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Insurance companies in Michigan administering automobile no-fault insurance claims are well aware of the reform that recently took effect. By many accounts, the reform has presented multiple challenges for insurance carriers and the industry as a whole. Below is an overview of reform and its impact so far on the industry. On July 1, 2020,
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When it comes to automobile no-fault and workers’ compensation claims, technology and automation can improve efficiency in a variety of ways. Automation can help adjusters and examiners do their work a bit faster, for instance. However, insurance companies should not rely too heavily on automating claims adjudication. Instead, ensuring that human interaction is a significant
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Ensuring that your claims team members administer your automobile no-fault and workers’ compensation claims quickly and efficiently is key to the bottom line. However, your company must not lose sight of the fact that claimant satisfaction matters just as much as claims efficiency. There are multiple ways your company can begin to improve claimant satisfaction.
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Insurance companies and their claims staff members must balance many competing priorities. Each claim is unique, and many claims involve complex or catastrophic injuries. Though your insurance company’s focus is on the claimant, it is also important to keep margins and costs in mind for automobile no-fault and workers’ compensation claims. Northwood is a third-party
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Improving retention rates is but one component of the multitude of priorities insurance companies must balance. Topping the priority list tends to be the indemnification of claimants. However, insurance companies and their claimants can benefit from identifying ways to improve retention rates. One way to build up your retention rates is to partner with Northwood.
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