In today’s technology-filled world, there seems to be no shortage of data, reporting or analytical information to review. The data continues to increase throughout most industries, and the insurance world is no exception. This can be a highly beneficial thing for insurance companies, but it can be detrimental if data is not utilized properly. Northwood is a leading third-party administrator (TPA) that uses data to drive results for your company.
Ultimately, insurance companies must concern themselves with the bottom line. Northwood has over two decades of experience administering workers’ compensation and automobile no-fault claims and is in an excellent position to understand the importance of the bottom line to insurance companies. Northwood also understands that data is one of the keys to improving the bottom line and overall results for your company.
One way that Northwood can help your company is by collecting and reviewing data from your claimants. Your company, in order to be successful, is likely focused on indemnifying your claimants to the best of your adjusters’ and examiners’ abilities. However, if your company is not yet collecting data on claimant satisfaction, you could be missing out on significant opportunities to improve.
If your company doesn’t currently have a process in place, Northwood can help your company begin surveying your claimants to determine how satisfied they are with your company and their claims experience. If you already have a survey in place and would like assistance maximizing the data you collect, Northwood can help with this as well.
Analyzing how claimants feel about your company after their claims experience can be telling. It may be that your claimants are highly satisfied with your company overall, which will indicate that you should continue to follow the processes and procedures you have in place. Data from the claimant surveys may also indicate areas for improvement if your claimants signify that they are dissatisfied with an aspect of how your company handled their claim.
It is imperative that your company collects this claimant data so you can begin to improve the areas that need improving in order to help hold down the cost of claims and increase claimant satisfaction levels. When claimants are satisfied, they are much more likely to stay with your company when it is time for them to renew their insurance policies.
Claimant satisfaction surveys are but one opportunity that exists to use your data to drive results for your company. Northwood is an industry-leading expert that will partner with your company to capitalize on data in a variety of ways.