There are many factors that hold influence over a claim’s lifecycle – from severity and complexity, through to likelihood of litigation; there’s a long list of potential holdups. Adding to this, it’s no secret that accurate claim assessments and processing take time, money and resources to ensure quality.

To avoid shortcuts, many across the industry are welcoming the advancement of intelligent claims technology and data-driven tools solutions. Despite insurers’ delayed adoption of new technologies, for those wishing to see accelerated claim lifecycles and get ahead, combining the power of technology and innovation with human insight may just be the winning formula.

Together, predictive analytics and human insight remove the time and errors that often come hand-in-hand with processing claims, feeding in-depth insights and changing variables into a claim-professional’s informed judgement on a file. Utilising these tools can be daunting, and finding the right system to not only accelerate claim turnaround times but also maintain them is no easy feat. Backed by 50 years of industry experience and know-how, the team at GB are equipped to remove the question marks hanging over your head. So, where to start?

 

1. Assess Your Books

The first, and arguably most important, step is to understand the current state of your claim lifecycle. As an extension of your team, our experts can jump headfirst into your portfolio and review current performance and opportunities for improvement. This will provide you with a clear understanding of the current state of play.

This review will also allow our team to assess what predictive analytics tools would suit your team and business operations in supporting superior outcomes and the decision-making process.

Advanced technology that’s intelligent and efficient is an essential solution in any insurer’s claims management toolkit. Consider it the swiss army knife that will allow you to make more sustainable decisions around benchmarking outcomes, reserving, predicting litigation, settlement opportunities and other key decision points.

 

2. Get SMART

Getting SMART is important for any insurer hoping to see a change in claiming outcomes – and we’re not just talking brains! Our award-winning Severity Mix Adjusted Rating Technique (SMART) methodology has been developed to support the development of meaningful benchmarks. By using a state-of-the-art claim complexity-rating algorithm to assess an extensive number of claim-level characteristics to predict severity, this advanced method can support claims improvements in leaps and bounds. Compared to standard TPA benchmarking, which involves comparing claim data to an entire book, the SMART methodology adds a refined approach to benchmarking. In a nutshell, this insight enables your team to remain more agile, armed with high-level insight to better understand the claims process end-to-end.

 

3. Pave The Way With The Right Systems

An integrated system that accounts for the changes that each choice along the way may see, eliminates the need for manual assessment and ‘gut feel’ responses – instilling claim managers with smart analysis that drives a demonstrably superior outcome that allows them to accelerate the claims turnaround time and move onto the next claim without unnecessary delay. Gallagher Bassett has the right tools and can help you find tailored solutions for your business, resulting in a better outcome for insurers, claimants and claim professionals.

Taking advantage of technology and integrated systems not only reduces errors but supports and empowers claim managers to make accurate decisions and improve productivity, re-shaping the industry.

Virtual discourse, claim submissions and mediation are the way of the future. Innovative automation frees up time for robust claim-strategy discussions and empowers the critical personal touch that every claim needs.

If you are eager to free up time, money and resources, all while providing your team and claimants with the support they deserve, learn more about these tools by contacting John White.

Contact the team at Gallagher Bassett to speak with our efficient claim-lifecycle experts.

Blog Author

John White

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