It is no secret that providing, and processing quality claims revisions takes time, money, and resources – all of which are influenced by a myriad of factors. These may include the likelihood of litigation, or the severity and complexity of a claim – all of which hold influence over a claim’s lifecycle.  

Despite hesitancy in the past, carriers across the industry are turning to technology and data-driven tools to avoid shortcuts and promote quality and time efficient claim processing.  

For those ready to take advantage of modern technology and data-driven tools, combining the power of technology and innovation with human insight will help arm you with the winning formula to accelerate the claims lifecycle and get ahead.  

Predictive analytics and human insights combined can save time and reduce human errors that often arise throughout the claim’s lifecycle – ensuring that a claim professional’s judgement on a file is informed and considers in-depth insights and changing variables.  

Finding the right tools and systems to maintain an accelerated and quality-driven claims lifecycle can be daunting. Backed by 50 years of industry experience and know-how, the team at GB are equipped to guide your team in finding the right systems and technology to lead you into the future. 

Below are our top three tips to accelerate your claims lifecycle with innovation and technology:  

1. Assess Your Books 

The most important step before looking at the technology and innovation your team could leverage to accelerate the claims lifecycle is to first audit your current claims lifecycle. As an extension of your team, our experts can jump in headfirst to immerse themselves in your business to best understand how claim management is currently being run and the complexity of your books. This gives us a clear understanding of the current state of play.

This allows our team to draw on our industry expertise to assess what predictive analytics tools would suit your team and business operations. 

Advanced technology that is intelligent and efficient is an essential tool in any carrier’s toolkit. Consider it the final puzzle piece to a more sustainable claims lifecycle where decisions around benchmarking outcomes, reserving, predicting litigation, and settlement opportunities are simpler than ever.

2. Get SMART

When there is time, money and resources involved, it is crucial to be SMART about your systems and processes. Our award-winning Severity Mix Adjusted Rating Technique (SMART) methodology has been developed to support the development of meaningful benchmarks. By using a state-of-the-art claim complexity-rating algorithm to assess an extensive number of claim-level characteristics to predict severity, this advanced method can support claims improvements in leaps and bounds. Compared to standard TPA benchmarking which involves comparing claim data to an entire book, the SMART methodology adds a refined approach to benchmarking. In a nutshell, this insight enables your team to remain more agile, armed with high-level insight to better understand the claims process end-to-end. 

1. Pave The Way(point) 
Complementing our SMART methodology, the GB team has recently introduced a predictive analytics platform, Waypoint, that assesses the appropriateness of reserves and adequacy of the financials involved – together, decision support at its most robust. An integrated system that accounts for the changes each choice along the way may see, the process eliminates the need for manual assessment and ‘gut feel’ responses. This, in turn, instills claim managers with smart analysis that drives a demonstrably superior outcome that allow them to accelerate the claims lifecycle and move onto the next claim without unnecessary delay. This is undoubtedly a better outcome for insurers, claimants, and claims professionals.  

Are you ready to re-shape the industry? Take advantage of technology and integrated systems to reduce error and empower your claim managers to make accurate decisions all while improving productivity. From initial discourse to mediation, what once required presence can now be done virtually.  

If you are eager to free up time, money and resources all while providing your team and claimants with the support they deserve, it is time to free up time, money and resources and lead your team into the future. Contact the team at Gallagher Bassett to speak with our efficient claims lifecycle experts. 

Blog Author

Dawn Griffin

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