Technology is changing the way we live, work, shop, and play. It’s also changing the way insurance companies process claims. The tools that we use in all of these areas—many of which didn’t exist ten years ago—can streamline the claims process. Insurers can decrease expenses, increase customer satisfaction, shorten the claim cycle, and increase the security of payments, all with the help of tablets, drones, chatbots, measuring apps, digital payments, and more.
It’s hard to know which tools to implement, how to do it, and in what order. That’s why Hausch & Company is offering a new service called “Technology Bridge” that helps you jumpstart your implementation in an effective and managed order.
The process starts with evaluating your goals. Then we determine the end user for the technology. Those you serve with the addition of technology tools can be the insured, service providers, adjusters, or subject matter experts. We also look at your claims process—including the artifacts, photographs, measurements, storm reports, and accident reports—to see how technology can streamline claim handling.
Once all the information is gathered, we’ll map out the potential impact throughout your claims process, from reporting claims all the way through to payment processing. Our process ensures you don’t waste time and money implementing tools that don’t get used. Next, we will run a pilot program to test the waters and gather learnings for future, larger, rollouts.
We recommend implementation through three tiers of claims:
Level One: “Fast Track” Claims
These claims require little or no documentation and don’t require multiple skill sets to settle the claim. Hausch & Company recommends claims under $10,000 as your initial pilot.
Level Two: Intermediate Claims
These are claims typically below $25,000 and require a layman can to assess the loss. The desk adjuster determines if the claim needs to be assigned away from a layman based on possible criteria:
- Cause of Loss
- Coverage Concerns
- Complex Scope
- Subrogation possibilities
- Method of construction
- Lost opportunity for inspection
Technology tools such as measuring apps and drones can be used to get an initial look at the loss to serve as the basis for the claim decision, giving you greater precision and efficiency.
Level Three: Large Loss
These losses require advanced technology deployments along with in-person intervention. They should sit at the end of a claims automation technology deployment. Tools can help field adjusters decrease inspection times, increase accuracy and promote safety. Also, desk adjusters can access tools to decrease cycle times and increase responsiveness for higher customer satisfaction.
At each of these levels, e-checks, digital payments, OFAC & Dow Jones checks, and positive payment security can assist speed and responsiveness.
Prepare for the Future
We’re excited about being a partner that provides a Technology Bridge to our clients. Efficiencies will be gained for both insurers and the insured by leveraging the latest technology tools in claims. Insured consumers are already prepared to assist as they have become accustomed to smartphones, chatbots, drone imagery, and immediate person-to-person payments.
The tools available now will continue to advance. Now is the time to start implementing. Hausch & Company can be the bridge builder you need to get started. Contact us today for a consultation.