Did you know that around 6,800 annual natural disasters occur worldwide? And insurers are responsible for protecting their clients against most of these catastrophic events. Unfortunately, when disaster strikes, insurance companies often have difficulty processing claims and responding appropriately. Why? Sometimes, catastrophes affect entire regions, leading to countless claims. Plus, some companies lack the systems required to tackle catastrophe-related claims quickly.
But your organization can ensure claims are processed in good time using several hacks, including eradicating legal systems, automating processes, and partnering with reputable insurance adjusters. Dig in for more.
1. Do Away With Legacy Systems for Catastrophe-Related ClaimsÂ
Many insurance companies still use legacy systems in this modern era. By legacy systems, we mean outdated processes, systems, and computer hardware and software.
Common examples of legacy systems include:
- End of Life (EOL) that manufacturing companies have discontinued
- Heavily patched systems and computer software
- Software without newer versions or available updates
- Inadequately trained remote workforce
If your company relies on legacy systems, they’re holding you back. You then need to switch to modern solutions, processes, and systems that’ll help you meet client demands and respond to catastrophic claims within the shortest time possible.
2. Automate, Automate, Automate
Automation is slowly but surely changing insurance claim processing. Gone are the days when said task was delayed and slowed down by numerous manual processes and clerical errors. Nowadays, automated processes help insurance claim departments all over the globe facilitate faster turnarounds, better claim accountability, and increased client satisfaction.
With that in mind, your team can automate the most dreaded tasks involving overly long, tedious, and repetitive manual processes. These, indeed, include coverage verification, damage assessment, settlement notice issuance, and payment processing.
3. Invest in Employee Training
The professionals tackling catastrophe-related claims in your department need regular training. When workers undergo proper and sufficient training, they develop the skills and competency needed to optimize performance and bolster productivity.
Letting inadequately trained employees tackle catastrophe-related claims is unwise for several reasons. First, such people are likely to make dangerous mistakes like scoping errors. Such pitfalls often lead to flagged reports and rewriting, which are time-consuming and costly to your company.
That being said, consider investing in employee training programs that improve the following:
- Customer service skills
- Leadership skills
- Numeracy skills
- Computer savviness
- Problem-solving skills
- Lastly, attention to detail
4. Provide a Self-Service Portal to Policyholders
Excellent customer support services are something your organization shouldn’t be operating without. You need this feature to interact with clients, listen to their problems and concerns, and offer plausible resolutions. And that is one of the recipes your company can use to keep clients coming and enjoy uncapped success.
But addressing and resolving customer issues is often time-consuming. And with multiple catastrophe victims waiting to be served, this task can turn into a nightmare fast. Don’t fret, though; this problem is avoidable. All you need is a policyholder self-service portal.
An outstanding online self-service portal provides essential information and resources to clients. Policyholders can go to it and find answers to their questions on the FAQs (frequently asked questions), how-to contents, or any other relevant section.
5. Partner With Experienced Third-Party Adjusters for Catastrophe-Related ClaimsÂ
Skilled catastrophe claims adjusters (CATs) can help you with catastrophe-related claim processing. These experts go to the scene of man-made and natural disasters like wildfires, floods, and tornadoes, assess property damages, and provide valuable insight on claims.
Without exceptional adjusters, inspecting catastrophe-related damages and compensating policyholders accordingly will likely be challenging. And that is something you don’t want because it can lead t unfair settlements and massive financial losses for your company.
Speaking of Exceptional Third-Party Adjusters
At Aspen Claims Service, we take pride in being the only national claims adjusting professionals with a Claims Plus Approach. In fact, this is an exclusive guarantee we use to provide faster turnaround times for claims reporting, boost policyholder satisfaction levels, and much more.
Contact us today if your company could do with dedicated catastrophe claim adjusters, state-of-the-art systems, and effective processes!
