Unlocking the Power of Data for Better Claimant Outcomes
Data is in abundant supply in the insurance industry. That is perhaps even more true for insurance companies administering automobile no-fault and workers’ compensation claims. In this sector, collecting data can be crucial for a number of reasons. And it is imperative that your company focuses on collecting and analyzing the right data to inform your approach to claims adjudications and improved claimant outcomes.
Improve claimant outcomes
If your company is not already doing so, you will want to approach data by first measuring claimant sentiments. Measuring the satisfaction levels of your claimants can tell you a number of things and point to opportunities for improvement that will benefit both you and your claimants.
When claimants consistently assign a low score to their satisfaction levels with your insurance company, that will ultimately have an impact on your retention rates. Negative claimant experiences can lead them to purchase an insurance policy elsewhere when it comes time for their renewal. On the other hand, claimants who provide a higher satisfaction score with your company tend to renew their policies, increasing your retention rates over time.
Once you have collected data on the satisfaction levels of your claimants, you can then utilize the data on behalf of your claimants as well as your company. For instance, if your data reveals that your claimants tend to provide low ratings on the care they receive from medical providers within your network, you will want to make this an action item.
In this example, you may find that claimants are providing low satisfaction scores on their care when it comes to their visits with a specific medical provider. If that is the case, it is a signal that you need to reevaluate your partnership with that provider, since providing quality care is crucial for better claimant outcomes.
Similarly, if you notice a trend of high satisfaction scores in certain areas, this is an indicator of areas where your company is doing well. If your claimants consistently rate their satisfaction levels highly when it comes to claims communication for instance, you will want to continue your communication processes. You can certainly make changes and observe whether those changes drive scores even higher, but it is critical that you are measuring this data if you proceed with changes to systems and processes that are working.
Collecting claimant data and analyzing it to make improvements is multi-faceted. It is also a process that takes time, especially if you have not yet begun collecting data. Northwood is a durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider with more than three decades of experience administering auto no-fault and work comp claims for insurance companies. During that time, Northwood has developed processes and procedures designed to help companies leverage their data to improve claimant outcomes, increase claimant satisfaction scores, increase retention rates, and hold down claim costs for the companies it partners with.
Improve claimant satisfaction scores
Please call Rosanne Brugnoni at 586-755-3830 ext. 3771 to discuss additional ways that Northwood can assist your insurance company with measuring data to bring about benefits for your claimants and your company.