123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Insurance >> View Article

Insurers Leverage Claims Technology To Escalate, Fast-track And Optimize

By Author: Nate Rodney
Total Articles: 533

Claims are an insurance company’s biggest expenditure, with claims disbursements and loss-adjustment expenses combining for up to 80 percent of an insurer’s total revenue. Until the economy returns to a sounder and more stable level, enhancing combined ratios (also known as composite or statutory ratio) will more likely be achieved through claims processing cost reductions and efficiencies than an increase in underwriting profits.

Escalate Improved Adjuster Toolsets
Improving the effectiveness of the field adjuster with mobile technology is the fastest method that insurers are using to escalate the process. As the availability and capabilities of mobile devices rocket forward, costs associated with the devices has plummeted. Mobile devices can deliver coverage history, prior claims data, incident histories and contact information instantaneously.

The ability to access insurance policies and to augment notes directly into the core system immediately documents progress and eliminates potential duplication.

A properly equipped adjuster receives direct-to-field communication beginning with a new claim notification by an email alert. A call can immediately be made to set an appointment or an adjuster can engage GPS navigation be dispatched directly to the accident scene to take photographs and statements. As the data is collected it is served directly back to the home office claims system.

One of several estimating tools is then accessed, providing location mapping, scene diagramming using precise laser measurements along with automated damage or square footage calculators, depreciation allowance estimators and the formation of loss statements.

Fast-Track FNOL Self-Reporting
Offering customers the ability to self-report First Notice of Loss (FNOL) from their phone or other mobile device establishes a competitive differentiator during a time when customers are the most aware of loss response time and how they treated in the earliest stages.

The creation of a customer app that collects photos, key relevant claims data, GPS information and even aerial views of the accident location and then forwards them to a carrier are also gaining popularity. Not only does this speed the FNOL process, but it upgrades the correctness and timely reporting of accident information, reduces the burden on the field adjuster and enhances home office data collection.

In addition, preferred provider directories (tow services, rental car providers, body shops, etc.) can be employed to generate screen displays and automatic email of service referrals for claimants, combining customer convenience with leveraging pre-negotiated arrangements to lower costs and achieve early resolution.

Optimize Claims Recovery
Another way to reduce expenses is through claims recovery. Claims recovery opportunities including salvage and subrogation were often obscured previously by the overwhelming volume of insurance claims data on hand and the length claims resolution. The use of early warning indicators in analytics and automatic system alerts has enabled insurers to prioritize potential opportunities.

Conclusion
Achieving a better combined ratio in today’s economic environment is more likely to occur by focusing the majority of effort on reducing incurred losses and claims loss expense than in increasing premium revenues. Some Insurers are already experiencing significant ratio improvement by leveraging new available technology to provide better adjuster mobile tools, by encouraging customer self-reporting and by increasing the use of analytics and system alerts in the optimization of claims recovery.

JDi Data Corporation has provided insurance claims software since 1992. Our product suite includes workers compensation software and claims management systems for property and casualty, medical malpractice, and specialty lines to be administered by insurers, risk managers, and third party administrators. JDi Data has built a reputation in quality claims management software with special emphasis on complex litigation.

Total Views: 79Word Count: 569See All articles From Author

Insurance Articles

1. Take Motor Insurance In Dubai And Tread The Roads Tensionless
Author: Pibco

2. Marine Insurance Policy- A Detailed Explanation Of The Areas Covered & What Has To Be Kept In Mind W
Author: Plan Cover

3. Check Out The Top Seven Tricks To Save Up To £280 On Your Car Insurance
Author: Brijesh B.

4. Save Time And Compare Insurance Quotes Online Sydney
Author: Selectinsure

5. London Car Owners Pay Twice More For Car Insurance Than The Rest Of Britain
Author: Brijesh B.

6. Most Reliable Insurers For Home, Health, Auto And Commercial Ventures
Author: Michael McCullough

7. Why You Need Life Insurance In Your 20s And 30s?
Author: Brijesh B.

8. How To Save On Car Insurance In Las Vegas
Author: Michael McCullough

9. Want To Get Life Insurance For Free? – Try These Top Tips!
Author: Brijesh B.

10. Home And Business Insurance Sydney From Select Insurance
Author: Selectinsure

11. Are You Insured The Old Way? Try Living Benefits And Improve Your Quality Of Life
Author: robiulislam

12. Insurance Agent In Lexington
Author: Shaun Michel is the author of this article.

13. Tips To Choose Outdoor Furniture Las Vegas
Author: Terry Jacobson

14. How Commodity Trading Tips Can Benefit Your Trade
Author: Santosh Sharma

15. Top Five Ways To Reduce Car Insurance Premiums
Author: Brijesh B.


Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: