Mid-Year Check: Is Your Claimant Experience Keeping Pace?
As the midway point of the year approaches, it represents a time to pause and evaluate your insurance company’s processes and procedures. While many processes are integral to the administration of automobile no-fault and workers’ compensation claims, evaluating the overall claimant experience remains a critical component of a successful bottom line.
Improve your bottom line
Evaluating the claimant experience can involve a variety of things, depending on your company’s particular goals. For instance, if your insurance company chose increased retention rates as a goal for 2026, this mid-year point can be one way to check in on that progress. If your retention rates are not rising to your satisfaction, you may want to take a deeper dive into whether your claimants are indicating satisfaction or dissatisfaction with their claims experience and your company.
One way to determine satisfaction levels is to review data from year-to-date claimant satisfaction surveys. This can provide an indication of where claimant satisfaction may be trending downward as a whole. Identifying those negatively trending areas then indicates what aspects of the claimant experience would be most beneficial to target for corrections or improvements. As your claims team members work to improve upon those areas of dissatisfaction, that effort will in turn help increase your company’s retention rates over time.
On the other hand, claimant satisfaction surveys also indicate the areas where your claimants are most satisfied with your insurance company. While improvements can generally always be made in any area, high claimant satisfaction scores in a specific area can also indicate that your company should continue with the processes responsible for those increased areas of claimant satisfaction.
If your insurance company has not yet implemented claimant satisfaction surveys, it is important to prioritize doing so as soon as possible. Gathering data on the claimant experience is crucial for understanding how your company can improve in order to ensure your claimants have an excellent experience throughout the adjudication process.
Improving convenience for claimants, enhancing their access to knowledgeable team members, and embracing technology to streamline the entire adjudication process are also areas that can often be improved upon. Focusing on factors like these to improve claimant satisfaction levels will translate into increased retention rates and can help hold down claim costs for your company as a whole.
Hold down claim costs
Northwood is an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider with more than three decades of experience administering auto no-fault and work comp claims for insurance companies. Part of what makes Northwood such a trusted provider is a focus on enhancing claimant experiences in a way that benefits claimants as well as insurance companies. To learn more, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.