Multiple industries have struggled to balance the ever-changing world of COVID-19 over the past two years, and insurance companies are no exception. As the two-year anniversary of the beginning of the global pandemic passes, it is important for insurance companies to look ahead. An eye toward company growth through improved claimant experiences can be key for insurance companies administering automobile no-fault and workers’ compensation claims.
Satisfied claimants are crucial to growing your insurance company. For one thing, claimants who provide high marks to companies administering claims are more likely to stay insured with that particular company. Those high claimant satisfaction scores are generally going to be an indication of higher retention rates. Both of these factor into a company’s bottom line in a variety of ways, so it’s important that your insurance company proactively looks at ways to improve your claimants’ experiences.
One way to make sure your claimants are satisfied is to provide a personal touch within each claim. Many claimants are fearful or overwhelmed when they’re injured in an auto accident or an incident at work. Ensuring that you designate a caring, compassionate team member to reach out to each claimant as soon as the claim is filed improves their experience quickly.
In addition, providing a knowledgeable team of adjusters or examiners is a key component in improving the claimant experience. When a claimant has a question, they likely want an answer immediately. Having a customer care line with experts who can answer claimant questions will go a long way toward ensuring the claimant is happy with their experience.
Similarly, you’ll want to provide the most convenient claims process possible for your claimants to eliminate any frustration points for them. That could include giving them access to a network of medical providers that are thoroughly evaluated. The providers must provide high quality care for claimants.
Furthermore, those providers ideally should be offering physician prescribed services at a discounted rate for your company and your claimants. To go the extra mile, your insurance company may want to consider implementing pre-authorization with these providers. That makes it easy for claimants to get the care or the medication they need to recover from their injuries. This process also ensures that claimants no longer have to pay out of their own pocket to receive their physician prescribed, injury-related services.
Of course, these improved claimant experiences also improve things for your adjusters and examiners. However, your company would do well to keep claimants as the focus if you want to see growth.
Northwood is a third-party administrator (TPA) of auto no-fault and work comp claims that can help your insurance company improve your claimant experiences to achieve growth. Please call Rosanne Brugnoni at 586-755-3830 ext. 3771 for a personalized review.
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