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5 Key Considerations for Property Claims Solutions

Property management claim resolution can take a lot of time and there are plenty of places to improve the process. There are also ways to avoid common errors that can not only slow this down but put company assets at risk. The right property claims solution will help you deal with all of these challenges.

The use of Big Data, modern technology, and integrated software makes this all possible. But how do can you make it all work together? Here are five key considerations when implementing property claims solutions.

 

1. Accelerating workflow and improving productivity

First of all, one of the first things to do is to map out the automation of the claims process. From the original submission of a claim to the uploading of support documentation to an automated review of that data to ensure it is complete, much of the process can be done with little to no human intervention.

This end-to-end automation speeds up the process and keeps it transparent, two factors that are important in keeping your customers happy. But there is more to automation than that.

It also frees up adjusters to add that human touch to the process, especially when dealing with emotionally charged events. This leads to the next consideration.

 

2. Tightly integrating data, systems, and people

Data is one thing, but the correct use of that data requires two important things: the first is a system, one that has a clear process and actionable steps with measurable outcomes. The second is your employees.

Data itself does not tell the entire story of a claim, and not only are there emotions involved (mentioned above) but there are other nuances only human adjusters can recognize and factor into the process.

Data, the processes and systems necessary to use that data, and the human oversight of experienced adjusters must all be integrated into any property claims solution.

 

3. Tackling regulatory issues with compliance support

A part of this process is compliance. With every claims process, there are regulatory issues that must be dealt with. The simplest way to do this is through automation that “spots” problems at the outset of a claim, and reviews the data frequently throughout the process.

There still is no substitute for human compliance support, and integrating your people into the process in a similar manner to the way they integrate and work with other data will ensure that issues are handled in a timely and efficient manner that keeps you on the right side of regulators and rules.

 

4. Reducing inefficiencies, waste, and overpayments

Another potential consideration is that through an automated submission process, you can reduce inefficiencies and wasted time. Since there is no human entry (beyond that of the claim submitter) there are less likely to be errors in reporting and the submission process.

There is also less likely to be wasted time sending emails back and forth or having endless conversations. This provides adjusters to give more attention to other areas of their work and can help with another frequent issue with property claims solutions.

That is the issue of overpayment. For years, the emphasis has been on cost savings through the property claims processes, but this has often been thwarted by not only wasted time but by human error that results in overpayments that may not be easily detected.

Your property claims solution should take all of these into account, and once again integrate your people, your processes, and automation when possible.

 

5. Utilizing advanced analytics and reporting

Finally, one of the primary ways to better implement property claims solutions is to use advanced analytics and reporting, This enables you and your team to make better, data-driven decisions. The best way to know if solutions you have implemented are working is quite simply to analyze trends and data.

For instance, if you have implemented an automation sequence for claim submission, but the time adjusters are spending on them has increased rather than decreased, you’ll need to look at both the system and the process to determine where things might be going wrong, and where you need to make corrections.

But if you see consistent improvements in both your efficiency and customer satisfaction, you know you have found the right solution, and that both implementation and adoption are going well.

 

Final Thoughts

Property claims solutions are about much more than just automating a process. They are also about customer and employee satisfaction, a reduction in cost, waste, and inefficiency, and the addition of both security and consistency.

It’s important to find the right partner and the right properly claims management solution. Not all solutions are created equal, and you need a personalized answer that meets your company's needs. At Ventiv, we have the property claims management software that is right for you. Contact us today to find the solution that best meets your needs.

 
 

May 31, 2022

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