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Next Level Claims Strategies

Posted by Chris Mandel on January 24, 2018 at 10:15 AM

Claims management processes have taken a significant directional shift in recent years. The focus of these processes has turned towards recovery and finding the best resolution in the shortest amount of time possible. The goal is now getting the injured worker back to work as quickly as possible, to the mutual benefit of all parties involved.

New Strategies in Claim Management

The emphasis in gathering information has shifted from amassing bulk data towards solely collecting usable, actionable data. Simplifying the claims management process also requires empathy. Most claimants (customers) are not willing to engage in the claims process, therefore, they do not need it to be more complicated than they deem necessary. Technology has also played an integral part in bolstering the effectiveness of communication and information gathering throughout the life of the claims process.

There are a number of ways by which claim service providers offer more value to their clients. To truly actualize success, a provider should establish a set of grounding services from which new developments can grow. These services include broad geographic coverage, special skill development through training & maintenance and customization tailored to best fit each case.

The Present and Future

The concept of “big data” has been around for a while now. Although it may be frustrating for some, it is important to shift attitudes toward this oft maligned notion, especially with regards to claims management. Big data is perhaps better viewed in terms of its usage. From a descriptive analytics standpoint, big data utilizes predictive forecasting in an attempt to make the best decision possible based on valuable data.

In addition to big data, artificial intelligence is a vital key to settling claims more effectively and reducing cost. Artificial intelligence offers increased predictability and efficient planning opportunities, among other benefits. Moving forward, both big data and artificial intelligence will be play a large role in helping to identify and solve emerging risks.