Insurance companies often have to deal with a high number of claims. While processing these claims, the associated costs can skyrocket and present a significant challenge to insurance companies who are struggling to stay afloat in a competitive market. Factors such as increased litigation and medical expenses contribute to these high costs.
Focusing on this cost aspect, Trillium Software, a business of Harte-Hanks, has published the findings of its Insurance Claims Survey. The survey claims that a majority of insurance professionals worry about reducing costs involved in the insurance claim process.
The survey states that effective communication can increase customer satisfaction and bring down the cost associated with the claim process.
The survey states that customers also play an important role in pushing the cost claims process up. If the customer is not satisfied with the way a claim has been handled, he/she will simply move to another company. This will not only result in a loss of customers, but it will also result in increased costs as the company has to invest time and money to secure a new customer.
“Claims professionals are well aware of the challenges they face in improving their claims processes, reducing costs, enhancing staff performance, and decreasing cycle time. However, many lack the ability to access and analyze information in free-form text fields that is needed to make the right decisions at the right times and ensure tangible progress in these areas," said Michael Chochreck, insurance solutions principal consultant at Trillium Software. "It is critical that claims professionals gain insight into the universe of data flowing through their organization.”
Recently, the company partnered with Riversand Technologies to assist users in making the best use of data obtained from their MDM and PIM initiatives. The partnership allowed the users to enhance the quality of data they get and explore the opportunities in content-based commerce.
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Miami 2013, Jan 29- Feb. 1 in Miami, Florida. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.