Reduce Claim Cycle Time; Don’t Give Adjusters Dirty Data

 Friday, January 22, 2021

 InsNerds

There’s an old saying that ‘#$%^ runs downhill.’ So, if you want to find the source of the #$%^ , you go to the top of the hill. A similar saying, more to the point, is ‘Garbage in, garbage out’ (GIGO). We hear and use that phrase an awful lot in claims, far too often…

Yet, how many of us really focus on the root source and commit to eliminating the cause?

Bad data causes a tremendous amount of wasted time during claim handling due to incomplete, inaccurate, and improperly formatted data.

Most claims start at the policing level, where clerical personnel manually enter loss details, which are then married to policy data within the carrier core system (usually the policy management system).

That combined data set is output as the FNOL and transmitted, sometimes via multiple channels and across multiple paths, to multiple stakeholders, sometimes at once, and sometimes sequentially as the claim life cycle progresses.
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