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Most people will agree that efficient and accurate claims handling begins with an electronic Claims Management System (CMS). And since most will also agree that it is critical that all of the pertinent data be quickly transferred, it is also vitally important to select an efficient and comprehensive property claims tool.
Property claim tools built on a foundation of data exchange are essential at every point in the claim settlement process. Access to property claims records after assignment and throughout the scope and settlement process is essential. The property tools used must have the technological "bandwidth" and foresight of design to deliver accurate data in easy-to-understand formats.
Data exchange capabilities in property claim tools simplify examining claims or claims practices companywide as well as track the types of changes being made and who is making them. Data can be dissected at a very granular level, e.g., by cost of labor per trade or cost of individual materials including an allowance for waste, for instance.
Essentially, comprehensive tools of this type introduce transparency into how property claims are being settled, where claims dollars are going and the greatest benefit of all, fully integrating the property claim tool into the CMS to track best practices in property claim processing both during and after a claim.
From Claims Data to Business Intelligence
Insurance companies who employ sophisticated data exchange programs are awash in data. Unfortunately, without a structured approach to data mining and a thorough understanding of adjuster behavior, it is difficult to transform that data into meaningful business intelligence. The bridge from data compilation to business intelligence is data analytics. In a true analytics business cycle, companies investigate trends identified within the data.
Many companies believe they have claims analytics when, in fact, they simply utilize reporting tools. Although the reporting tools gather data for managers, there tends to be a distinct flaw in the tool design. They fail to add value for managers who are seeking a higher level of performance...