp or auto no-fault coverage, is crucial to being able to improve claimant satisfaction levels. If your company hasn’t yet begun to put a survey into place, it is vital that you reach out to a trusted TPA to assist you with beginning this process.
Northwood has refined data collection and reporting through its years of experience as a TPA. Northwood partners with each client to customize a claimant satisfaction survey that is implemented on claimant files. This allows the insurance company to measure their claimants’ sentiments toward the company and, over time, also allows them to spot trends in these measurements.
This approach is a proactive one. Northwood provides regular reports to its partners and helps identify any trends in satisfaction levels. If, for instance, these reports show a slight decline in satisfaction rates, it is an opportunity to dig into what might be causing it in order to correct a problem or prevent potential issues for claimants. Without these surveys and reports, it would be much more difficult to be proactive with managing claimant satisfaction levels.
Gathering data on how claimants feel about your company is becoming ever more critical to your company’s bottom line. When claimants are satisfied with the way your company handled their claim, they are much more likely to renew their policies with your company when it’s time. When they are not satisfied, it is perhaps even more important that you take the initiative to find out what went wrong and how to prevent it from happening with future claims.
Start improving satisfaction levels through data
Northwood understands the importance of collecting data and providing regular reports to the insurance companies it partners with. Call Rosanne Brugnoni at 586-755-3830 ext. 3771 for a review of how you can leverage data and reporting to improve claimant satisfaction levels and your retention rates.