A claim’s lifecycle is more complex than one may think – from severity and complexity, through to likelihood of litigation, there are a myriad of factors that hold influence and may cause potential holdups – particularly in surge seasons or following a natural disaster.
Unbeknownst to some, quality claim revisions and processing takes time, money and resources that often aren’t on tap to ensure quality results for both the insurer and claimant. In effort of protecting quality while avoiding shortcuts, the insurance industry is turning its focus and attention to technology, welcoming data-driven tools into their ranks.
Despite previous resistance to technology adoption, it’s becoming more accepted that for those wishing to see accelerated claims lifecycles, combining the power of technology and innovation with human insight may just be the winning formula.
Collectively, predictive analytics and human insight leave no room for error when it comes to processing claims, feeding in-depth insights, and changing variables into a claim professional’s management of a claim file. Integrating these tools can be daunting and finding the right system to accelerate claim lifecycles and maintain them is no easy feat.
Backed by 50 years of industry experience, and know-how, the team at Gallagher Bassett are equipped with the tools to remove the question marks hanging over your head. So, where to start?
1. Assess Your Books
Change cannot be brought about without knowing exactly what needs to be changed. Which is why the first, and arguably most important, step is to understand the current state of your claim lifecycle. Outsourcing to a team who can draw on their broad industry experience and immerse themselves, headfirst, as an extension of your time, gives a clear perspective of the complexity of your books and the current state of play. From here, the team can make an appropriate assessment on what predictive analytic tools would suit your team and business operations in supporting superior outcomes and the decision-making process.
Advanced technology that’s intelligent in its own rights and efficient is an essential tool in any insurer’s toolkit. Consider it the screw that will allow you to make more sustainable decisions around benchmarking outcomes, reserving, predicting litigation, settlement opportunities and other key decision points.
2. Applying a method to the madness
Like the power of habit, insurers wanting to accelerate their claims lifecycle first need to make smaller, sustainable changes. The team at Gallagher Bassett draw on their decades of experience and industry know-how to apply a tailored methodology to support the development of meaningful benchmarks. Used to assess an extensive number of claim-level characteristics to predict severity, this advanced method can support claims improvements in leaps and bounds. Compared to standard TPA benchmarking which involves comparing claim data to an entire book, GB’s experience in tailoring methodologies adds a refined approach to benchmarking. In a nutshell, the need for manual assessment is eliminated as this insight enables your team to remain more agile, armed with high-level insight to better understand the claims process end-to-end.
3. Formulating steps that are (not so) predictive
Complementing GB’s tailored methodologies, a predictive analytics platform will allow for the assessment of the appropriateness of reserves and adequacy of financials. Coupled tougher, decision support has never been so robust. Integrating systems that account for the changes each choice along the way presents, the process eliminates the need for manual assessment and that ever-so-reliable ‘gut feeling’– instilling claim managers with smart analysis that drives a demonstrably superior outcome that allow them to accelerate the claims lifecycle and move onto the next claim without unnecessary delay. A better outcome for insurers, claimants and claims professionals.
Taking advantage of technology and integrated systems not only reduces error but supports and empowers claim managers to make accurate decisions and improve productivity, re-shaping the industry.
Virtual discourse, claim submissions and mediation are the way of the future. Innovative automation frees up time for robust claim strategy discussions and empowers the critical personal touch that every claim needs.
If you are eager to free up time, money and resources all while providing your team and claimants with the support they deserve, learn more about these tools by contacting our team today.
Contact the team at Gallagher Bassett to speak with our efficient claims lifecycle experts.