WHY DATA MATTERS

Any insurance company administering workers’ compensation or automobile no-fault claims knows the sheer amount of data available within their claims department. It can seem that there are endless data points to track and analyze sometimes. Therefore, it’s important that your company not only recognize the existence of this useful data but also understand why data matters and how to leverage it.

One rather universal example of collecting data in the insurance industry pertains to claimant satisfaction levels. If your insurance company administers surveys to your claimants, you likely already understand that these satisfaction surveys offer several key ways to benefit your company if the data is harnessed properly.

For instance, claimant satisfaction surveys can help diagnose any potential trouble spots within your claims administration process. If the surveys being returned by claimants consistently contain lower scores in the same area or areas, this data is invaluable to your company. These lower scores generally are going to point you toward a portion of your claims administration process that offers plenty of opportunity for improvement.

Following the data in this instance will help your company identify ways to improve the claimant experience which in turn will raise future claimant satisfaction levels. As you know, when your claimants are satisfied with the way their claims were handled, they will be much more likely to renew their insurance policies with your company. Higher satisfaction scores, therefore, are related to higher retention rates, which makes data critically important if you’re trying to raise your company’s retention levels.

One of the most efficient ways to examine data within your company is to work with a third-party administrator (TPA) on all of your work comp and auto no-fault claims. An experienced TPA will help your company collect data if you haven’t begun this process yet. The TPA can also help refine your existing data collection process to maximize the value of data that you are collecting.

Northwood is one such TPA that has helped numerous insurance companies collect, analyze and leverage data to create a positive impact on the company as well as its claimants. In the case of claimant satisfaction surveys, Northwood works with companies to ensure the proper data is being collected so the insurance company can improve upon satisfaction levels and retention rates. This benefits claimants as well since it allows companies to target areas of opportunity within the claims process in order to ensure claimants have a better overall experience.

Your insurance company would benefit from a partnership with Northwood, who can help you better understand data and why it matters for your company and your claimants. For a customized look at the data your company should be collecting, please contact Rosanne Brugnoni at 586-755-3830 ext. 3771.