Throughout the claims administration process, there are myriad data points to track and measure. This wealth of data can feel overwhelming to insurance companies administering workers’ compensation and automobile no-fault claims simply because of the increasing amount of information. However, this same wealth of data can help your insurance company reduce claims costs when used wisely.
The most effective way to obtain and analyze the data within these claims is to partner with a third-party administrator (TPA) like Northwood. With more than two decades of experience in the industry, Northwood brings a multitude of benefits to its insurance industry partners. One such benefit is an effective method to capture data within each of your claims.
In order to effectively record data about all claims within your company, Northwood developed its own customizable surveys that contain questions pertaining to claimant satisfaction. The surveys that Northwood creates for its insurance company partners are developed with each company’s specific needs and goals in mind, allowing for a personalized experience for each partner. One common component that all insurance companies should be tracking through these surveys is how satisfied their claimants are with their claims. The survey responses from claimants can be a huge indicator of trends within your company that significantly impact claimant retention rates and your company’s bottom line.
For instance, a customized survey and the incoming responses would allow Northwood to identify a trend that indicates claimant satisfaction levels are dropping. In this situation, it’s critical to become aware of the lowered scores as soon as possible and immediately investigate commonalities among the claims with lower satisfaction levels. There are multiple factors that influence your claimants’ survey responses and Northwood has the experience to help pinpoint the factors that are likely to be responsible for the downward trend.
Northwood also ensures that positive trends are spotted in order to determine which areas of the claims process are exceeding your claimants’ expectations. Knowing what areas of claims administration are going well for claimants allows your company to understand and capitalize on your claims department’s strengths. Providing an exceptional experience for your claimants is an excellent goal to have and Northwood will work with your company to ensure your surveys are customized to capture and leverage this information.
Once the customized surveys have been created and data begins to come in, Northwood works with you to interpret the results and apply the findings to ultimately improve your bottom line. Collecting the appropriate data for your company is essential to track and measure progress toward your goals, such as increasing retention levels and reducing claims costs.
For a more in-depth review of the type of data your company can benefit from collecting, please contact Rosanne Brugnoni at 586-755-3830 ext. 3771.
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