Insurance companies administering workers’ compensation and automobile no-fault claims tend to have massive amounts of data available to them. This sizable amount of data can be tedious to sift through, especially if you have not yet identified which data is the most important to collect and analyze. Data can be immensely useful in boosting retention, provided your company is collecting and analyzing the appropriate information.
For example, if you are administering claimant satisfaction surveys, you have a good start on leveraging those responses to impact your retention rate. If you are not already collecting this information, it is crucial to begin as soon as possible.
Claimant satisfaction surveys allow you to pinpoint strengths and weaknesses within your claims administration processes. These surveys can highlight any potential issues your claimants are experiencing throughout their claims. For instance, surveys returned with consistently low scores in a certain area may indicate one or more processes that could use improvement.
Once you have collected this data and observed a trend in lower scores in an area, you can then begin to formulate a plan to address it. Continuing to collect data via customer satisfaction surveys will indicate whether these changes are increasing the lower scores and, in turn, improving on these weaker areas within the claims process.
This is important because claimant satisfaction levels have a tendency to impact your retention rate. When a claimant is satisfied with their claim, they are much more likely to renew their insurance policies with your company. However, the opposite is true as well. If claimants have bad experiences during their claim, they may not be as likely to renew their policies, which will then have a negative impact on your overall retention rate.
Northwood is an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider that understands how important it is to harness data to bring a variety of benefits to your insurance company, including increasing your retention rates.
For more than 30 years, Northwood has worked with insurance companies to collect the appropriate data and analyze it in a way that allows insurance companies to make improvements. Claimant satisfaction surveys are just one example of how Northwood leverages data to help improve retention rates for the companies it partners with.
Northwood will work with your insurance company to collect and analyze a variety of data to gain valuable insights. This leads to higher claimant satisfaction scores and ultimately will improve retention rates. Over time, this strategic data collection also means an improved bottom line. For more information on working with Northwood to leverage your data and improve your retention rates, please contact Rosanne Brugnoni at 586-755-3830 ext. 3771.
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