It’s clear that our government is driven by a desire for data. Although we aren’t involved in spying or international intrigue, the claims industry can use data to influence our decisions.
Technology is constantly improving, and there are many ways to improve the process of auto claims. Traditional thinking and the status quo management method have been a barrier to innovation for many years. They are now being replaced by tired, cost-cutting measures and recycled material damage trends. These trends change from DRPs to staff appraisers to independent appraisers, then back again. Popular metrics, such as cycle time, average appraise value, parts usage, and accurately documenting total losses options, also appear on a cyclical basis. These are just “flavors” that don’t address the root causes. We must dig deeper.
Data analysis is essential to achieving more in today’s world. An aggregation and use of data to forecast can help a claims manager predict the outcome and channel resources in the most efficient way. Do you need more personnel in the field? What is the cost of historical repairs for a specific year, make, and model that has a matching impact area? Higher labor costs will result in greater total losses. What companies allow policyholders to rent excessively on subrogation requests?
These are just a few examples of how Auto Claims Technology and the resulting data can be used to improve workflows and eliminate redundant touch points and create an efficient process.
1. Intelligent dispatching. Imagine being able to quickly and accurately place the right claims in the right hands. A robust dispatching system could instantly identify the field representative based upon their closest location, past performance and experience levels, history cycle time results, CSI ratings. Language if needed. Estimating software platform. Workload volume. Current volume for the day. Comparisons with other representatives.
2. Analysis of subrogation settlement. What would it look like to analyse the subrogation process beyond the demand? Find out which companies will put OEM parts on every estimate even though there are other options. What companies charge their insureds more for repairs that are minor than they should? Are a lot of your files in arbitration? What are the possible triggers to identify before this happens? Subrogation specialists can identify certain trends over time when reviewing and analysing demand files from different companies.
3. EXIF photo data. What and whereabouts? Since long, digital cameras have included information in every photograph. Geocode location data is now possible with the increasing popularity of tablets and smart phones. What does this all mean? This means that the days of putting a date stamp on a photo on its front are gone. The EXIF data can be used to provide detailed information for legal purposes. It can record the camera that took the photo, its time and even the exact coordinates. This allows a field representative to reconstruct their day or confirm a re-inspection date in order to verify the vehicle’s condition at a particular time. This is much more precise than a vague date stamp, which requires programming on a camera.
4. Claim delay analysis. For an auto damage appraisal claim, every claims manager would like a minimum 48-hour cycle time. This is possible, but it’s not always possible. It would be a great help if each step of the appraisal process were documented, from assignment to completion. This will allow you to identify any problems and the resulting data points. An incorrect vehicle location or phone number could lead to 25% of all files being delayed. This can be used as a training tool to talk with adjusters and emphasize the importance of accurately entering information before dispatch. Data may also show that an appraiser is overloaded and files are being delayed. This could prompt a focus on better allocation of field resources.
5. Location volume analysis. Are you looking to expand your field staff? What about adding DRPs to the network? Imagine being able to pull up a map and track volume at any time. It is possible to track the average appraise values for different zip codes, cities, and states. You can also break down the data to a more detailed level. You can run detailed data over a time period and compare it to new policies to predict staffing requirements in certain areas. This data can be used to forecast and budget for the future.
Data is extremely powerful when it’s simplified and made more accessible. Today, no one leaves home without a smartphone that is stuffed with valuable data. This could be important contacts, maps directions, or family photos. We are constantly surrounded with data. We must innovating and developing in the same way as the claims industry to allow claims leaders to use quantifiable data to improve their day-to-day survival.