The claims process for housing authorities is often complicated by having to deal with incidents across multiple properties and unpredictable circumstances. While managing so many different types of claims, it’s easy for employees to spend too much time on some, resulting in inefficient processes and time stolen away from other important tasks.
However, using Ventiv’s claims management software, housing authorities have discovered ways to boost the efficiency of claims and streamline workflows. As a result, they’re insulating profits and making the day-to-day activities of staff less labor-intensive.
Designing More Efficient Claims Processes
With Ventiv’s platform, housing authorities are introducing new, more efficient ways to process and settle claims. For instance, with Ventiv’s platform, you get a central hub that enables you to automate processes, saving time and relieving stress for staff with limited bandwidth.
For example, you can automatically identify which claims need to be audited. For example, suppose someone suffered a major injury at a housing development. Instead of just pushing this claim through your system, you can have Ventiv automatically audit it. This could prevent overpaying—or underpaying—on the claim, without forcing your staff to decide whether or not to audit.
Automatically Deciding How to Adjust Reserves to Account for Claims Expenditures
Using Ventiv’s claim management software's automated features, you can check the impact that payments would have on your reserves and then decide how to adjust them accordingly.
For example, suppose a developer made a mistake, using the wrong grade steel for a major section of one of your buildings. The section collapses, destroying several vehicles belonging to residents. While you may be able to resolve this using the developer’s insurance company, it would be good to know how this may impact your reserve requirements—just to control the financial impact of the incident.
Ventiv’s software can let you know how paying out on this claim may impact your reserve requirements. You can run multiple scenarios and make financial projections based on which are the most likely. This puts you in a better position to make a sound financial strategy, regardless of the situation.
Automatically Initiating Claim Closures
Closing claims can be an unpredictable, disjointed element of the claims management process, especially because they all come with unique circumstances. But with Ventiv claim management software, you can streamline many of the decisions that could clog up otherwise smooth workflows.
For instance, Ventiv’s platform can automatically send alerts regarding claims that haven’t had any activity for a predetermined amount of time. It can also automatically send an email to the claimant, letting them know that their claim is on the verge of closure.
This takes the responsibility of searching through claims to identify which ones need to be closed, and when, out of the workflows of housing authority risk management staff, freeing them up to focus on other tasks on their checklist.
Streamlining the Process of Deciding Which Claims May Be Subject to Litigation
Litigation isn’t uncommon in the housing authority risk management landscape, especially with environmental, social, and governance (ESG) issues surfacing constantly. In a litigious risk environment, you can streamline workflows by knowing which claims are most likely to head for litigation.
Tools like Ventiv Predict, can determine which claims are most likely to end up in litigation, enabling you to prepare ahead of time. The system can examine the characteristics of claims that have gone into litigation and compare them with those that are currently open. After the platform examines the claim’s attributes and decides which direction it’s headed, it can advise an adjuster to review the case and then make a decision.
This puts housing authorities in a better position to make effective decisions about who handles litigation and strategize ways to mitigate the situation before it gets too expensive.
Automatically Ensuring Claims Staff Gets Important Emails
With emails constantly pouring into inboxes from many sources, it’s easy for claims staff to miss important communications. But using Ventiv’s automated processes, housing authorities can make sure everyone sees the emails they need to do their jobs.
You can use Ventiv to examine emails and look for specific words that could indicate they need to go to claims staff. For example, you can have the solution look for emails that contain the names of developments you own and manage. The system can also identify communications from certain people or companies involved in claims processes.
Using this kind of automation, you give yourself a safety net that ensures important emails don’t get buried, improving your communications workflow and keeping claimants and your staff happy.
Housing authorities have been using Ventiv’s tools to discover innovative, efficient ways of improving their claims processes. As workflows improve, the cost of claims drops, which protects your bottom line—in addition to making life easier for your staff.
Chat with an expert to see how Ventiv’s claims Solution is right for your organization.
