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  • IMPROVING RETENTION RATES

    Improving retention rates is but one component of the multitude of priorities insurance companies must balance. Topping the priority list tends to be the indemnification of claimants. However, insurance companies and their claimants can benefit from identifying ways to improve retention rates.

    One way to build up your retention rates is to partner with Northwood. Northwood is an industry-leading third-party administrator (TPA) of both automobile no-fault and workers’ compensation claims. For over 30 years, Northwood has partnered with insurance companies such as yours to improve retention rates in a variety of ways.

    For instance, Northwood’s experience has led to its ability to build an extensive network of providers. These providers offer discounted rates on physician prescribed services for each of your claimants. Ultimately, this can lead to holding down the cost of claims for your company.

    However, your claimants will also appreciate the benefits of this network. Before being accepted into the network, each provider undergoes a thorough credentialing process to be sure that they meet or exceed Northwood’s high standards for quality care. This ensures that your claimants are receiving excellent care for the injuries sustained from their claims.

    Furthermore, Northwood implements a pre-authorization process on all of the claims it administers. Northwood’s team members review physician prescribed services for injury-relatedness. Once approved, your claimants can then receive those services at any of Northwood’s network providers with no need to pay for the services out of their own pocket.

    While the elimination of out-of-pocket expenses is a convenience for claimants, it also benefits your adjusters and examiners. Northwood’s pre-authorization process also eliminates the need for claimants to collect receipts and request reimbursement from their adjuster or examiner. Less paperwork means more time for claims team members to work on other aspects of the claim.

    Working with Northwood means your claimants will have an improved claim experience. The elimination of out-of-pocket payments along with the high-quality care claimants receive through the network means they will be more satisfied with their claim and, by extension, with your insurance company. That leads to improved retention rates over time which improves the bottom line as well.

    It also means that your adjusters and examiners have fewer administrative tasks to deal with, freeing up more of their time. This can mean they have additional time to add a personal touch to their claims, further boosting the claimant experience. They can also turn to Northwood’s customer care line for help with claimant questions, another convenience that improves claims efficiency and, in turn, your insurance company’s retention rates.

    For a customized look at the many ways that Northwood can partner with you to improve your insurance company’s retention rates, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.

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