One way to take your claim management to the next level is by devising a reliable monthly claim management dashboard. What data is important to you to have on a daily, weekly, or monthly basis? Likely, these numbers pertain to loss frequency, loss severity, claim costs, etc. It may pertain to staff turnover in the claim department, the number of contacts you have had with your vendors, trials coming up in the next 30, 60, or 90 days, etc.
The point is to decide what are the six to eight key metrics you need to track regularly to assess whether your claim management program is heading in the right direction or wobbling off course. It is particularly useful if you can find some graphical way to depict these trends on a monthly basis and where they are headed.
Just like a doctor takes your blood pressure, temperature, white blood cell count, cholesterol level, body mass index, etc., to determine your health, likewise these metrics will help you assess the health of your own claim program.
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