In previous blog posts we examined the evolution of the process of requesting and receiving police reports. In this post we’ll discuss the benefits of utilizing police report data in the claims process via the integration of police report data into the carriers system and the how it opens the door to many use cases that can increase efficiency and customer satisfaction. Additionally, the data can identify trends in the claims process. Data elements that are common with all law enforcement agencies can be normalized in a fashion that will result in exciting new benefits during the claims process.
By utilizing the data in police reports an organization can enhance automated triage processing, standardize ordering criteria, improve adjuster efficiency, and facilitates better claim processing decisions. This has a significant impact on many areas of a carrier’s business, such as:
- Claims – Triaging, liability, special investigations, and trending claims data to assist in evaluating changes in severity and frequency.
- Actuarial – Identifying ongoing trends in accident reports that are predictive of future events and make proactive plans on how to mitigate potential changes in the insurance environment.
Claims can be quickly triaged when data elements from an accident occurrence are integrated in the claims system, allowing for faster decisions. It is possible that having the report data elements identifying facts of loss, condition of the vehicle, reported injuries and parties to the claim will allow for automated claims triaging. When this information is combined with the fast delivery of the police report, the delays caused by waiting for the information via a manual process are completely eliminated. This also reduces the burden of inputting this data manually by the claims adjuster and allows them to focus on more important claims-centered activities.
Police reports can be automatically requested and received in the claims system on the actual date of loss. Further, data elements are automatically inputted into a carrier’s system using present fields. This frees up adjusters to focus on items that lead to a speedier claims resolution. The data then provides insights into loss exposures, location, injury, and liability. In an instant the information alerts an adjuster to a potentially severe file that can be routed to a more senior handler or passed directly to an automated triage process for inspection and resolution. Claims that would have taken days or weeks to resolve are now processed immediately providing both a customer service and cost benefit.
The use of data elements creates additional attributes in predictive analytics that were previously unavailable. The ability to build models based on accident data benefits a carrier in many ways. For example, actuarial departments could utilize modeling to identify changes that impact the industry and provide better recommendations in preparing for future trends.
The many opportunities to use accident data to its fullest by an insurance company will be an important factor in successfully managing costs and predicting future market trends.
To learn more about the utilization of police records data, take a look at the webinar video below: