Mastering Renewals: How Outstanding Experiences Drive Ongoing Loyalty
Improving your claimants’ experiences may seem unrelated to an increased retention rate for your company. However, the two are intricately linked. Increasing the likelihood that a claimant will renew their policies with your company is certainly influenced by the experiences they have during the claims adjudication process. While other experiences and interactions outside of a claim make a difference as well, focusing on providing an outstanding claim experience for each claimant is a solid way to drive ongoing claimant loyalty.
Increase claimant loyalty
Improving the overall experience your claimants have with their claim involves a multi-faceted approach. Because claimants typically have multiple interactions with your claims team members, medical providers, case managers, and others, your company has an opportunity to improve all aspects of communication in order to create a better experience for each of your claimants.
For instance, if you do not currently offer a customer care line, this can offer significant improvements in how your claimants view their claim interactions. Your company may choose to build a care line of your own, staffed with internal team members who assist claimants with questions or concerns. However, partnering with a durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider with a care line in place can save you significant time and expense.
A care line staffed by a trusted provider will ensure your claimants have access to knowledgeable team members who also genuinely care about your claimants. Feeling heard can vastly improve a claimant’s experience and make a pivotal difference in whether they choose to renew their policy with you.
However, a care line also offers benefits to your adjusters and examiners handling workers’ compensation and automobile no-fault claims. The care line handles claimant questions and concerns quickly and efficiently, which translates into reduced time spent by your claims team members on answering routine claim process questions. In turn, this frees up their time to focus on more efficient claims adjudication and even proactive outreach to claimants, further improving the overall claims experience.
Of course, you will want to work toward improving all aspects of claims adjudication processes as well. Focus areas may include partnering with a provider network to improve care and convenience for your claimants, leveraging technology appropriately within each claim, and more.
Increase retention rates
Northwood is a DMEPOS, pharmacy and ancillary service provider with over 30 years of experience administering auto no-fault and work comp claims for insurance companies like yours. To review how a focus on improving your claimants’ experience impacts your renewal rates, please schedule a call with Rosanne Brugnoni at 586-755-3830 ext. 3771.