Effective Claims Management: 5 Best Practices for Success

Accurately and effectively settling a claim avoids litigation and other potential issues. Managing claims well is key to the success of an insurance company, yet it’s one of insurance’s biggest challenges.

In this article, we examine 5 best practices. Going from claims management software to employee training and harnessing data to improve your claim management.

Automating the Claims Process

Automating the claims process is a great way to make it more efficient both for employees and customers. Automating claims helps with:

• Reducing errors
• Improving customer experience
• Increasing efficiency
• Saving costs
• Detecting fraud quicker
• Managing data better

By automating insurance claims, you reduce the time and effort your staff has to put into each claim. They can have support with automatic fraud detection and automated processes. 

To take one example, using software for managing insurance statements each statement is uploaded securely to the cloud automatically where it can be reviewed and shared.

5 Best Practices for Successful Claim Management

Our 5 best practices for effective claims management will help you to be more efficient and improve customer satisfaction.

1 - Maintain Clear Communication

Often customers will call to see what’s going on with their claim. You can help with this anxiety by providing a clear, accurate deadline when you take the victim’s recorded statement. You can follow up on this deadline with an automated email confirming the same deadline date that was previously provided.

Also, if you use claims adjuster software you can increase transparency by providing automated updates to your clients as their claim progresses.

2 - Take Your Time with Each Claim

Resolving each claim quickly is important to maintain customer satisfaction, employee productivity, and to keep up with all the claims coming in. However, when employees are pressured to deal with claims faster and faster, mistakes happen that can lead to litigation or settlements going through for fraudulent claims. 

Managers need to support employees to balance efficiency and thorough claim investigation.

It’s important to highlight that no stage should be skipped: statements need to be well recorded, reviewed, transcribed, and correctly stored. Using software and automation, this doesn’t need to take up too much time. For instance, n2uitive automatically stores recordings safely, and you can request a transcription with a single click.

3 - Employee Training and Development

Doing continuous training and development with claims teams also helps to ensure that best practices are being followed. If managers notice any slipping or any internal rules that aren’t being followed then it’s a good time to do a refresher training. 

Training can be done with managers and employees finding courses to help them grow individually and help them reach personal or career goals. Otherwise, it can be live training with the whole team, or shorter, online video courses that employees can spend 15-30 minutes on each day.

Another great way to develop as a team is to review recent claims and analyze what could have been improved or done differently. In this way, you can learn from past claims and get better constantly with team feedback.

4 - Make Your Data Work for You

Another way that software can make a massive impact on your insurance company is the data it provides. Most claims management software will have a dashboard or reports with the number of claims that came in and were closed. Who was responsible for which claims, and which took longer than expected. It should also provide you with claims that were flagged as fraud. 

This data is valuable to managers and their teams, you can use it to measure performance, discuss issues, and give compliments and feedback. It can also be used as a starting point for training or a discussion on fraud or trends that the company is seeing.

5 - Prioritize Key Claims

Another important topic for managers to work on with their claims teams is how to prioritize claims. Insurance adjusters can lose focus of key claims and goals with so many items piling up on their desk. A great way to focus and manage their time better is to prioritize the most important claims. 

Navigating n2uitive’s Solutions in Claims Management

n2uitive is an innovative recorded statement lifecycle management software (RSLM). It takes care of the whole recorded statement lifecycle within each claim. It helps you to automate your claims, improve transparency, team training, and provides you with clear, easy-to-understand data.

n2uitive ensures your claims information is efficiently and reliably taken and stored. We help insurance adjusters around the country to accurately deal with claims. To learn more about how we can help you, book a demo.