Technology’s Impact on the Insurance Industry
With each passing year, technology continues to drive innovation and efficiency across a majority of industries. Technological advances in some cases offer improved quality of life for many, from simple advances offering increased convenience to significant advances encompassing life-saving medical innovations. The insurance industry, including the automobile no-fault and workers’ compensation fields, has also seen several impacts of technology.
Explore ways to leverage technology
For instance, telehealth services have become more widely used ever since the COVID-19 pandemic began in 2020. Those seeking remote medical care appreciate the convenience and safety this particular technology offers them, whether seeking care for the common cold or for remote follow-up visits from injuries sustained in an auto or workplace accident.
Some insurance companies are choosing to embrace technological advances by partnering with an experienced durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider that leverages technology to bring about a number of benefits to the insurance company itself.
One example in this case is a provider that integrates with your insurance company’s claim system. When a provider prioritizes integration with most, if not all, claim systems, this significantly streamlines the entire adjudication process. It also does not require that you change your process, which lessens the administrative burden on your claims team members.
Streamlining your claims process and choosing a provider that integrates with your claim system also benefits your claimants. By creating a more efficient adjudication process, your claimants are less likely to encounter common frustrations like delays in reimbursements. In turn, this can drive up your claimant satisfaction scores and even increase your retention rates over time.
However, it is also important not to lean too heavily on technology for all aspects of administering auto no-fault and work comp claims. It is critical that you choose a DMEPOS, pharmacy and ancillary service provider that understands the importance and benefits of using technology while also bearing in mind that claimants tend to be more satisfied with their insurance company when they are able to speak with a person when they have questions or concerns.
Northwood has over 30 years of experience as a DMEPOS, pharmacy and ancillary service provider and takes measured approach to leveraging technology in the auto no-fault and work comp industries. Though Northwood prioritizes using technology where appropriate, keeping the claimant top of mind and providing convenient touch points like a customer care line are just as important as technology for Northwood’s partners.
Explore the advantages of Northwood
Exploring the advantages of working with Northwood will be beneficial to your insurance company as well as your claimants. Please call Rosanne Brugnoni at 586-755-3830 ext. 3771 for a more in-depth review of ways that a partnership with Northwood can be advantageous for your insurance company.