Improving outcomes for claimants can also improve the bottom line for your insurance company. One way to improve on outcomes is to track and analyze a variety of data points within your company. Over time, this tracking and analysis can help lead to improved outcomes.
One important thing to consider with tracking and analyzing data is that your company needs to be tracking and analyzing the right data. With automobile no-fault and workers’ compensation claims, it can seem that there are endless points of data to collect. However, it is critical that you identify what data is the most important and what data most correlates to the outcome of claims.
An effective way to go about this is by partnering with a third-party administrator (TPA) on each of your auto no-fault and work comp claims. You will want to choose a TPA with plenty of industry experience. Another important consideration is whether the TPA takes time to understand your insurance company’s goals and what your company is working toward.
In addition, it is critical to identify what is important when it comes to tracking claimant outcomes. One consideration is tracking claimant satisfaction levels. As an insurance company, you must ensure your claimants are indemnified. Yet their experiences during the claims administration process is nearly as critical.
When claimants are not satisfied, they are much less likely to renew their policies with your company. Potentially, they may let their network know that they had an unsatisfactory experience. Ultimately, poor claimant experiences can lead to lower retention rates for your company. On the other hand, higher levels of claimant satisfaction generally lead to higher retention rates and, eventually, an improved bottom line.
Tracking claimant satisfaction levels can be done via claimant satisfaction surveys. If you work with a TPA, they will likely have a survey that can be customized to your company’s exact needs. For instance, you may want to measure claimant satisfaction levels with your staff members or with your provider network.
Analyzing this data can help you pinpoint any areas where improvements could be made to increase satisfaction scores. Simultaneously, analysis can also highlight areas where your company consistently obtains high satisfaction ratings from claimants.
Northwood offers customized reports for the insurance companies it partners with. This allows companies to better understand their data in order to make impactful changes that improve outcomes for the company as well as its claimants.