Take Control of Your Leading Expense Item to Stay Ahead of the Competition
When it comes to insurance, proficiency in handling claims is a critical ingredient of success. Roughly 75% of revenues from premiums flow through the claims function as expense or indemnity payouts, so even a marginal improvement can affect the bottom line. Claims handling also stands as a moment of truth that can turn customers into promoters or detractors of the carrier, depending on how they perceive the experience.
Superior claims management offers a critical means to competitively differentiate, whether that’s through faster payout, easier electronic filing or high-value interactions between customers and claims representatives.
Unfortunately the information many carriers need is weighed down in legacy information systems and often times, stitched together from acquisitions. These older systems don’t have the capacity or flexibility to keep pace with the demands claim departments face. The result is a claim department doesn’t have accurate or timely data to settle claims efficiently, which has a direct impact on company customer satisfaction.
DataCede’s consultants have intimate knowledge of the key factors that make the difference in containing claim costs, yet provide superior service. Our expertise includes: - Assessing the marketplace for right-fit claims management system - Modernizing claim legacy technology solutions to a more flexible platform - Improving claims department work-flows through detailed organizational mapping - Utilizing outsource solutions on sections of the claims process - Managing the use of adjustment resources