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Tech Can Improve Claims Resolution

Tech Can Improve Claims Resolution Decreased investment earnings have caused insurers to take a hard look at the loss side of the business. Those taking ...

By Colin Smith | Updated on March 25, 2003

Tech Can Improve Claims Resolution Decreased investment earnings have caused insurers to take a hard look at the loss side of the business. Those taking the hardest lookswith the determination to improve a process they can no longer afford to leave aloneare realizing they can profoundly change their profit potential by improving their claims-resolution process.

More and more, p-c insurers are leveraging the Internet to improve communications with supply chain partners and to speed up service processing. By automating and streamlining claims handling processesmanaging relationships with service providers, adjusters, appraisers and suppliers more efficientlythey are finding new opportunities to control costs, enhance customer service, improve retention and acquire real-time information. At the same time, they are able to reduce loss-adjustment expenses, decrease cycle times, lessen claim severity and increase volume profitably.

Is this possible? Absolutely. Property and casualty insurers that employ e-claims technology to manage automobile claims may find improvements in three areas: fewer calls to suppliers, fewer voice mails from suppliers, and less time on the phone with insureds selecting vendors

There may also be faster and more efficient supplier referrals, with an increase in referrals to body shops and auto-rental suppliers with which carriers have preferred relationships. Appraisal costs will also be lower from the carriers preferred shops

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