The insurance industry is full of complexities, especially when it comes to the administration of automobile no-fault and workers’ compensation claims. As a claimant, navigating through a claim can be incredibly challenging due to the fact that the average claimant is not immersed in the industry and has more than likely just experienced a somewhat traumatic event that led to their claim being filed. When adjusters and examiners don’t have access to time-saving resources to streamline the claimant journey, this can have a negative impact on your claimants’ experience. Dissatisfied claimants don’t renew their policies, leading to low retention rates that result in skyrocketing costs to your company.
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When a claim occurs, typically the first thing that happens is that an insured contacts his or her insurance company. At this point, a claim file is created and assigned to the adjuster or the examiner. Throughout this process, there are multitudes of opportunities to delight the claimants which leads them to report higher satisfaction levels with the insurance company. Having Northwood along for your claimants’ journey makes a significant difference.
As an experienced third-party administrator (TPA) of both auto no-fault and workers’ compensation claims, Northwood has homed in on streamlined processes and procedures that benefit all parties involved. Navigating the claim becomes less overwhelming for the claimant and significant time is saved for the adjuster and examiner, all of which result in reduced costs for the insurance company. Claimants will renew their policies when they’ve been successfully guided through their claim and adjusters and examiners will become more efficient at administering claims when Northwood is brought in as the TPA.
One of Northwood’s top priorities is to ensure that claimants are delighted with their entire claims experience. A major inconvenience factor for claimants centers on the fulfillment of prescribed services, but this factor is mitigated by Northwood’s pre-authorization process. Because all prescribed services are verified as injury related, claimants are able to receive their prescriptions with no out of pocket cost. Expediting the prescription process is a major component of increasing claimant satisfaction with the insurance company, leading to a higher retention rate and more renewals.
The pre-authorization process also greatly benefits examiners and adjusters since it eliminates the need for them to manually review prescribed services to ensure injury relatedness. Furthermore, Northwood walks alongside examiners and adjusters to provide access to numerous time and cost saving resources. Northwood’s assistance includes rush orders on prescriptions, coordination with network providers on prescribed injury related services and monthly reporting on cost savings.
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There are myriad other benefits available for claimants, adjusters and examiners and insurance companies as the claimant journeys through the claims process. Each and every benefit provided by Northwood contributes to increased claimant satisfaction levels, which ultimately will impact your company’s renewals and retention rates and save you money.
For a customized look at the money your company can save by including Northwood on the claimant journey, please schedule a call with Rosanne Brugnoni at 586-755-3830 ext. 3771.Leave a reply →