ments in electronic formats such as
PDFs. While today’s CMS houses all of
this information, it can fall short of the
most important part, namely enabling
claims professionals to systematically
access and analyze this content which
accounts for 50 percent or more of the
information relevant to making a prudent claims decision.
Why is this information so important?
Following are three examples that illustrate
how a new approach can help solve some
of the most complex claims challenges.
erly, such interactions can leave a sour
taste with your customers.
Of course, most insurance profession-
als know that the information needed to
measure these activities is available, but it
is often hidden away in files or adjuster
notes. If claims executives had access to
one dashboard of information that broke
down the cycle time of every claims activ-
ity by every line of business, office, team,
and adjuster across the company, then
they could quickly reduce cycle times.
This, by extension, would result in more
satisfied customers and a higher level of
Thank You to Our Members
Cycle Times and
Think of how many times each day
your customers are wooed by the competition with low rates and other promotions when they are online, watching TV
or listening to the radio.
With such high stakes, each interaction, each time the policyholder is
contacted by your company can either
make or break that next renewal. Most
P&C insurers measure their cycle time
around claims with an eye towards
shortening it—speeding resolution—
While this is a start, measuring the
quality of customer touch points within
the life of the claims cycle, as well as their
time frames is equally important.
Some claims management systems are
able to provide a certain level of insight
but cannot analyze the entire universe of
information in your claims file. Acting
on this information will enable an insurance organization to not only increase
customer retention and profitability but
also reduce loss payouts and improve the
quality of claims investigations.
For example, while most systems can
provide information as to how quickly an
organization attempts to contact a policyholder, they typically are unable to measure the success rate or the effectiveness
of the contact. Were multiple messages
left? Was the correct information gathered? Did the person representing the
insurer explain the claim process thoroughly to the claimant or policyholder?
These are all critical questions that must
be answered. When not addressed prop-
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