Top 5 Ways to Increase Renewals
As an insurance company administering automobile no-fault and workers’ compensation claims, you understand well the many priorities within each claim. While it’s critical to be efficient when it comes to administering claims, your company also needs to focus on increasing renewals. These are the top five ways to increase your company’s renewal rate.
Increase your renewals
One way to increase your renewals begins with a look at claimant satisfaction scores. You will need to first determine what your claimants think about your company as a whole throughout their claims experience. If you’re not measuring claimant satisfaction levels, it can be hard to pinpoint which areas your company can improve on. When you have these surveys in place, you can then begin to measure what’s working well and improve any weak areas in order to increase claimant satisfaction.
Second, after claimant satisfaction surveys are in place, you will want to consider partnering with a durable medical equipment, prosthetics, orthotics and medical supplies (DMEPOS), pharmacy and ancillary service provider that has built up a network of quality medical providers. This network brings many benefits to both you and your claimants, one of which is that it allows your claimants to access quality care for their injuries sustained from their claim.
Two additional ways to increase renewals are to eliminate reimbursement paperwork and out-of-pocket expenses for your claimants. This is typically done by partnering with a DMEPOS, pharmacy and ancillary service provider that reviews every physician prescribed service before authorizing it for your claimants. When your claimant fills their physician prescribed service at the partner’s network of medical providers, they typically will not need to pay out of pocket. That saves your claimant the hassle of organizing receipts and completing and sending in reimbursement paperwork.
Finally, you can increase your renewals by granting your claimants access to a customer care line. Having this line in place means claimants are able to call in with any questions or concerns they may have throughout their claim. It can be a source of relief for many claimants who may have never walked through a claim before and they will feel heard and care for.
There are many additional ways your insurance company can focus on increasing your renewal rates. Northwood is a highly qualified DMEPOS, pharmacy and ancillary service provider that will partner with your company to work on these five items as well as additional ways to boost your renewal rates.
Improve claimant satisfaction
Please schedule a call with Rosanne Brugnoni at 586-755-3830 ext. 3771 to learn more.