Data, it seems, can be collected on nearly everything thanks to the widespread usage of technology. However, it can be all too easy to collect the wrong data or reports. The key for insurance companies is to make sure you are collecting useful information that can then be compiled into actionable reports. This reporting can drive results for your company, ultimately impacting the bottom line over time.
Generally speaking, improving the bottom line needs to be a priority for insurance companies administering automobile no-fault and workers’ compensation claims. That is because it affects everything, from your adjusters and examiners to your claimants and more. Reporting and the collection of appropriate data will help ensure that your company improves efficiency, increases claimant satisfaction scores and boosts your retention rates.
There are many ways to collect and review reports, but one of the most effective and efficient ways to do this is to partner with a third-party administrator (TPA). An experienced TPA will assist you in collecting accurate data that can then be collected into reports that you can use to make improvements.
A specific example of useful reporting pertains to your claimant satisfaction scores. If your company is not already collecting and reviewing this information, it is imperative that you begin to do so. Claimant satisfaction scores are a key report that will help your company identify your strengths as well as your company’s opportunities for improvement along the claimant journey.
Taking the time to measure how well you are doing on administering claims can point your company in the right direction. If your claims satisfaction reports seem to indicate lower scores in certain areas,then that is an actionable piece of data that your company needs to address with the help of your TPA.
When claimants are not satisfied, either with one area of the claim or their claim overall, taking steps to correct this is vital. Not only will you take better care of your claimants after improving their claims process, but you will also begin to raise your claimant satisfaction scores. This typically translates into a higher retention rate over time, as satisfied claimants are much more likely to stay insured with your company after their claim is closed.
Of course, there are numerous other reports that your company should be running in order to operate efficiently. As an industry leading TPA, Northwood can partner with you to sort through what data would be most helpful for you to review and measure to achieve your goals, such as boosting your retention rates.
Please contact Rosanne Brugnoni at 586-755-3830 ext. 3771 for a customized look at how Northwood can partner with your insurance company to appropriately run reports to achieve your company’s goals.Leave a reply →