Digital capabilities are making police report data retrieval and utilization more efficient while creating new opportunities for carriers. Receiving police reports data digitally is game-changing for the insurance industry.
In a previous post, my colleague described the typical efficiency issues carriers struggle with when accessing police report data, as well as the lost potential that results from not capturing and utilizing that data beyond a specific claim. In this post, I’m going to share how you can transform your business, both in terms of driving greater efficiency and expanding data usage.
Three approaches to police report data
Carriers tend to follow one of three practices when utilizing police reports:
- Order the report, but don’t rekey report information into the claims system
- Rekey report information into the claims system, but don’t use the data elements
- Rekey report information into the claims system and use the data elements
The first carrier type simply reviews the report to glean needed information for the claim, then stores the report electronically or in hardcopy. This carrier might benefit from some efficiency gain in not rekeying information, but they lose the future value of the data.
The second carrier type spends a little more time processing a claim, but also gains some value from having some of the information digitally available. However, the issue is with managing the data once you have it. There are more than 18,000 police agencies and more than 50 types of police forms. Normalizing this vast collage of police report data is a daunting task. A carrier that simply rekeys the data certainly understands the importance of having it, but is unable to use it.
The third carrier type mandates that several police report fields be reproduced and populated within its claims system, either by the adjusting staff or a third-party vendor. These carriers understand the benefit of the data elements in terms of future data mining, but have to reproduce those elements at the expense of efficiency.
Which carrier type are you? If you’re carrier type one or two, you are missing opportunities. If you’re carrier type three, there’s a better way to accomplish your objectives.
Solving the efficiency problem while getting the most from the data
Our goal at LexisNexis is to transform the way police reports are ordered and received as well as what happens with the data elements afterwards. We accomplish this through an interactive system-to-system ordering solution. By clicking on a link from within your claims system, you can directly order and receive the police report information you need, as digital data.
Think about that for a moment. Instead of requiring adjusters to leave their workflow, go to a portal, or even pick up the phone and call someone, they could instantly―from within their claims management system―place an order for a police report. If the report is available, it’s returned immediately for review. The image is delivered in the same transaction. Adjusters can then quickly make liability and coverage decisions, issue a payment if appropriate and move forward with their workload.
The next steps are equally significant. The image is automatically routed to document management for attachment to the file and the data and data elements are taken off the report and made available to the carrier, either to populate certain fields within the claim file or for integration into the claims system for future use.
Think about all the intelligence that could be gleaned from 12 or 24 months of police report data. You could essentially have an insider’s look into your police data base and loss history to see exactly your type of losses, the percentage of instances such as citations, or contributing circumstances specific to a vehicle and the person and suspected violation.
No waiting for report information. No rekeying effort. No diary or task management. Faster claims resolution. Data that’s available for use today and in the future. And happier customers, because claims are processed faster and status updates are available with the click of a mouse.
How are you using police report data?
We know many carriers are rekeying police report data and many are using that data beyond a specific claim. The question is, how are you using it? Are you using the data only at the claim level?
Or are you truly utilizing this valuable data in a way that fundamentally changes your processes, allows you to look at new ways of moving information through your system, and opens the door to developing capabilities the industry hasn’t even thought about―capabilities that can give your business a competitive edge? Take a look at the video below for a solution that can help.
To learn more about LexisNexis® Police Records through Claims Compass, click here.