Efficiency is calculated by taking the valuable work performed compared to the total energy expended. In other words, being efficient is being able to do more work with less energy. Now more than ever, claims departments with fewer resources are being asked to manage and assess a growing number of complex claims. After all, a fender bender isn’t “just a fender bender” any longer. In addition to reduced resources, the cost of time has never been higher. The capacity to be proactive and timely rather than reactive and slow can mean the difference of millions of dollars.
Given this changing and challenging landscape, data-driven claims management becomes increasingly critical. Fleeting are the days when gathering data points can take weeks, and opinions on their favorability or unfavorability to the company are formed primarily from a gut feel over a period of time. Instead, here are the days where predictive modeling can be used to assess a claim for most likely outcomes based on factors such as key words in the medical records or claim file, the favorable or unfavorable venue, the plaintiff’s firm win/loss record, the judge or arbitrator that is overseeing the matter, and even tone of voice from a recorded call with the claimant. All of which can be succinctly summarized in mere seconds to assist in setting strategy and can be updated in real time as the circumstances change.Data-driven claims management allows one to add real value to each claim without the burnout caused by manual, time-consuming processes.
