Insurance companies administering automobile no-fault and workers’ compensation claims understand the many intricacies that are present within nearly every claim. As an insurance company, this is crucial to your role in indemnifying your claimants. When it comes to gathering data and analyzing reports to better understand your claimants though, it can seem much more overwhelming and confusing.
An excellent way to cut through the confusion and demystify claims reports is to work with a third-party administrator (TPA) of claims. The TPA you work with should have plenty of experience gathering and analyzing data points. Furthermore, the TPA should also be able to distill the information and results into a report that is easy to understand and provides your company with access to helpful information. The information in the reports should help you better understand your claimants which will then assist you with improving your claimant satisfaction levels.
It can be just as overwhelming to search for a TPA with the experience necessary to help your company work with data in a more effective manner, so there are a few key things to keep in mind as you consider potential TPA partners.
First and foremost, a TPA will need to be able to develop surveys that are customizable based on your company. Your goals and plans need to be taken into account when the TPA builds these surveys so they are relevant to your company. It is inefficient to measure and analyze data points that won’t assist your company in achieving goals so it’s important to be sure the TPA works with you to understand your specific needs.
For example, a common component that many insurance companies wish to measure pertains to claimant satisfaction. Some companies may need help identifying why satisfaction levels have been low and other companies may want to take a more proactive approach to understand why claimant satisfaction levels are high and how to keep them that way. The reports you receive from your TPA need to reflect your company’s individual challenges and strengths so you can maximize the information you receive from the TPA.
Northwood is a highly experienced, trusted TPA that understands the crucial importance of customizing surveys to fit your insurance company’s needs. Some companies may need surveys sent on a majority of referral claims while other companies may only need surveys to go out to a certain percentage of referrals. Northwood is excellent at helping to demystify the data and reports so that your company can better understand your claimants in order to achieve your goals.
Please call Rosanne Brugnoni at 586-755-3830 ext. 3771 to learn more about how a partnership between your insurance company and Northwood can help you bring some clarity to reports to help you better understand your claimants.
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