From FNOL to Settlement: Improving Third Party Claims with Data Driven Decisions
4 MIN READ
Effectively adjudicating third party auto casualty claims can be a complex web of analysis and decision-making that challenges even the most experienced adjusters. Each of the many decisions made during the lifecycle of a third party claim can potentially affect the outcome—for better or for worse.
Managing Medical Records is Key to Improving Third Party Claim Settlements
Documents that adjusters receive from attorneys or claimants related to third party claims are typically unorganized, inaccurately coded and seemingly stacked a mile high. It can feel like an insurmountable challenge to organize, digitize and understand every detail of the medical records, but processing a claim without first organizing, capturing the data and properly coding documents can make it difficult for an adjuster to efficiently reach the most accurate settlement.
When, Why, and How to Use Nurse Review on Third Party Medical Claims
When third party auto casualty claims are extremely complex, for example, when multiple providers are treating a claimant, the claimant has pre-existing conditions or the claim has been open for an extended period of time, insurance carriers benefit by bringing in medical professionals to perform claim reviews. An organization of trained nurses can be an invaluable tool in a third party adjusters’ toolbox.
Will We See Human Interaction Disappear with AI in Insurance?
4 MIN READ
Artificial intelligence (AI) has the potential to profoundly impact the insurance industry. Although I would be challenged to explore all the potential use cases for it in a single blog post, I do want to take a look at how it is changing the way consumers interact with their insurance company and the ability of insurance companies to deliver optimal claims experiences—and ultimately, better outcomes.
Workers' Compensation Medical Price Index: Q2 2017
2 MIN READ
The National CPI for All Services as reported by the Bureau of Labor Statistics in August 2017 is 120.9, which reflects a 1.7 percent decrease since Q1 2017. For the same period of time, Q1 2017 to Q2 2017, the National Workers’ Compensation MPI decreased 2.8 percent and as August 2017, sits at 110.7. Since Q1 2006, the MPI has increased 10.7 percent while the National CPI for All Services increased 20.9 percent.
Top 10 Trends from the Mitchell 2016 P&C Conference
At the 2016 Mitchell Property and Casualty Conference, keynotes, breakouts and everything in between were focused on technology and social trends that are changing the way we interact with one another and do business. From augmented reality to information security, here are 10 of the many trends that were top of mind at the conference.
Using an Advanced Medical Bill Review Platform to Improve Third Party Outcomes
5 MIN READ
Some auto casualty insurance carriers’ workflows are missing a key part of an end-to-end third party solution – an advanced medical bill review platform. Though bill review is traditionally thought of as a specifically first party or workers’ compensation solution, it can also make an impact on third party claims.