Do your claims adjusters rely on manuals too much? While the guidelines can help an adjuster understand your company’s policies, they can still lead to inconsistent application and result in the ineffective use of the adjuster’s judgment and experience. Watch this video to learn how ISO Claims Outcome Advisor® can improve claims adjusters’ efficiency and [...]
Analytics
Forecasts indicate that claims executives will likely hire plenty of adjusters this year. That hiring will require a considerable investment in formal and on-the-job training. The longer it takes, of course, the more it costs. Inexperienced adjusters — or even seasoned adjusters who don’t have experience with a new employer’s claim-handling policies — can miss [...]
Organized fraud is extremely difficult to detect, particularly because schemes have become increasingly complex. According to the Insurance Information Institute (I.I.I.), the National Insurance Crime Bureau (NICB) released data showing that questionable claims referrals related to organized insurance fraud grew 47 percent from 2008 to 2011, reaching 3,146 questionable claims referrals in 2011. The NICB [...]
Claims adjusters need to make claimants whole. They also need to reach a closure rate of 100 percent and still find cases of comparative liability. The balancing act can be difficult. Watch this video to learn how the ISO Claims Outcome Advisor® platform can help adjusters use technology to handle claims consistently, apply their experience [...]
In a previous post, I wrote about how an effective analytics strategy must first start with good quality data — and lots of it. While good data provides the foundation on which to build, managing that data provides the framework for success. The first step in developing an effective data management process is to build [...]
I was just reading a recent article on the Property Casualty 360 website about how insurers use predicative analytics to improve decision making and agent response time. The article explains how predictive analytics can help insurers manage and distribute risk by segmenting high-risk and low-risk policies. I agree that predicative analytics is exactly what insurance [...]
