ISO completes Measures of Excellence study at major insurance company

Identifies key areas to reduce Claims Handler ‘burnout’

A recent Measures of Excellence study carried out by ISO at a major insurance company has identified key areas where technology and improved processes can streamline claims management, reduce case loads and dramatically lower stress for claims handlers.

The study follows recent findings from the Bureau of Labour Statistics (BLS) which identifies burnout rates as an increasing crisis that the insurance industry must examine closely. Key elements of the ISO strategy include improving the visibility of the claims process, establishing Best Practices training programmes, and identifying ways to evaluate claims more accurately and efficiently.

Lee Fogle, ISO vice president, commented: “The BLS identifies burnout as inherent in the stressful nature of claims adjusting processes. High case loads are compounded by pressures to meet increasing regulatory requirements and by performance standards that often involve excessive clerical tasks. The current situation is not helped by the ageing workforce as a whole. The average age for claims handlers is currently over 40 and the BLS predicts that the need for new claims handlers will increase by 19 per cent over the next 10 years.

“In addition to considering strategies to reduce stress and increase efficiency in the claims process, firms should be aware of a new generation of technology that can support claims handlers in the claims handling process and make their jobs less stressful. These tools will also maintain consistency during the education and training of the next generation of insurance professionals,” Fogle continued.

ISO has identified key processes and technologies not only to assist in reducing ‘burnout’ but also to help companies attract young talent to the claims arena. The Measures of Excellence team is able to make recommendations on current processes and use of existing and prospective technology, discuss and develop professional training programmes to improve best practices and eliminate any deficiencies identified in the study.

Following the recent Measures of Excellence study carried out by ISO, the insurance company implemented a new process to identify questionable claims and investigate them earlier. Other Measures of Excellence studies have uncovered areas where the implementation of new claims processing tools has increased the effectiveness and confidence of claims handlers who negotiate even the most complex comparative negligence cases.

ISO's Measures of Excellence team carries out a full review of an insurance organisation's closed claims files and workflow processes. The team tracks supervisory and claims handler practices through a rating system based on six critical file-handling areas — control, investigation, evaluation, negotiation, settlement and compliance. The data from these processes is then analysed and measured against industry best practices to establish benchmarks, which enable the client organisation to maximise its own best practices and exceed industry standards.

“Claims departments seemed to have lagged behind other businesses in utilising technology. Increasingly, ISO’s mission is to create innovative processes and tools that will ease the burden of frontline claims handlers and supervisors,” concluded Fogle.


About ISO Measures of Excellence Consulting Service
Insurance Services Office launched its ‘Measures of Excellence’ consulting service to help insurance organisations create benchmarks that enable them to maximise internal and industry best practices to achieve consistent quality claims handling. Customers who have already implemented certain aspects of ISO's Measures of Excellence technology recommendations have shown significant improvements in assessing bodily injury claims through training programs set up to support claims handlers in Best Practices and achieving savings between 6 and 15 per cent on key claim costs.

ISO Claims Outcome Advisor™ (COA™)
ISO Claims Outcome Advisor is an innovative system to help you administer the multiple dimensions of your bodily injury claims.

Relying on state-of-the-art technology, Claims Outcome Advisor will help you effectively manage the unique and increasingly complex medical, legal, and occupational issues presented by personal injury claims.

Claims Outcome Advisor will help your claims handlers learn to negotiate consistent and appropriate financial settlements. You can manage all aspects of your bodily-injury cases — from the first-notice-of-loss to return-to-work plans, rehabilitation, and final settlements.

ISO Claims Outcome Advisor will help you manage injury claims through:
• a knowledge database of your company’s historical data
• well defined claims-auditing capabilities
• ongoing training for your staff on claims and medical factors
• implementation of your company’s best practices

The result: You achieve your goal of paying the right amount at the right time for injury claims.

ISO Liability Advisor™
ISO also offers ISO Liability Advisor, a powerful tool to help claims professionals better evaluate accident-related comparative liability claims. ISO Liability Advisor features a relational database that helps you report, manage, and track comparative liability claims.

With ISO Liability Advisor, you will:
• streamline your assessment process
• settle cases consistently
• quickly identify more cases involving comparative liability
• improve your accuracy in assessing comparative liability
• assemble a logical negotiating strategy

ISO Liability Advisor makes it easy to navigate even the toughest comparative-liability cases consistently, accurately, and efficiently. The solution is a knowledge-sharing tool that can help train your newest team members.

Using ISO Liability Advisor a claims handler can quickly gather and store relevant information, including legislation, accident reports, and electronic accident-scene diagrams. With that supporting information, your staff will have the confidence to attribute the fair percentage of liability to claims, eliminating the all-or-nothing scenario that too often finds its way into today’s claims practices.

About ISO
Insurance Services Office (ISO) Ltd is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, estate agency, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. Around the world, ISO's services help customers protect people, property and financial assets. ISO's customers in the UK include Admiral Group, AXA Insurance, Chaucer Insurance, Highway Insurance, Lloyd's, Rubicon Corporation and Zurich Financial Services.

For more information please contact:

Dave Dasgupta
ISO US
Tel: 001 201 469 2426
DDasgupta@iso.com

Mark Strang
ISO UK
Tel: 01252 761055
mstrang@iso.com

Manuela Whittaker
IBA – PR for ISO
Tel: 01780 721433
Mwhittaker@iba-europe.com

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