The insurance industry is ever-changing in many respects. That nature of change seems to have been accelerated by the recent coronavirus outbreak that sparked a global pandemic. While there are many unknowns about how the insurance industry will change in years to come, a few things will continue to remain critically important throughout paradigm shifts.
One of those important things is the necessity for accurate data within automobile no-fault and workers’ compensation claims. Measuring relevant data within each type of claim is key for improving upon aspects of your company’s claims administration processes.
However, one major drawback to collecting accurate data is the simple fact that it can get lost in the shuffle of the many priorities that your insurance company deals with on a daily basis. Plus, it can be overwhelming when knowing where to start collecting and analyzing data.
Fortunately, third-party administrators (TPAs) such as Northwood exist to help you. As a TPA with many years of experience, Northwood understands the importance of accurate data for the insurance companies it partners with. Northwood efficiently leverages this data to help its partners improve many aspects of their insurance companies.
For instance, Northwood has helped insurance companies improve claimant satisfaction scores by collecting and measuring the appropriate information. Northwood offers surveys to your claimants that can help gauge their overall level of satisfaction with your company. This is important because that satisfaction level can have a significant impact on your retention rates and, ultimately, your bottom line as a company.
That impact can be either negative or positive. If your claimants are satisfied with your company, your retention rates are likely to increase. On the other hand, if your claimants are overall not very satisfied with how their claims are handled, you can likely expect to see a dip in your retention rates over time.
It is not enough to know whether your satisfaction and retention levels are trending up or down, though. Your company must dive into all of the data to determine what areas are doing well and which areas could use some adjustments or improvements.
Northwood will partner with your insurance company to sift through these trends and identify areas to work on. As your company works with Northwood, the partnership will help pinpoint specific processes that you can change to measure their impact on claimant satisfaction scores. Northwood will also help you track your retention rates in order to help determine potential improvement opportunities that would help boost those rates.
Please contact Rosanne Brugnoni at 586-755-3830 ext. 3771 to discover how collecting accurate data and analyzing the results properly can help your insurance company navigate an ever-changing industry.Leave a reply →