Competition among insurance carriers continues to grow more heated each year. One main point of competitive difference is the efficiency and effectiveness of claims processing, prompting claims leaders to ask: Does having more data at FNOL improve the outcome for my claims? Does getting a police report earlier truly impact my cycle time? How do my severity trends compare to the market? What data can I integrate into my claims processes that would help me stand out from the pack?
Through a study of contributory claims and policy information representing the largest data set in the insurance industry, my colleague Patrick Sugent and I answer these and many more questions in an effort to help you improve operational efficiency.
Digital Insurance hosted a webinar, “Stand Out from the Pack: Improving Claims Handling Efficiency with Actionable Insights,” sponsored by LexisNexis® Risk Solutions.
View the video below to go beyond theory and see examples of how more data earlier in the claims process can affect such metrics as:
- Severity trends over time by coverage and state
- Cycle time trends over time compared to amount of loss
- Shopping behavior before and after a claim