In the last decade there have been many important changes in
Insurance Claim Management that have improved predictability, the
integration of data and added the convenience of mobility to increase
processing speed. In fact, the industry has experienced far too many
changes to attempt to enumerate them in a single post. Four of the most
significant transformations include:
1. The optimization of processes achieved through integrated systems makes
claims management more intelligent, predictive and proactive.
Fragmented customer benefits, claims and transactional data are
thankfully a thing of the past. The benefits of an integrated system are
tangible. Loss predictability is more refined. Claim file information
is entered once and shared in accordance with established rules, helping
to eliminate the chance of duplication in data entry and thus reducing
costs.
2. Enhanced customer service and reduced claims costs
are not only possible but very achievable due to the upgraded ability
to identify risks, which can lead to improved fact-based decision making
and an increased business understanding of the risk of exposure and the
value of case load capacity. This information can be used to improve
processes, helping to achieve claim resolution more quickly by
eliminating administrative delays and reducing errors. Quicker claims
resolution and more accurate settlements can also lead to higher
revenues as a result of positive brand equity.
3. More Information is available today
than ever before. The explosion of Information available from web
pages, social media, content repositories and document sharing file
systems is remarkable. Clearly, there is a rapidly growing variety of
digital content, including digitized voice, pictures, video, as well as
adjuster notes, reports from investigators or first responders and even
claim forms. Accessing this wealth of information, analyzing its
relevance and integrating pertinent data into a single database has
become much more sophisticated.
4. Mobile applications provide immediate accessibility
to information as well as the ability to interact with collaborators on
a wherever, whenever basis. Claims management is no longer restricted
by time and geographic distance. Increasingly, insurance claim content
is digital or existing content is almost immediately digitized including
hard copy documents and telephone call reports from an insured with
first notice of loss. Once the information is digitized, it flows to and
from claims stakeholders' through web-enabled mobile communication
devices achieving increased interaction speed and more intelligent
collaboration.
Claims expenditure represents nearly 70% of premium
for most insurers. Thus, one cannot overestimate the value of these
four improvements to the claim management process. Increases in the use
of available information, the integration of systems and new tools have
enhanced our ability to communicate and collaborate with more speed and
accuracy. The result is a streamlined claims management process that
simultaneously improves the experience for claimants and the claims
management professionals involved in deciding and resolving the loss
events.
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