The Next Frontier: Straight-Through Claim Processing

In today’s economy, insurance companies are looking for ways to do more with less. However, gone are the days when companies could reduce staff by 10 to 20 percent across the board and still effectively run their claim organizations. To lower operating costs, companies must first improve processes and then capture the efficiencies achieved within day-to-day operations. Opportunities abound. Start with dusting off all that data you’ve been collecting and turn it into actionable insight. You can leverage that information to roll out new capabilities such as straight-through processing and customer self-service to achieve breakthrough results.

Create Seamless Electronic Processes

What exactly is straight-through processing? Well, it’s certainly not the process in place at many insurance companies today:

Lower Call Center Costs with Self-Service

Have you analyzed why customers are calling so much? For every reported claim, you are probably getting between two and six inquiry calls, depending on the efficiency level of your claim operation. Customers may be picking up the phone to ask the following questions:

• Has an adjuster been assigned?
• When will the repairs begin?
• When is my adjuster coming out?
• Where should I send my bills?
• Did you receive my receipts?
• When will I get my cheque?
  
  Obviously they are calling because the processes do not address their needs in a timeframe that they feel is acceptable. We’ve become an impatient society that likes to wait for nothing, and your claim processes need to accommodate these heightened expectations. Straight-through processing clearly allows insurers to achieve huge efficiency gains by not only freeing up adjusters and loss report takers, but by also redirecting valuable management resources from process-related tasks to value-added functions. The insurance industry is entering a new frontier where automation is an operational necessity and customers expect fast, hassle-free service. To stay competitive in this environment, your company may need to offer every option. .
  Reference; Article excerpts taken from Claimsmag.com - The Next Frontier: Straight-Through Claim Processing by Chris Charlton
  
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